High-frequency trading concerns return to the fore


High-frequency trading concerns return to the fore

http://www.efinancialnews.com/story/2013-07-18/high-frequency-trading-concerns-return?omref=email_TradingTechnology

High-frequency trading has risen to the forefront of hedge fund regulatory concerns, according to a new report.

High-frequency trading concerns return

High-frequency trading concerns return

While the level of regulatory concern remains far from 2011 levels, it has increased since last year, according to the report, which was published yesterday by research firm Tabb Group. The research was based on conversations with 63 head traders of US hedge funds, managing $301 billion in total assets.

The research said: “In light of the public debate and media scrutiny of market structure issues, such as exchange order type disclosure, the hash crash, and early looks at machine readable economic indicators, concerns over high frequency trading have risen. Meanwhile, with initial registration costs in the rearview mirror, compliance costs concerns have dropped off.” (See graph bottom-right)

Top of the list is uncertainty regarding how hedge funds will be treated under mandatory registration with the US Securities and Exchange Commission for managers running $100 million or more, and the implications of Form PF, which requires them to provide information on the hedge funds they run to the Financial Stability Oversight Council, the report found.

Sao Paulo based BLK Sistemas Financeiros Accelerates Trading with Perseus LiquidPath®


Sao Paulo based BLK Sistemas Financeiros Accelerates Trading with Perseus LiquidPath®

http://perseustelecom.com/news/sao-paulo-based-blk-sistemas-financeiros-accelerates-trading-with-perseus-liquidpath/

Perseus Telecom

 

Sao Paulo based BLK Sistemas Financeiros Accelerates Trading with Perseus LiquidPath®

–        Perseus Telecom Brazil Connects BLK Sistemas Financeiros to Brazil Exchange in less than 50 microseconds

–        Perseus LiquidPath® Enhances Liquidity with Ultra-Low Latency Connectivity with BM&F Bovespa

SAO PAULO– 15 July 2013 – Perseus Telecom, a leading provider of ultra-low latency, high capacity global networks, today announced that BLK Sistemas Financeiros has connected to the BM&F Bovespa through the Perseus Telecom LiquidPath connection of sub 50 microseconds. LiquidPath launched late in 2012 by Perseus, connects the ALOG/Equinix (SP1) datacenter with the BM&F Bovespa data center (CT1) in less than 50 microseconds Round Trip Delay (RTD).

Perseus Telecom winners of the Global Telecoms Business Innovation award in 2012 for building the fastest connection between the Nasdaq OMX datacenter in New York and the BM&F Bovespa data center in Sao Paulo, has since launched its LiquidPath product, which furthers the commitment to market-to-market trading. LiquidPath assists brokers, vendors and their customers, with international communications, infrastructure support and ultra low-latency last mile connectivity to exchanges.

Rogério Paiva Managing Director at BLK Sistemas Financeiros said, “We carefully selected Perseus Telecom, who is well known in Brazil for its exchange connectivity platform, LiquidPath, which has helped ensure the best performance locally for our customers.”

BLK Sistemas Financeiros is a specialized electronic & algorithmic trading service provider that assists in developing proximity colocation infrastructure for high speed electronic trading operations. The BLK customer requires a sophisticated ultra low-latency straight through processing environment, based on the latest technological advancements available.

“BLK Sistemas Financeiros is a great new addition to the Perseus Telecom community connecting to our global network from Brazil, said Marcos Guimaraes, President of Perseus Telecom Brazil, “BLK can now help its customers take advantage our LiquidPath infrastructure to provide access to the BM&F Bovespa for its trading customers, but also to other exchanges in the 60 global markets Perseus serves.”

# # #

About Perseus Telecom

Perseus Telecom is an award winning global, facilities based licensed carrier of enterprise and telecommunications services with a focus on ultra-low latency connectivity. Perseus provides the fastest routes between New York and Brazil exchange markets and was recently awarded for QuanTA, the fastest trans-Atlantic route between New York and London. The company also operates the fastest route between London and Frankfurt over its high-tech wireless/microwave service as well.

