Interxion, an operator of carrier-neutral data centres, has signed a deal with the Nordic Growth Market (NGM) to locate its matching engines at Interxion’s Stockholm data centre.
NGM, a Stockholm-based operator of securitised derivatives and equities exchanges, will move its matching engines for the Nordic Derivatives eXchange, NGM Equity, and Nordic MTF platforms to the Interxion Nordic Financial Hub at Interxion’s data centre in Stockholm.
The migration to Interxion’s financial hub is scheduled for May and will coincide with the launch of Elasticia, NGM’s new trading system, which it claims will deliver faster and more efficient trading across a broader range of asset classes and financial instruments.
“As part of NGM’s strategic expansion, we needed a data centre partner to help us not only move our existing systems, but also provide sufficient hosting capacity to support an increased demand as we expand into new regions and broaden our market offerings, initially with the launch of derivatives in Finland followed by the dual listing of equities in Sweden and Germany”, said Roger Peleback, CEO of NGM.
“We are seeing increasing demand for co-location and proximity hosting to existing exchanges and new trading venues right across Europe in order to reduce latency. Banks’ statistical arbitrage desks and high-frequency traders are now putting these services in place in Stockholm as the Nordic markets become more competitive”, said Lilia Severina, Interxion’s proximity hosting director. “In response, trading venues such as NGM are looking for sophisticated data centres capable of both hosting their matching engines and offering proximity hosting services to their members.”
Meanwhile, Burgundy, a multilateral trading facility for Nordic stocks, plans to change its opening call auction period from 30 seconds to five seconds from the end of April.
According to Burgundy, the change is designed to help members configure their systems more efficiently by bringing the auction time on the MTF in line with those of global exchange group Nasdaq OMX’s Nordic bourses.
Nasdaq OMX Nordic altered its auction period from 10 minutes to five seconds when it switched from the SAXESS trading system to INET in February this year.