On February 7, 2013, IIROC released a notice to Participants and Access Persons trading on Canadian marketplaces of their requirement to notify IIROC by March 1, who and how they will manage their Pre-trade risk requirements under the new Electronic Trading Rules.
Omega ATS in conjunction with Orbixa Technologies Inc. is offering a pre-trade risk solution aimed at reducing costs and latency for Canadian marketplace participants. The new risk solution combines the near zero-latency Orbixa Dill™ software with the ultra-fast Omega ATS trading network in order to offer a turn-key solution that is compatible with any order management system or automated trading engine. Orbixa’s Dill™ is a well tested and reliable pre-trade risk control solution for any Canadian member firm with latency and cost concerns.
Omega ATS Subscribers can leverage their existing connectivity and system certification in order to provide Orbixa’s subscribers with a pre-trade risk solution at little to no additional infrastructure cost. With connectivity to Omega’s ultra-fast trading network subscribers will be able to capitalize on our multiple marketplace connections to manage risk-approved flow by directing approved orders to any destination in the Canadian Marketplace
Orbixa Dill™ deploys all of the required risk checks to meet the CSA and IIROC standards for the new pre-trade risk amendments to NI23-103 and can be deployed quickly and efficiently between any Omega subscribers Order Management tools and that subscribers Omega connection. Orbixa Dill’s functionality includes:
- Multi-level kill switch capabilities
- Fat-finger limits
- User permissions
- Symbol by Symbol permissions
- Capital or Credit limit controls
- FREE real-time FIX Drop Copy for real time monitoring
Orbixa’s Dill™ is a fast, inexpensive, and completely destination agnostic and will not ‘scrape’ the Omega book looking for liquidity unless the order was originally destined for Omega. All directed orders, once risk checked, will be sent directly to the market centers that were destined for regardless of whether they are entered by a human trader, via an automated OMS or are a child of a parent order sent by a slice and spray SOR.
“With new guidance from the Canadian Regulators on the March 1st deadline (for pre-trade risk) quickly approaching, many dealers are feeling the crunch.” states Omega’s President and CEO, Brian Crew. Crew continued “We wanted subscribers to be able to leverage their existing connectivity and offer our subscribers a low-latency, low-cost, pre-trade risk solution. Together, with Orbixa’s Dill™, we can offer a solution that will enable our subscribers to meet all of the regulatory requirements with little to no impact on the day to day operations of their businesses.”
For more information about Orbixa’s Dill™ and to receive a features and functionality package please contact Mr. Sean Debotte at Omega ATS:
[email protected]
647-463-2130 Direct
Or visit Orbixa’s website:
http://www.orbixa.com/dill.html
About Omega ATS:
Omega ATS is an ultra-low latency, low cost alternate trading system that facilitates trading on all of the major Canadian listed exchanges including TSX, TSXV, CNSX and Alpha. Omega offers a wide variety of trading tools and order types aimed at simplifying trading, protecting market integrity and reducing costs for all of its subscribers.
About Orbixa Technologies Inc:
Orbixa Technologies was founded in 1999 to supply leading edge trading technology to clients on a cost-effective basis. Orbixa Technologies’ development work within the trading ecosystem – from trading systems through connectivity to multiple marketplaces to trade matching within marketplaces – combined with its entrepreneurial culture and global reach makes it uniquely placed to offer clients access to world class trading technology at a fraction of the usual cost.
