Rapid Addition, the trading technology solutions provider, has supplied Bolsa de Valores de Colombia (BVC), operator of the country's main securities exchange, with technology to support its part of a regional integration project with the Chilean and Peruvian markets.
The Mercado Integrado LatinoAmericano (MILA) project, which launched on 30 May, is a FIX-based message routing network linking BVC, Bolsa de Valores de Lima in Peru and Bolsa de Comercio de Santiago of Chile, allowing domestic traders to buy and sell equities across the markets. It is expected to produce additional liquidity making it easier for the exchanges to attract to overseas investors. The three markets have a combined market capitalisation of approximately US$600 billion, making the joint venture the second largest liquidity hub in Latin America, after Brazil's BM&F Bovespa.
The BVC system was built using a .NET version of GRHub, Rapid Addition's FIX Order Routing product which routes market data, orders and executions between national and international brokers and the three exchange platforms. The product is constructed from the firm's Generation Zero technology and RA-Cheetah, a low latency FIX engine.
Rapid Addition provided further project support in the form of u-Trader, the firm's lightweight trading front-end order management system that supports the configuration of risk parameters for all three of the markets. This provides pre-trade risk filters to allow brokers control over their risk on sponsored access connections.
Jitendra Puri, chief information officer of Bolsa de Valores de Colombia, said, “Rapid Addition's FIX engine and u-Trader are part of BVC’s strategic trading architecture in high availability configuration. This enables us to offer our Colombian and international customers low latency order routing with pre-trade risk control and MILA market data.”