Perseus connects global markets with significant points of presence in New York, Chicago, Mexico, Tokyo, Singapore, Sydney, Hong Kong, London, Frankfurt, Stockholm, Moscow, Madrid, Milan and Dublin. The company’s management team has decades of experience in major finance, telecommunications and technology companies operates from offices in London, Dublin, New York, Chicago and Sao Paulo.

For more information about Perseus, please visit www.perseustelecom.com or contact us at +1 (212) 300-6813 or sales@perseustelecom.com.

PRESS CONTACT:

Dan Watkins

+1(347) 394-3068

marketing@perseustelecom.com

Perseus Brazil Debuts Market-To-Market Liquidity Platform LiquidPath®


Perseus Brazil Debuts Market-To-Market Liquidity Platform LiquidPath®

http://perseustelecom.com/services/products/liquidpath-brazil/

LiquidPath® combines the Perseus award winning connectivity solutions with the Perseus global market-to-market ultra low-latency network. LiquidPath is a fast and cost effective solution for the deployment of the necessary equipment needed to be staged in foreign markets so that customers do not have to manage the complexities of having “feet on the street” in new emerging markets.

Perseus Telecom customers see a variety of advantages when choosing LiquidPath:

Through efficient and high-performance trading infrastructure ideal for staging Market Data, Order Management (OMS) as well as Algorithmic and High-Frequency-Trading equipment, customers can benefit from state 0f the art equipment ready to be turned on as a service.

Due to complex and static environments Perseus can offer proximity services for Direct Market Access (DMA) platforms, helping customers getting trading with exchanges or counter parties fast, saving time and money.

Customers can enjoy having balanced IT investments with LiquidPath® making it easier to plan and allocate IT expenditures for trading emerging or foreign markets.

“Liquidity Infrastructure” for local and global buy-side, sell-side and service vendors looking to access the Brazilian Securities marketplace.

LiquidPath combines the Perseus award winning fastest connectivity solution with the Perseus Global Market-to-Market ultra low-latency network . LiquidPath is a fast and cost effective solution for the deployment of trading infrastructure into foreign markets so that your firm does not have to manage the complexities of local “feet on the street” in new markets you may want to trade.

Perseus Telecom customers see a variety of advantages when choosing LiquidPath:

Efficient and high-performance trading infrastructure ideal for staging Market Data, Order Management (OMS) as well as Algorithmic and High-Frequency-Trading equipment.

Complex and static environment optimal in colocation and proximity services for Direct Market Access (DMA) platforms. Well balanced IT investments – support for planning of IT expenditures.

LiquidPath Brazil

Perseus Telecom Brazil helps customers meet their requirements for low-latency market access and cost efficient IT products and services saving both time and money.

Infrastructure

  • Exchange proximity colocation
  • Hardware as a service
  • Ultra-low latency connectivity
  • Elasticity (up and downsizing)
  • Managed and Professional Services

Connectivity

  • CT1 – 1st BVMF DC (30µs)
  • CT2 – 2nd BVMF DC (5ms)
  • SP2 / RJ1
  • Internet / Last Mile
  • Global Liquidity Centers Access

Market-To-Market

3-Market-To-Market

HIGH PRECISION TRADING IN COMPLEX MARKETS

Perseus Telecom is an award winning global provider of connectivity and services. We work with best of breed fiber assets globally. Perseus provides customers with the right

network solution at the right price. Whether connecting trading desks to exchanges, establishing global wide area networks, or connecting from Europe and North America to emerging markets in Latin America, Asia and Africa; our customers have the competitive advantage that comes with innovation and experience in finance, banking, technology, law, e-commerce, multi-site enterprise, pharmaceutical, media and telecom sectors.

