Multilateral trading facility Chi-X Europe has implemented data vendor Thomson Reuters’ pan-European low-latency direct feed, pricing and reference data service to benchmark its trading performance against other trading venues in Europe.
Chi-X Europe plans to use the data feeds to compare its prices with other venues and ability to offer price improvement over its rivals. The service is offered through Thomson Reuters’ hosting centres in London.
“Our trading participants are constantly looking at the market data using ultra low latency solution. If we want to see the world the way they look at it, we need to have a similar solution in place,” Florian Miciu, Chi-X Eurpoe’s chief technology officer, told theTRADEnews.com. “In every stage of our development, it is essential that we clearly understand our clients’ requirements.”
While Chi-X Europe currently publishes performance data and can compare its performance with other market centres, Miciu contends that the Thomson Reuters solution is more sophisticated and capable than his firm’s existing methods. “Previously we were using a legacy solution from our parent – essentially data drawn from the exchanges – and we had to perform the calculations ourselves,” he said. “Thomson Reuters performs calculations for us as part of their standard offering and they have access to more information, given this is their area of expertise. Thomson Reuters will be able to conduct a much more rigorous market comparison with more detailed analytics.”
Thomson Reuters’ low-latency direct feeds are available for clients that want to co-locate their trading applications within fully-managed hosting centres, or through ‘last-mile’ communication links to clients’ own data centres.
The vendor offers clients a choice of low-latency telecom providers for last mile connectivity as well as access to additional services, including market and broker connectivity, pricing and reference data, machine-readable news, quantitative event-driven trading solutions and fully-managed services.