Brazilian market maker opts for Orc technology
Marcelo Sacomori, a Sao Paulo-based market maker, is using trading technology provider Orc for options trading and market making strategies on Brazil’s BM&F Bovespa exchange.
The firm will use Orc Market Maker, a server-based trading solution designed for options trading and quoting. It has a volatility management interface and a volatility model API that allows users to design their own models. Orc also provides pre-defined and configurable volatility models, as well as built-in pricing models for accurate quoting and hedging.
“Orc has made great strides in the Brazil market," said Ruben Guerrero, Brazil sales director, Orc. "Marcelo Sacomori is the latest example of a demanding Brazilian trader coming to Orc to increase his business in this growing market.”
Rapid Addition partners with Latin America FIX firm Extol
Rapid Addition, a provider of trading technology solutions, has partnered with Brazilian technology firm Extol to distribute its FIX solutions across Latin America.
Rapid Addition is currently working with several businesses in the region, including the Colombian stock exchange, which is a member of the MILA Latin American market integration project.
The firm said it hopes to capitalise on interest from banks and brokers, stat arb and hedge funds, high-frequency trading firms and exchanges across the region.
Further interest in FIX is being generated by Mexico’s recent adoption of FIX 4.2 and by platform upgrade plans at Brazil’s BM&F Bovespa that will reduce the latency of its trading platform.
“At a time of incredible change and development in the BRIC marketplace, the demand for proven high performance technology and FIX-compliant products has risen greatly, particularly in Brazil,” said Edwin Montenegro, CEO, Extol. “Partnering with Rapid Addition is the next logical step for this economy.”
Pierpont Derivatives launches swaps trading with Calypso
Pierpont Derivatives, a subsidiary of broker-dealer Pierpont Securities, has gone live with a system provided by Calypso Technology, to support the launch of a new swaps trading business. The firm’s trading desk is using the platform for trade pricing and capture, consolidated P&L and risk management for interest rate swaps, futures and treasuries.
Pierpont Derivatives said it was seeking a robust technology solution that would allow it to offer interest rate swaps trading capabilities quickly. Pierpont Derivatives selected the Calypso System based on its front-office abilities for OTC derivatives and other capital market products as well as its central clearing offering and its integration with swaps market participants.
“Speed to market was absolutely crucial due to how quickly the swaps market is changing,” said Akshay Das, managing director and head of derivatives at Pierpont Derivatives. “The Calypso team delivered the expertise and flexibility to quickly get us up and running with the specific capabilities we needed.”
China Merchants Securities (HK) opts for Nasdaq equities surveillance
Chinese financial services firm China Merchants Securities (HK) has implemented exchange group Nasdaq OMX’s SMARTS Broker solution for surveillance and compliance monitoring of its equities trading activity.
The company’s compliance team will use the SMARTS Broker solution to monitor for abuse across its trading systems, including using the automated trade monitoring solution to quickly identify suspicious trading behaviour and detect market manipulation. SMARTS Broker will provide alerts for insider trading, market manipulation and violations of order handling rules, watch lists and restricted lists.
“We searched for a solution that could better manage our surveillance responsibilities and keep pace with the existing and future regulatory demands,” said Benny Mau, spokesman of China Merchant Securities. “SMARTS Broker meets these requirements with sophisticated capabilities that put our surveillance program on par with global investment banks, exchanges and regulators.”
FFastFill offers services from Interxion London data centre
Software-as-a-service provider FFastFill is now providing its solutions from the City of London data centre operated by European data centre services firm Interxion.
FFastFill provides access to over 60 global venues via its Horizon global multi-broker network. Interxion hosts one of the two proximity centres for the London Metal Exchange (LME), which it says facilitates the fastest connectivity option to the exchange's matching engines.
For members that require access to market data and management of their trading infrastructure, FFastFill can now deliver a solution from Interxion's data centre. Average acknowledgment times for new orders to the LME are improved by 50% for those members locating their exchange gateways in Interxion's data centre.
"Our decision to offer our services from Interxion's City of London data centre is based on its unique location and proximity to London's principal liquidity venues,” said Caroline Davis, managing director, business development at FFastFill. “Combined with the presence of various exchange connection points, the leading financial networks, and a large number of market participants within the facility, this allows us to offer our customers the highest quality of service."