S&P Capital IQ launches new Portfolio Risk solution delivering Real-Time Risk Analysis for Multi-Asset Class Portfolios


S&P Capital IQ launches new Portfolio Risk solution delivering Real-Time Risk Analysis for Multi-Asset Class Portfolios

http://www.bobsguide.com/guide/news/2013/Jun/17/sp-capital-iq-launches-new-portfolio-risk-solution-delivering-real-time-risk-analysis-for-multi-asset-class-portfolios.html

Solution incorporates leading risk and scenario analytics with essential market data and fundamentals to produce a one-of-a-kind offering

S&P Capital IQ today announced the launch of its Portfolio Risk solution, an advanced risk and scenario analytics tool that provides traders, portfolio and risk managers with the ability to make decisions about the pricing, hedging and capital management of multi-asset class portfolios in real-time.

Available on the S&P Capital IQ desktop, the product brings together leading risk and portfolio analytics acquired through last year’s purchase of R(2) Financial Technologies and S&P Capital IQ’s extensive market and reference data. The Portfolio Risk solution offers a fully integrated data and analytics platform, eliminating the need to invest in separate data to run risk systems. In addition, it gives users the ability to use interactive portfolio dashboards to aggregate data or drill down to the most detailed level of fundamental financials and research, enhancing understanding of impacts of potential changes on P&L at an actionable level. These views are comprehensive, yet easy to change and organized to suit individual needs.

The Portfolio Risk solution covers a diverse range of asset classes from cash, fixed income and equities to exotic derivatives. By offering best-in-class instrument pricing, portfolio analytics, scenario analysis and stress-testing capabilities via shareable dashboards, it facilitates communication and collaboration around risk and investment strategies while also providing full transparency into underlying methodologies and on-the-fly calculations. These features ensure that risk metrics can be calculated quickly and that new scenarios or market strategies can be tested and acted upon swiftly.

“In just over a year since our acquisition of R(2) Financial Technologies, we have successfully brought together rich data, sophisticated analytics, and relevant market commentary, news and analysis,” said Lou Eccleston, President, S&P Capital IQ. “The result is that our clients can quickly generate a transparent, fully customized risk picture enabling them to react quickly to changes in the market and to new investment ideas.”

“We are just beginning to leverage the depth of S&P Capital IQ’s data resources to deliver what we call ‘risk intelligence,’ including the power to gather new insights into how portfolios behave under varying scenarios,” said Dan Rosen, Managing Director, S&P Capital IQ. “We have assembled one of the most experienced teams of risk and financial engineering experts in the world and dedicated them to delivering interactive, real-time risk analysis as a central part of the investment decision making process.”

The pursuit of trading speed takes to the air


The pursuit of trading speed takes to the air

http://www.efinancialnews.com/story/2013-06-18/high-speed-trading-balloons-drones-satellites

 

Balloons, drones and low earth-orbiting satellites – these could be the next weapons in the battle to squeeze every last microsecond out of a trade execution. Hugh Cumberland, a solution manager at connectivity provider Colt, said: “It may sound like science fiction. But if the prize is high enough, someone may make it work.”

The pursuit of trading speed takes to the air

For years, high-frequency traders employing statistically driven speed-sensitive strategies have been pushing for ever-faster trading connectivity. Microwave lines are the latest innovation in the space. Information travels through air some 35% to 50% faster than through a fibre-optic line and some of the world’s most important trading routes – including Basildon to Frankfurt and New York to Chicago – are now well-served by microwave networks.

But the key trading route between New York and London has yet to be conquered by microwave firms. This is because microwaves must be beamed in a straight line between a relay of fixed dishes, making large bodies of water a significant obstacle. Some connectivity providers, however, are researching a number of creative solutions.

Last Monday, Financial News reported that New York-headquartered ultra-fast network provider Perseus Telecom is seriously exploring the use of industrial balloons for transmitting a wireless signal across the Atlantic. In theory, a series of pre-filled gas balloons fitted with repeater platforms could be spread at 50km to 70km intervals across the ocean to relay a microwave trading line.

