The Chicago Stock Exchange announced the successful launch of its new fully automated trading system today.

With the new system, market participants can submit orders from any location for immediate display, execution and cancellation. “The CHX provides an opportunity for participants and their customers to receive efficient, low-cost executions within a Regulation NMS compliant market,” it said in a release. The new technology offers a wide variety of order types including “reserve orders,” “undisplayed orders,” and “midpoint crosses.”

“This roll-out is the culmination of a multiple year effort to meet the requirements of Reg NMS and satisfy the growing trend towards high velocity algorithmic trading,” said CHX CEO Dave Herron. “CHX strives to provide solutions that will exceed the needs of the equity trading industry and we are confident that our users and their customers will be pleased with our new model.”

As part of the evolution of the CHX, the trading floor will no longer be a facility of the exchange. The floor space will however, remain open as a shared trading venue, available to support the operations of equity, options and futures trading customers. “With a prime location in the heart of Chicago’s financial community, tenants will benefit from economies of scale for IT and telecom support services in a trader-friendly environment,” it says.

“Currently, the new model supports the trading of all Nasdaq listed issues and incorporates one of the most aggressive pricing plans in the industry. NYSE and AMEX listed securities are in the process of being added to the new model with all equities expected to be available for trading late in December,” it says. “In the interim, trading of those NYSE and AMEX securities continues to be supported by CHX specialist firms and floor brokers as they prepare their own migration to the new trading model.”