Thomson Reuters has linked up with a direct market access (DMA) provider to give greater access to futures markets for buy-side clients on its global FIX order routing network.
Thomson Reuters Autex Trade Route will link up with DMA provider CQG to enhance connectivity, offering buy-side firms access to an additional 65 futures commission merchants (FCMs) over the network. Autex currently offers connectivity to 750 buy-side firms and 700 executing brokers and venues, globally.
Speaking to theTRADEnews.com, Brennan Carley, global head of platform and transactions for Thomson Reuters, said the link-up would let buy-side firms access futures markets through DMA over the network, and select an FCM to trade through.
“For the buy-side, this will offer controlled DMA access, with significant coverage and pre-trade risk checks, and the ability to maintain existing relationships with FCMs,” he said.
Carley said sell-side firms providing access for the buy-side to futures trading venues would also enable them to reduce their technology spend as flow was channelled through the Autex network.
“We’ve seen a ‘vendorisation’ taking place across the industry for certain types of technology and infrastructure as market participants look to reduce costs in areas that don’t provide competitive advantage,” Carley said
The CGQ network is driven by the FIX Connect API and will provide low-latency access to exchange services through DMA across the Americas, Europe and Asia.
Currently, the Autex network delivers order flow of two billion shares per day across equities, options, futures, FX and fixed income.