As observed by Profit & Loss on Monday, Refinitiv has launched the FX Binary Multicast Feed 5ms, an enhanced low-latency market data feed to enable increased market transparency and support critical trading decision-making for Refinitiv Spot Matching clients, the company says. This brings the platform into line with its chief rival in the FX market data business, EBS which also has a 5ms feed.
The new data feed will provide more frequent and granular data on the order book and traded prices from Refinitiv’s Spot Matching platform and enable clients to improve their price discovery and make effective and quick trading decisions on Matching. The ultra-low latency feed will enable an in-depth and near real-time update of the market with increased depth of book levels for enhanced insights, says the company. Clients will have higher certainty that they can achieve prices as they will be based on the market every 5ms, a five-fold increase in update frequency from the previous version of the feed, the company says, adding that its goal is to improve liquidity and market making on Matching.
The matching platform supports both spot and forwards trading. As a primary market for interdealer trading in FX, Matching data is used as a reference rate in price discovery, the management of client orders and FX options contracts, WM/Reuters fixings and for determining the day’s high and low trading range.
The feed provides 5ms updates for a near real-time view of the Matching book made of firm (no last-look), all-to-all orders and high confidence of execution on the venue, it says. New VWAP data that has been added to the binary feed enables trading clients to monitor and adjust their algorithms in real time.
“As a leading trading venue and data company for financial markets, Refinitiv is committed to supporting effective markets and client solutions that drive faster and smarter trading decisions. The liquidity and feed of data from FX Matching is critical in the trading and risk management strategies adopted by institutional FX trading firms, making it imperative that we continue to enhance our solutions to drive liquidity, transparency and smarter trade execution. The richer data in the feed will help FX traders to execute more effectively and enhance their trading strategies.” says Paul Clarke, head of FX venues.
The new 5ms feed is available to all clients who subscribe to the current version of the Binary Multicast Feed.