BATS Chi-X Europe, BCS, Omgeo and more…

BATS Chi-X Europe will begin offering a routing service to Norwegian stocks listed on Nasdaq OMX Stockholm from 1 March.

BATS Chi-X Europe expands access to Norwegian liquidity

BATS Chi-X Europe will begin offering a routing service to Norwegian stocks listed on Nasdaq OMX Stockholm from 1 March.

Members of the multilateral trading facility (MTF) will be able to use its CYCLE, PARALLEL-D, PARALLEL-2D routing strategies to access Norwegian equities listed on Nasdaq OMX Stockholm, adding to the liquidity already accessible via existing links to domestic exchange Oslo Børs and Turquoise. Nasdaq OMX Stockholm is currently the only domestic exchange to offer trading in stocks it does not list on its own market.

The fee for routing orders in Norwegian stocks to external venues is half a basis point. The MTF also announced a hike in routing costs to Oslo Børs, as a result of price increases on the domestic market, to 2.5 bps.

Meanwhile, BATS Chi-X Europe has also adjusted tariffs for its exchange trade report service, which is used by members to bring pre-negotiated OTC trades on exchange, which will also take effect from 1 March.

BCS to offer Russian market data via Quanthouse

The European arm of Russian brokerage BCS Financial Group has teamed up with trading solutions provider Quanthouse to offer clients low-latency equity market data from Moscow Exchange.

BCS will use the firm’s QuantFEED product, enabling overseas clients to receive Russian market data via a consolidated feed. The Russian broker will also use the QuantLINK trading infrastructure and the QuantFACTORY optimisation engine. 

“As a result of the MICEX-RTS merger, there is an even greater demand for faster and more efficient trade flows in Russia,” comments Nils Jahn, head of prime brokerage and CRM at BCS. “Against a backdrop of under-developed electronic trading for financial firms within the country, BCS has been at the forefront of adopting innovative products to keep both our clients and ourselves ahead of the curve. Our business has had a very successful few months in which we climbed to first position on MICEX, are now in the top three on the local FX market SELT and are in the top three on FORTS, with a strong positive trend upwards.”

Omgeo reduces prices to boost same day settlement

Post-trade processing firm Omgeo has reduced prices to incentivise clients to verify trades on the same day they are executed, known as same day affirmation, a service offered by the firm’s Central Trade Manager and OASYS-TradeMatch products.

Other reductions include lower fees for Omgeo TradeSuite ID, its US securities post-trade processing service, by 20-35%; lower web-based settlement fees; and cheaper access to its account instruction database.

The firm stated the price reductions were linked to savings in retiring legacy infrastructure and strategic technology investments.

“As local markets continue to introduce shorter settlement cycles around the world, we will look to do everything we can to support our clients in this effort,” said Tim Keady, managing director, sales and solution delivery at Omgeo.

Rapid Addition team up with IBM to reduce latency

Low-latency technology provider Rapid Addition will use IBM’s WebSphere MQ Low Latency technology to provide high-speed solutions that support the full trade life cycle.

Rapid Addition’s FIX engine, Cheetah, will integrate with the IBM technology to optimise message traffic over the network.

“Our work with IBM will continue on into future projects, working together to continually improve overall performance of the joint offering and on other innovative services in the pipeline,” said Kevin Houstoun, chairman, Rapid Addition.

Orc selected for Canadian algo and access

Canadian bank National Bank Financial has expanded its use of Orc technology to provide market participants with algo execution and access to Canadian markets.

Clients of National Bank Financial will be able to access trading tools, execution algos and DMA to trade Canadian equities, options and futures.

“Participants may leverage our direct membership to all sources of Canadian liquidity in a cost effective and efficient manner to ensure best execution,” said Michael Newallo, managing director, electronic trading at National Bank Financial.