March 1, 2014

Omega ATS's New Lynx Venue Opens for Business

By John D'Antona Jr.

Come on in, we're open.

And while you're here, why not place an order?

Canada's Omega ATS has opened its second trading venue in the Great White North-Lynx ATS. After receiving final approval and making all the tweaks and getting its trading technology in order, the new venue is officially open for business, Lynx president and chief executive Sean Debotte told Traders in an interview.

Sean Debotte

"While we were approved for open back on September 2013, we really wanted to wait until the new year to make sure everything was in place," Debotte told Traders. "We wanted to be sure all of our systems were ready, any changes to the smart order router were completed and tested, and get as many clients on board as possible."

The new marketplace will deploy an interim maker/taker style pricing model at first, but Lynx is seeking regulatory approval for a new dynamic pricing model-something not seen in Canada to date, Debotte said.

While this new pricing model is being examined and vetted by the country's leading regulator, the Ontario Securities Commission, traders can still place orders at Lynx and get execution.

Canadian trading venues that offer standard maker/taker models handle roughly 85 percent of all volume traded.

Lynx ATS will be the first and only "pay as you trade" venue in the country, with no market data fees, no subscription fees and no connectivity fees. All order entry and market data protocols will be the same as Omega ATS, with the same strict price/time matching priority. Other than pricing, the only other distinct difference between the two marketplaces will be that broker attribution will be the default.

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