Brokerage and trading services provider ConvergEx has upgraded the infrastructure behind its US alternative trading system (ATS) Millennium ATS, claiming to have reduced latency by 75%.
The firm said the upgrade will support the needs of ultra-low latency and immediate or cancel (IOC) order customers.
As speed is paramount in executing these kinds of trades, the upgrade will keep customers at the forefront of execution technology, according to ConvergEx.
The Millenium ATS provides anonymous access to diverse and deep order flow, aiming to improve execution quality by reducing information leakage, market impact and execution expenses.
Millennium is a continuous ATS in the US market and aggregates 6,000 symbols daily and is used by more than 100 broker-dealers each day.
Convergex also operates the VortEx ATS, a high-speed continuous dark pool, offering near zero latency.
As part of the upgrade, Millenium ATS will also see matching engine optimisation and connectivity improvements. The firm is in the process of transitioning its customers onto the new FIX architecture.