NYFIX, a trading solutions vendor, is migrating trading on its US-based Millennium dark pool to a new high-performance technology architecture, HPX.
The firm says Millennium HPX will be faster, more resilient and able to handle a higher throughput.
NYFIX hopes the ability to acknowledge client orders in fewer than three milliseconds will attract additional latency-sensitive order flow to the pool.
“We have been carefully monitoring the performance of this new version of Millennium and have seen a significant improvement in system response times,” commented Dmitri Galinov, director, advanced execution services, Credit Suisse. “We are encouraged by these enhancements and anticipate increasing our flow to the pool accordingly.”
The HPX architecture already powers the company’s European dark pool, Euro Millennium, and will eventually power all NYFIX services, including the NYFIX Marketplace. The rollout of Millennium HPX began in early February and is expected to be completed toward the end of the first quarter.
NYFIX Marketplace is a global community of trading counterparties that use NYFIX’s connectivity and other trading services.
“We have invested heavily in the new HPX architecture over the past couple of years and are excited to have it power our US Millennium dark pool,” said C. Thomas Richardson, global head, transaction services, NYFIX. “We have received a lot of positive feedback from our European clients regarding Euro Millennium’s performance on this new architecture. We look forward to completing the roll-out.”