Thomson Reuters Matching is to become the latest platform to increase the frequency of its market data updates.
The firm says that in response to client requests for more frequent market data updates of currency pairs on Matching, it will launch a new Matching Binary Multicast Feed.
The new feed will increase update frequencies for Matching real-time market data by up to 10 times to 25 milliseconds, improving price discovery and data delivery for clients. The feed will be available in the Equinix LD4 data centre and be in FIX SBE format.
Clients will be able to access test data from November 2016 ahead of full production access in Q1 2017.
EBS BrokerTec will now be offering data via EBS Live Ultra at 5 millisecond intervals.
Last year, EBS BrokerTec launched EBS Live Ultra with two data publication intervals – 100ms and 20ms – with the intention that the faster service would be available to all market participants that meet certain trading criteria.
With the launch of the 5ms data feed in addition to these original two, the same participation criteria will apply for those wishing to access this, while the 20ms data feed will be available to all EBS Live Ultra customers.
There have been some raised eyebrows in the FX industry recently amongst those that have noticed FastMatch’s sudden spike in volumes.
Profit & Loss has previously noted FastMatch’s strong start to the year in terms of average daily volumes (ADV), highlighting that in March it reported an ADV of $19.2 billion for the month, a new record high and almost double the $10.1 billion ADV it registered in March 2016.
Then in April it set another high water mark in ADV terms, eclipsing March’s record with ADV of $19.8 billion in April, up 83.3% from April 2016.
Ethernet, cloud and hosting provider, BSO, has added Singapore and Hong Kong to its FX circuit, citing growing demand for fast and reliable access to trade currency derivatives in emerging markets as the reason for the expansion.
The new routes, built on top of BSO’s London-New York-Tokyo circuit, will enable market makers using the BSO network to trade currency derivatives up to 10 milliseconds faster than before.
The new circuit includes improved latency and more diverse paths between London and Singapore, as well as a new trans-Pacific route for firms looking to trade between New York and Hong Kong. BSO says that it has also optimised its London-Tokyo link to the lowest latency available on the market.
Today’s column is about technology, speed and the race to zero. It also quotes Top Gun – a first in the pages of Profit & Loss – and in reality it does actually care that much. After all, do you pick sides when the National Football League owners (the billionaires) go up against the NFL players (the multi-millionaires) over money?
Speed of technology is important to a certain extent, but there has to be a point when it becomes largely irrelevant to the most important people in the FX industry – the customers.
Global network provider BSO has optimised the speed across its London to Tokyo route.
In a release issued today BSO claims that by consistently enhancing its circuit BSO can help clients can quickly adjust to the continuing electronification of FX markets less than five months out from MiFID II.
“In the fast-paced world of FX, time is literally money. This is why having the lowest possible latency across our leading London-Tokyo route is a must for the international trading community. Every millisecond counts, and with MiFID II just around the corner, the voice to computer-based trading shift is gathering increasing momentum,” says Fraser Bell, chief revenue officer at BSO.
Transaction Network Services (TNS) is expanding its managed hosting, co-location and connectivity service to New York and Chicago.
TNS’s new solution, already launched in Europe and Asia, is aimed at low latency trading firms looking to access key equity, derivatives and FX markets.
The service is designed to allow these firms to enjoy the benefits of proximity co-location, such as ultra low latency exchange access and client cross connects, without the high cost and complexity of researching, procuring, installing and managing trading infrastructure themselves.
Redline Trading Solutions has announced support for outright deliverable foreign exchange (FX) forwards traded on Cboe FX Markets and non-deliverable FX forwards (NDFs) executed on Cboe SEF.
This means that firms that are FX clients of Cboe using Redline’s InRush Market Data Ticker Plant and Order Execution Gateway can now receive market data and execute FX forwards on Cboe FX and NDFs on Cboe SEF via a single server.
“We are seeing significant interest in NDFs on Cboe SEF from our customers, and we are excited to be among the first providers to integrate with Cboe’s new venue,” said Mark Skalabrin, CEO of Redline.
Integral has begun reporting the monthly average daily volume (ADV) of FX products traded across its platforms, revealing that in April this ADV was $35 billion.
The firm says that this figure is consistent with the ADV that it recorded throughout the first quarter of 2018, which were between $34.5 billion and $38.5 billion.
Speaking to Profit & Loss, Harpal Sandhu, CEO of Integral, says the decision to start publishing monthly trading volumes was driven, in part, by the ongoing curiosity from market participants regarding the platform’s growth.
Colin Lambert talks to David Faulkner, head of business development at Fluent Trade Technologies, about the need for new thinking around how the FX industry evolves technology; the case for outsourcing non-IP processes and how technology can play a key role in helping a firm adhere to the FX Global Code of Conduct. They also discuss how this can help larger trading firms compete more successfully with smaller, nimbler trading firms in markets, as well as better focus their investment dollars.
Avelacom announced that it has partnered with XTRD to “provide low latency access to all major crypto exchanges globally”.
The sub-millisecond market data and order routing, delivered over the Avelacom network, is designed to help XTRD to aggregate liquidity across exchanges in Asia, Europe and the US in the fastest way. In particular, this partnership should enable improved arbitrage strategies across the top 10 Asian cryptocurrency exchanges, such as BitMEX, Binance, Bittrex, Huobi and OKEx.
Commenting on the partnership, Aleksey Larichev, Avelacom’s managing director, says: “We found a big gap between the demands of our institutional clients and the typical solutions provided over the Internet. Web-based applications will never meet the expectations of institutional investors.