US trading technology company OptionsCity Software has released a platform that allows users to customise algorithms for trading and market analysis, drawing on risk monitoring and relevant historical comparisons.
The Freeway platform is designed to provide ultra-low latency, microsecond execution while enabling traders to monitor trades in real time. It has been built to offer traders and developers an ideal environment to build and test algos, using either Java or Scala code. The user interface was developed specifically for ease of use, with tools to allow traders to monitor and set limits for the customised algos, with graphical displays to bring the figures to life.
OptionsCity has installed servers, co-located next to the exchange matching engines, to allow direct access for the algos at the lowest possible latency. The platform is also integrated with OptionsCity Metro's risk management product, which monitors the risk associated with all Freeway trades.
In addition, OptionsCity Freeway is connected to ”The Algo Store,' an online algorithm repository designed to offer a service similar to Apple's iTunes. Third party quantitative analysts can use The Algo Store to write and sell algorithms or components to trading firms globally.
“Traders and programmers are protective of their algo trading strategies,” said Hazem Dawani, CEO and co-founder of OptionsCity Software. “The Algo Store will change the way the algo process is done. It provides pieces of code for basic trade characteristics, allowing programmers to create new algos faster and react more quickly to changing market conditions.”
High-frequency trading-focused market data firm Burstream released a nanosecond market data service designed to enable trading algos to access market data as quickly as possible, earlier this month.