BATS and CBOE introduce latency monitoring
Exchange group BATS Global Markets has released a real-time latency monitoring service for its BATS BZX Exchange and BATS BYX Exchange members.
The new service enables members of the two venues to monitor order latency in real-time via a dashboard on the BATS website, allowing them to analyse order latency and respond more quickly. The BATS ports dashboard provides members with information about their port settings and statistics for both 1-gigabit and 10-gigabit physical port connections. BATS began offering customers 10Gb connectivity in the US and Europe earlier this month.
Developed by the BATS technology team, the service does not require members to purchase additional hardware or use third-party applications. US members can gain access via their existing BATS Ports Dashboard using their web portal login ID and password. Access will be available for BATS Europe participants by 1 March and for BATS Options members later in 2011.
Meanwhile latency management systems provider Corvil is providing latency monitoring for US trading venue the Chicago Board Options Exchange (CBOE).
The CorvilNet solution is being deployed to monitor bandwidth and identify possible market data disruptions. The CBOE is using CorvilNet for precision measurement of one-way latency and gap detection for the Options Price Reporting Authority (OPRA) and CBOE market data feed across its internal infrastructure. Gap detection allows CBOE to see exactly where loss might be occurring throughout its network.
“The implementation of the Corvil solution into our environment has saved us from performing many manual processes that used to take a great deal of time and energy for the results we needed to provide,” said Gerald O'Connell, executive vice president of systems and CIO at CBOE.
Options IT targets derivatives traders
Trading technology and market data provider Options IT has added software vendor ULLINK's UL NET+ electronic trading service to its Options PIPE platform, enabling trading firms to connect immediately to global derivatives and cash markets.
UL NET+ is ULLINK's fully hosted and managed low-latency offering that combines high-speed market access, order routing, pre-trade risk management and monitoring. Sell-side and buy-side firms now have access to the full suite of ULLINK solutions via Options PIPE.
Options PIPE is a fully managed global technology infrastructure and network connectivity service designed to provide cloud technology solutions to investment banks, proprietary trading shops, brokerages and asset management firms around the world.
Canada opens up to low-latency trading
Low-latency connectivity provider Hudson Fiber Network (HFN) has opened up three ultra-low latency fast path fibre routes enabling local and international customers to reach the top financial hubs in New Jersey, US, and Toronto and Markham in Canada.
“These three routes provide a competitive advantage for our financial services customers, significantly cutting latency and getting them to the exchanges faster,” said Brett Diamond, president of HFN. “With so many choices out there, the key in high-frequency trading is aligning with a network provider that constantly monitors and evaluates customers' needs for growth including lowering latency, increasing bandwidth, security and ultimately lowering the total cost of ownership.”
The move follows the establishment of a similar link provided by trans-Atlantic connectivity provider Hibernia Atlantic to Canadian exchange group TMX in September 2010, which allows market participants in Europe and the US to trade on the Toronto Stock Exchange via a direct low-latency pathway.
Progress Software bolsters eCommerce offering
Software provider Progress Software has launched Progress Apama Capital Markets Foundation version 2.1, which is designed to allow developers to deploy eCommerce solutions that leverage traders' intellectual property and business models.
Based on the Apama Complex Event Processing platform, the offering includes a market data aggregator service designed to create a bird's eye view of fragmented liquidity, an FX spot/forward price conversion service, smart order routing and client credit checking.
“This update provides additional support for developers at sell-side institutions, giving them the ability to traders to leverage common capital markets components involving complex technical logic in a simple way, speeding up time to value for highly customised trading applications,” said Dr. Richard Bentley, industry vice president, capital markets at Progress Software.
Cortina adopts Moxy OMS
Cortina Asset Management is leveraging trading software provider Advent Software's suite of solutions, including its flagship order management system (OMS) Moxy.
The firm's use of Moxy, which incorporates an order routing system that integrates 225 algorithmic trading strategies, is part of a deal that includes tools to deal with insider trading, disclosures, custody of assets and adherence to portfolio strategies, among other factors.
Moxy recently upgraded its OMS to version 7.0, which includes a set of new features including portfolio drift functionality designed to alert investors to changes to a portfolio that do not match investment objectives, in September 2010.