Omega ATS plans to launch a second alternative trading system for brokers and institutions in Canada.
The new venue, to be called Lynx, will open late in the fourth quarter of this year, said Sean Debotte, director of business development at Omega.
To differentiate itself from Omega’s primary ATS, Lynx will employ a maker-taker style pricing model for all trading activity, and the “default” attribution setting for Lynx ATS will be broker-attributed, with the option to enter orders anonymously on a ticket-by-ticket basis.
“Omega ATS subscribers who become Lynx subscribers will be able to leverage existing connectivity, or establish entirely new connections to Lynx depending on the individual needs,” Debotte said. “As a result, subscription, connectivity and market data for this new marketplace will not burden subscribers.”
Lynx will have no subscription fee, and will also have no connection fee or data fee, Debotte added. The venue will use trade-matching technology hosted by OSI’s ThymeX matching engines. The venue will charge only transaction fees on executed trades.
All eligible orders will match within Lynx ATS according to a strict price-time priority, with the exception of intentional crosses. Intentional crosses will be granted time priority over other orders on the book at the same price level.