Although the idea sounds fantastical, the use of balloons for communicating data is already well established in other industries. The military has long used balloon-based repeater platforms to extend the range of two-way radios, while weather balloons have for decades been used to collect and communicate data on atmospheric conditions.

 

Perseus would be building on these established technologies, said chief executive Jock Percy, although he conceded it would be a “complex” project that would have to overcome significant challenges. Not only would the balloons have to stay in perfect alignment, they would also have to steer clear of flight paths. Percy said: “We’d be sharing airspace, since the perfect, most straight route across the curvature of the earth is that travelled by aeroplanes, so we’d have to go below that.” He added that the company would likely require authorisation from the relevant aviation authorities. He said: “It’s early days.”
Some connectivity experts believe such a project, though tough to pull off, is feasible.

Alastair Richardson, head of pre-sales and a microwave specialist at connectivity re-seller Fixnetix, said: “In terms of using airborne microwave installations over water such as between New York and London, this is certainly possible. There are a number of options, including balloons. However, this comes at a price.”

The installation would also need to be erected at a sufficiently high altitude to avoid weather systems, which degrade microwave signals reducing bandwidth and reliability. Richardson said: “In addition, time to repair and guaranteed service level agreements would prove a challenge. However, none of the above is insurmountable.”

Balloons are only one of a number of devices that could be harnessed in the pursuit of superfast wire-less trading. Some connectivity providers are also exploring the use of low earth-orbiting satellites.

 

Olav van Doorn, executive director at Custom Connect, the Netherlands-based connectivity provider which built the first microwave line between Basildon and Frankfurt, said his company was researching the satellite option. He said: “Based on initial calculations, using a satellite you could potentially achieve a 50 millisecond round trip between London and New York, when at the moment the fastest submarine line is 64 milliseconds. That is the potential next step.”

Low earth-orbiting satellites are regularly used for a number of everyday functions such as mobile phone voice communication, teleconferences and vehicle tracking. At an altitude of between 300km and 2,000km, these satellites orbit the planet well above flight paths and weather systems.

But, as with balloons, satellites are tough to master. Van Doorn said: “It would be really difficult, as you would need multiple satellites that are directly connected and they would have less bandwidth than an overland line.” And although low earth-orbiting satellites are among the cheapest and easiest to deploy and maintain, the cost of using satellites relative to existing land-based microwave and fibre-optic lines is “astronomical”, according to Van Doorn.

Stephane Tyc, co-founder of McKay Brothers, which claims to provide the fastest microwave trading line between Chicago and New York, said: “Changing the repeater technology in the satellites to make them fast enough is very expensive. Also, their orbits – in that they are pole to pole – are perpendicular to the east-west path New York to London. This would be an extra challenge as any one satellite would remain at the ideal spot only for a fairly short time and you would need quite a high density of satellites.”

 

Cumberland said: “Low earth-orbit satellites would work but, if they don’t already exist, then they have to be commissioned and launched – an expensive business. Medium and high earth-orbit satellites would add too much distance on to the round trip cancelling out the benefit.”

Unmanned drones, also used by the military, have been proposed as another potential device for relaying wireless trading lines. Some drones have the capacity to stay in the air for up to 26 hours, while a solar-powered drone could, in theory, stay in the air indefinitely, according to network providers.

Any operator of satellites and drones, however, would have to satisfy a series of regulators.

And investment in such cutting-edge technologies would have to be justified against a backdrop of lower trading volumes and increasing regulatory scrutiny of high-frequency trading strategies – conditions which may ultimately make the price point of such a service too high, even for the most aggressive HFT firm.

 

Tyc said: “At some point, the cost must be in line with the expected revenue and those ideas are still premature in my opinion.” Percy said: “The reward for an increase in trading speed is great, but not at any price.”
• The many challenges of microwave trading

Network providers are exploring high altitude devices from which to relay microwave and other wireless signals over the ocean. But growing constraints on existing microwave infrastructure could make these pioneering technologies relevant for use across land too.

