Chi-X offers nanosecond-precise trade measurement

TS-Associates (TS-A), a financial technology firm, will provide its TradeSync trading engine synchronisation and latency monitoring service to members of multilateral trading facility Chi-X Europe on a monthly subscription basis.
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TS-Associates (TS-A), a financial technology firm, will provide its TradeSync trading engine synchronisation and latency monitoring service to members of multilateral trading facility Chi-X Europe on a monthly subscription basis.

According to TS-A, TradeSync will be most useful for latency-sensitive Chi-X participants, such as those who use co-location, that are looking for tighter integration between their trading engines and the MTF’s matching engine.

TradeSync provides tighter time synchronisation between venues’ and users’ systems, enabling nanosecond-precise measurement of trade flow and market data latency. This gives latency-sensitive firms more accurate timestamps and trading data on which to base high frequency and statistical arbitrage strategies, TS-A said.

“While the industry’s current preoccupation with latency minimisation and measurement is an important factor, addressing the impact of multiple time perspectives on the business of trading is the next logical step,” said Henry Young, director of product development, TS-Associates, in a statement.

Performance measurement, capacity planning and incident diagnostic tools will be made available through TS-Associates’ ‘application tap’ hardware and TipOff analysis system.

“Some of our co-located participants, while happy with Chi-X Europe’s latency, want to be able to synchronise their trading algorithms to trade matching time for optimal modelling of the market,” said Florian Miciu, head of technology, Chi-X Europe. “While many of the component parts that make up TradeSync are already deployed with TS-A’s investment banking customers, it is TS-A’s application tap that really makes this solution work for us, enabling the precise timing of software events with negligible performance impact.”

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