NYSE Technologies, the commercial technology unit of exchange group NYSE Euronext, has launched Order Routing Direct, a managed point-to-point order routing service.
Order Routing Direct uses network technology that allows buy-side firms to connect directly via FIX protocol with their trading counterparties rather than routing back to a centralised hub as was previously necessary via NYSE Technologies Marketplace, the firm's FIX-based trading community. It was formerly known as NYFIX Marketplace, acquired by NYSE Euronext as part of its acquisition of trading technology firm NYFIX.
Order Routing Direct offers support for trading workflows using the FIX protocol and is designed to provide a fast solution for connecting to trading destinations.
Additionally, current customers of NYSE Technologies Marketplace can use this service with no changes to their existing infrastructure.
“Order Routing Direct provides our customers with fully-managed connectivity, broad FIX compatibility and revolutionary network technology to directly connect to any of the more than 650 broker dealers and 600 buy-side firms in the NYSE Technologies Marketplace community,” said Scott Fitzpatrick, vice president at NYSE Technologies Marketplace. “We recognise that some customers have specific trading requirements that are not fully supported by the traditional hub-and-spoke service model used around the industry.
By coupling that model with Order Routing Direct, NYSE Technologies has become the only provider to offer customers the value of two complementary connectivity services.”