ALGO Technologies, the trading technology company headed by ex-Chi-X Europe executive Hirander Misra, has released a low-latency data feed for European and US markets.
ALGO DATA will be targeted at trading firms and exchanges, and will offer raw, normalised and consolidated market feeds that will be delivered to clients using AlgoSpan, the firm’s low-latency fibre optic network. The feed will include trading data from all major European and US equity trading venues.
The solution will also be made available at co-location centres used by exchanges and multilateral trading facilities to ensure lowest possible latency. According to ALGO Technologies, the data feed will provide users an advantage over most legacy vendor solutions, which typically send data from every trading venue to a central processing point before it is redistributed, incurring a significant amount of latency.
ALGO DATA will also offer an aggregated European best bid and offer feed and consolidated tape across trading venues that use the same currency, place of settlement and ISIN securities identifier. The data feed can also be used in conjunction with any execution or order management system.
“Market participants are all too often achieving stale execution and not best execution as a result of slow market data feeding their algorithms and smart routers leading to missed trading opportunities,” said ALGO Technologies CEO Misra. “You can have the best smart router in the world, yet still find yourself disadvantaged in the market by using legacy slow data – much like getting to the party when it is over. Trading firms can now rely on what we believe is the fastest data service in the market with the updates reflecting the market movement instantaneously ensuring that our clients get the best price at that moment and not what was the best price some time ago, which, if derived off a slower vendor solution would be a stale price.”