Pragma unveils Hosted Algo service
Trading technology provider Pragma has launched Hosted Algos, a service targeted at systematic traders that allows them to use Pragma's algos with the executing brokers of their choice.
Pragma claims its new offering can improve execution performance by optimising routing decisions, tailoring algo behaviour to suit trading strategy, and substituting lower cost direct market access rates for higher algo rates.
Other advantages include the reduction of information leakage, as brokers never see the parent order or basket; technology savings, as users don't need to maintain extensive home-grown trading, routing and reporting tools; post-trade performance and routing reports; and the ability for clients to manage commission flows by designating the percentage of order flow that interacts with each broker.
“Clients are increasingly concerned with transparency and control, and this offering takes it to the limit,” said David Mechner, CEO of Pragma. “Our Hosted Algo clients tell us they are enjoying reduced costs, reduced technology burden, improved stability and increased control over their execution.”
FIX firms combine
FIX messaging and trading solutions provider FIX Flyer has signed an agreement allowing FIX Solutions to distribute FIX Flyer's software tools and products. FIX Solutions is a recently established subsidiary of German software solutions providers STS and ICF Systems.
FIX Solutions will offer FIX Flyer's electronic trading software tools, including the Flyer FIX Engine, Daytona monitor, and Ignition testing automation suite exclusively throughout Germany, Austria, Switzerland, Belgium, Luxembourg and the Netherlands.
The Flyer FIX Engine is designed to manage high volume, ultra-low latency trading networks and electronic communications networks.
“Ultra-fast FIX software, efficient performance and availability for these components directly impact the bottom line,” said Harald Spanuth, managing director at FIX Solutions. “We firmly believer FIX Flyer's solutions are a necessary component for the new realities of low latency and algorithmic trading.”
Chi-X Australia selects data centre provider
Alternative trading system Chi-X Australia, a subsidiary of market operator Chi-X Global, has chosen Access Networks & Communications as one of its data centre providers.
The two firms intend to offer market participants access to the Chi-X Australia marketplace, which has just received its trading licence by domestic regulator the Australian Securities and Investment Commission. Access Networks offers products and services designed to support low latency and multiple exchange venue access via its data centre within Global Switch's Sydney facility.
“Our ability to offer market participants low-latency connectivity solutions through Access Networks' secure and reliable facility is a key component to our growth strategy,” said Peter Fowler, COO of Chi-X Australia.
Fidessa plots Canadian course
Technology vendor Fidessa is to host its Canadian trading platform in data centre service provider Equinix's Toronto TR1 International Business Exchange data centre.
Fidessa will use Equinix's platform to expand its global footprint into Canada, and will require access to a wide range of networks to deliver trade execution, market data and connectivity solutions for high-frequency, cross-border and multi-asset class trading.
Fidessa's Canadian trading platform provides access to all domestic trading venues, including the Toronto Stock Exchange. It offers execution services and market data for equities, equity options, futures, derivatives and bonds. Users can choose to use the platform for trade execution, market data and connectivity either separately or together.
The partnership with Equinix is Fidessa's second co-location deal in Toronto this year. In February, Canadian exchange group TMX and Fidessa agreed that Fidessa would host its trading solutions onsite at TMX Group's co-location facility.
Options IT boosts Chicago to New York latency
Trading technology provider Options IT says it has optimised trading connectivity between New York and Chicago for users of its PIPE Velocity service.
PIPE Velocity is a technology solution for high-frequency trading firms, designed to provide prime exchange co-located data centre space, ultra-low latency market data and connectivity, and optimised financial application hosting as a fully managed and integrated service.
The optimisation project reduced PIPE Velocity round-trip trading latency between the two cities by 2 milliseconds. Nigel Kneafsey, CEO of Options IT, said the change was prompted by increased demand in the last six months from clients wishing to trade multi-market, multi-asset class strategies between Chicago and New York, and added that he hoped the network was now providing the lowest possible trading latency between the two destinations.
Pipe Velocity is currently available in North America, Europe and Asia.
TMX breaks out new market data solution
Canadian exchange group TMX and software developer QuoteMedia have launched TSX InfoSuite, a new market data and shareholder solution designed to enhance the suite of services for Toronto Stock Exchange (TSX) and TSX Venture Exchange listed companies.
The service provides stock quotes and key company information, level 2 data, shareholder information and proprietary sector data. TSX InfoSuite's desktop and wireless browser-based service allows users to access their account from any computer worldwide. Mobile users can retrieve quotes, charts, news and other market information at any time on their phones.
“We are proud to offer tools like this to help support the growth of listed companies,” said John McCoach, president, TSX Venture Exchange. “It's important that our issuers have access to all relevant data as we see increasing diversity in trading strategies and participants.”
TMX is offering all issuers free access to the TSX InfoSuite core package.