Nasdaq OMX Europe, a pan-European multilateral trading facility due to launch in September, has selected Cicada, a data management firm, to handle its market data supply.
Cicada’s MarketPrizm network and technology will acquire and process market data from European market centers and send it to Nasdaq Europe’s routing brokers and proximity hosting clients.
“Cicada will enable us to receive market data from other market centers quickly and easily,” said Chris Concannon, executive vice president, transaction services, Nasdaq OMX, in a statement. “They are providing a key service that will allow us to support best execution in what will be a highly efficient, transparent pan-European market.”
MarketPrizm was developed as a venue-neutral infrastructure. It includes a suite of products designed to help buy- and sell-side firms control growing infrastructure costs and solve the challenges associated with algorithmic trading in Europe, according to Cicada.
Cicada’s MarketPrizm services are currently being deployed at the Nasdaq OMX Europe co-location center in London. MarketPrizm also has plans to simultaneously launch a broker-neutral algorithmic application service provider service beginning in September, co-located at the Nasdaq OMX London proximity hosting facility, and other trading venues’ co-location sites.