Financial data and technology provider Thomson Reuters has launched its Elektron cross-asset trading and data infrastructure at the National Stock Exchange of India (NSE), allowing market participants to gain low-latency access to exchange data.
Based at the NSE's co-location facility in Mumbai, Elektron will deliver high-speed connectivity to the exchange's data and over time will provide trading firms with access to 350 exchange-based and OTC markets, as well as machine-readable news.
The new data is intended to help facilitate algorithmic trading in India, which is expected to account for more than 20% of overall trading volumes for the entire the Asia-Pacific region by 2012. Thomson Reuters formed a strategic relationship with technology provider StreamBase, to offer algorithm development tools via the Elektron network, in May 2011.
Smart order routing (SOR) is relatively undeveloped in India, but Swiss bank UBS recently joined the handful of banks that have received approval from the Securities and Exchange Board of India to offer SOR technology in the country.
“This arrangement illustrates Thomson Reuters commitment and strength in delivering low latency solutions to exchanges and their trading customers. We are delighted to be working with the National Stock Exchange of India to address the requirements of our collective clients for high-performance, light-touch data solutions,” said Terry Roche, global head of enterprise solutions real-time, Thomson Reuters.
Elektron currently connects to over 80 venues via direct exchange connectivity and provides real-time feed solutions to 350 markets.