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Traders to get sub-millisecond responses to stock deals

Stockbrokers that trade on Chi-X Europe, a pan-European equity multilateral trading exchange...

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Stockbrokers that trade on Chi-X Europe, a pan-European equity multilateral trading exchange (MTF) will in future have responses to matched buy and sell orders in less than a millisecond.

The move comes from the exchange's upgrade to its existing use of BT's specialised financial network, Radianz, to "ultra access" low latency. This offers high-speed, fully-resilient networking between investment banks, brokers and investment managers and the exchanges and MTFs on which they trade.

Chi-X Europe's chief operating officer Hirander Misra said the MTF's matching engine matched trades with an average internal latency of 350 microseconds. "To take advantage of this it is vital that our participants have the lowest-latency inbound connectivity possible while also having sufficient spare capacity to deal with daily peaks in trading activity," he said.

Super-fast trading, where brokers do high-speed deals for a fraction of a penny per share, is a controversial but increasingly competitive aspect of financial trading.

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