Börse Berlin Equiduct Trading has selected Aleri, a provider of complex event processing (CEP) technology, to provide the tools to analyse and visualise liquidity for its new volume-weighted best bid and offer (VBBO) and PartnerEx market models.
The Aleri Market Liquidity Analysis (MLA) engine will allow investors to compare market prices across trading venues to the Equiduct VBBO benchmark. The MLA engine will, therefore, allow traders to view all the liquidity available on the visible markets, through a single consolidated virtual market book.
Further explaining the solution, Aleri’s Regional EMEA sales director, said, “Our CEP powered MLA engine will help Equiduct enhance their market depth analysis capabilities by providing their trades and brokers with the ability to consolidate order books across multiple exchanges in real-time to create a single virtual order book that represents the liquidity of the visible market.”
VBBO is derived from the full depth of the book from all relevant execution venues in Europe and Börse Berlin Equiduct Trading believes that its VBBO provides the European benchmark price that is required as part of each investment firm’s equity execution policy.
The VBBO market data is already available and Equiduct Trading will provide, a pan-European regulated market offering cross-border trading services from mid-2008.
“Enabling our potential participants to quickly and easily see how they could cost-effectively meet their best execution obligations under MiFID is a high priority for our sales efforts,” said Artur Fischer, joint CEO of Börse Berlin Equiduct Trading.