Two sell-side firms, Finnish banking group Sofia Bank and London-based prime broker and service provider Kyte Group, have both announced plans to offer direct market access (DMA) to their clients.
Sofia Bank will use technology from financial software provider Orc Software to provide DMA to sophisticated clients, allowing them to trade cash equities and derivatives on Nordic exchanges and Eurex, the European derivatives exchange jointly operated by Deutsche Börse and SIX Swiss Exchange.
“We were looking to use state of the art trading technology that provides competitive advantage in order to support our business vision,” said Eero Saloranta, head of markets and member of executive management, Sofia Bank, in a statement. “Following a careful evaluation of available solutions, we decided to go with Orc as our premier technology supplier for trading and market access.”??
Kyte will offer multi-venue DMA to algorithmic trading groups, automated traders and traders using FIX connectivity. The DMA offering will be available via the firm’s FIX solution, KYTEFIX, or its KYTEAPI application programming interface for both order execution and market data.
The Kyte DMA solution will use Australian connectivity firm Object Trading’s FrontRunner suite to link to multiple venues. The offering will grant clients access to five cash equity destinations and 11 exchange-traded derivatives markets. Kyte will offer trade processing and clearing support services in addition to DMA.
“There is a growing pool of proprietary trading talent in today’s markets which will dramatically benefit from this kind of access to trading venues,” said Peter Green, chief executive of Kyte Group, in a statement. “It puts them level with the very fastest professional trading systems in the big banks and brokerage houses. This project complements current Kyte activity as it brings even more liquidity to these markets.”