Market access technology provider Vela has announced the launch of its Systematic Internaliser (SI) Data Hub, part of its MiFID II solution suite. The firm has also confirmed the addition of Sun Trading as part of its roll-out of new Systematic Internaliser venues.
The SI Data Hub provides clients with access to multiple SI liquidity price feeds through a single normalised API, helping to address MiFID II concerns regarding best execution and liquidity fragmentation when it takes effect on 3 January 2018. The hub supports the SI consolidated book providing clients with a single, consolidated Best Bid Offer (BBO) view of multiple liquidity sources to support price discovery and aid best execution.
The SI Data Hub is offered as a dedicated fully-managed solution in Equinix Slough, and allows clients to receive their own bespoke, individual SI price feeds through a single connection. It is also available as a software-only solution to run in-house for new deployments or as an addition to existing solutions.
The SI Data Hub offering is complemented by Vela’s SI Execution Platform which provides clients with a single, low latency order routing platform to multiple Systematic Internalisers.
“The launch of Vela’s SI Data Hub provides our clients with a dedicated normalised feed that is fully hosted and managed,” says Hazem Dawani, chief product officer, at Vela. “As new SI venues are launched over the coming weeks and months, our clients can quickly and easily access these additional pools of potential liquidity.”
Jamal Tarazi, head of European trading at Sun Trading, adds, “We are excited to be working with Vela in order to offer greater liquidity and quote efficiency to a broader array of market participants. With the addition of our interface to the Vela SI solution, we give firms the ability to be reactive and agile to access our data and execution capability.”