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CHX Revamps Business Model with Routing

Three Market Makers in the Mix for Flow

Traders Magazine, May 2007

Sarah Rudolph and Peter Chapman

The Chicago Stock Exchange, taking a page from Nasdaq's playbook, is moving into the order-routing business. Under its revamped business model, the Chicago has begun operating an order-routing network that connects its 90 order-sending customers with market makers. The exchange now boasts three dealers that receive orders on its newly christened CHXConnect service: Citadel Execution Services and two former Chicago specialist firms, LaSalle Capital and E*Trade Capital Markets.

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