The Colombian Stock Exchange, Bolsa de Valores de Colombia (BVC), is working with UK-based technology provider Rapid Addition to facilitate low-latency trading on its exchange. The move is part of a drive to allow high-frequency trading in the country, which it is hoped will provide more liquidity, thus facilitating investment and trade.
The deal involves the installation of GRHub, an order routing system intended to route Financial Information eXchange (FIX) Protocol messages, and u-Trader, a FIX-enabled dealing system supporting DMA and algorithmic trading.
BVC vice president of technology Jitendra Puri said, “We wish to send a clear message to the community that we are totally committed to providing a fully modernised, state-of-the-art solution for the Colombian securities market. Rapid Addition's expertise in global FIX connectivity and low-latency FIX trading technology made them the best choice for the BVC as we look to expand our offerings internationally.”
Rapid Addition CEO Toby Corballis added, “We are delighted to be working with the BVC by providing them with the lowest latency hub solution available on the market today. This will enable the exchange to give its users the best possible performance and help them maintain their competitive edge in the market.”
Colombia is the latest in a series of Latin American countries to seek upgrades to electronic order flow through foreign technology vendors. Bank of America Merrill Lynch, Credit Suisse, Goldman Sachs and others have all launched electronic services in Brazil within the last 12 months. In Mexico, Morgan Stanley has offered electronic services including algorithmic trading strategies since July last year.