CIX wins Iress certification for Canadian trading platform

CIX has completed certification with Iress for its Canadian trading platform, broadening access through a trading technology provider used by dealers in Canada and other markets.

The certification comes ahead of a planned integration between the two companies, expected to go live later this year. It supports CIX's effort to sign up broker-dealers and technology partners before the platform launches.

Iress provides trading and market data software to financial services firms across several regions, including North America and the UK. Its presence among Canadian and international dealers means firms already using Iress should be able to connect to CIX through existing systems rather than adopt separate workflows.

That is important for CIX as it seeks to establish itself in Canada's equity trading market as an alternative trading system. It is building a venue for institutional brokers, retail dealers and proprietary trading firms, while aiming to fit within the country's existing market structure.

Jeff Foster, Founder and Chief Executive Officer of CIX, said the certification is part of a broader effort to remove operational barriers for market participants.

"Certification with Iress is an important milestone as we continue to build a highly connected and accessible marketplace," Foster said. "Our goal is to minimize friction for dealers and ensure that accessing CIX is as seamless as possible through the systems they already use every day."

Platform design

CIX said its venue will include an optimised matching algorithm, extended trading hours, fractional share trading and a more flexible order book structure. Those features are intended to improve price discovery and stability, while widening access for investors and supporting retail participation.

It also plans to operate three trading venues at launch, each with a different market role. The platform is based on technology from IntelligentCross, which CIX described as the largest alternative trading system in the United States.

The Canadian equity market is dominated by established exchanges and trading venues, so access through widely used technology providers is likely to be an important part of any new entrant's rollout. Certification and connectivity arrangements can help dealers add a new venue without major changes to front-end systems or internal processes.

For Iress, the agreement adds another marketplace connection for clients using its software for equity trading and market data. Steve Weishar, Executive General Manager - Canada at Iress, said the certification reflects client demand for access to the new venue.

"We are pleased to complete certification with CIX and support demand from our clients in accessing this new marketplace," Weishar said. "CIX will introduce important innovations to the Canadian market, and we are committed to enabling efficient connectivity and adoption through our platform."

Market access

CIX has positioned connectivity as a central part of its launch preparations. By linking with firms already embedded in dealer workflows, it is trying to lower the practical hurdles that often slow take-up of new trading venues.

CIX said adding Iress strengthens its network of connectivity partners across institutional and retail trading channels. That ecosystem approach matters in a fragmented equities market, where liquidity often depends on how easily brokers can route orders to a venue alongside established destinations.

CIX is still progressing towards regulatory approval and launch. It has said it is engaging with market participants and industry stakeholders while building the infrastructure needed to support day-to-day trading access.

The certification with Iress gives CIX a clearer route into dealer desktops and order management systems already used across the market.