CIBC develops liquidity aggregation engine

CIBC World Markets Inc.

January, 2010

CIBC World Markets Inc. is optimizing access to global FX liquidity by leveraging a low latency electronic trading infrastructure and concurrently processing complex events. Clients benefit from the resulting aggregated access to liquidity, as well as proprietary quantitative algorithms, including full depth of book modeling, to achieve accurate, competitive, consistent and timely pricing. These features highlight the importance of pricing liquidity correctly, especially when the market is thin or gaps. Other benefits include tight integration of the liquidity aggregation engine with algorithmic hedging, smart order routing and execution models that can be leveraged to minimize the number of hedge trades and hence minimize slippage and execution costs.