Microwaves must be relayed from buildings that are about 150 metres high (although the exact height depends on the distance the microwave must travel). Due to the Earth’s curve, the height from which a signal must be relayed rises with the distance travelled: a microwave signal relayed from a height of 100m will hit the ground within 30km. The further the distance, the bigger the dish required too.

 

Custom Connect’s microwave line between Basildon and Frankfurt uses 13 fixed points, with the longest leg being relayed from a height of 200 metres across the 107km of the English Channel.

According to Chris Pickles, head of industry initiatives, Global Banking and Financial Markets at BT, the dishes concerned can weigh more than a tonne. This can put a strain on the buildings to which they are fitted. And, at more than eight feet in diameter, the total amount of space available for dishes is also limited.

Olav van Doorn, executive director at Custom Connect, which built the first microwave line between Basildon and Frankfurt, said: “The challenges are quite significant. There are many, many towers, but there are not that many with this kind of height. The specific number of towers that can be built are limited by regulators and governments.”

Stephane Tyc, co-founder of McKay Brothers, which claims to provide the fastest microwave trading line between Chicago and New York, said: “It is very difficult to get the combination of the right space at the right tower, at the right frequency pairs, with the necessary building permits. It is a major challenge to get right.”

 

Hugh Cumberland, a solution manager at connectivity provider Colt, which resells the Custom Connect line, said: “There is a finite amount of tower space and without space on the necessary towers, you might not get the fastest route. So the use of a balloon could make sense across land where the tower space is limited.”

In addition to these infrastructural challenges, frequencies – which are licensed by the regulator – are also in increasingly short supply. Frequencies at the lower end of the microwave spectrum from between six and 13 gigahertz are the most desirable as these are less sensitive to heavy rain.

Van Doorn said: “Everyone wants the same frequencies.”

–This article first appeared in the print edition of Financial News dated June 17, 2013

 

Market Data Storage: Electronic Preppers, or Savvy Gardeners? :: TabbFORUM – Where Capital Markets Speak


Market Data Storage: Electronic Preppers, or Savvy Gardeners? :: TabbFORUM – Where Capital Markets Speak.

DataFluidics™, Reflex™, a revolutionary data processing platform for financial institutions.


DataFluidics Releases Reflex, Changes the Landscape of Ultra-Low Latency Data Processing

http://low-latency.com/article/datafluidics-releases-reflex-changes-landscape-ultra-low-latency-data-processing/?utm_source=weekly&utm_medium=email&utm_campaign=ll_13-06-13

DataFluidics™, the innovative provider of ultra-low latency technology today announced the general availability of Reflex™, a revolutionary data processing platform for financial institutions. In increasingly fragmented markets where volume-driven automated strategies span time zones and hunt razor-thin windows of opportunities, modern trading desks can no longer be satisfied with the ability to make split-second decisions based on a single market data feed. Traders can no longer rely on single-exchange connectivity either. The new frontier of profitability dictates that advanced trading firms combine and analyze several data sources to reach a decision and instantly dispatch orders to multiple destinations. Yet many current infrastructures remain tied to legacy paradigms of single-input / single-destination whose performance dramatically erodes if multi-channel logic is retrofitted into them. Firms can no longer capture profits.

Reflex was built differently. The fruit of several years of cutting-edge research, Reflex leverages the latest architectural paradigms combined with field knowledge of founder and CEO Daniel Kopko at some of the largest and most profitable firms on Wall Street.

“Reflex was built on the tangible requirement to reshape the way firms process data in today’s trading landscape”, says Kopko. “For many years I observed how firms were prevented from enacting trading ideas because the legacy platforms their execution systems were built on could not accommodate the complex interwoven streams of analytics data and real-time prices which they required.”

Reflex is optimized to enable the combination and correlation of several streaming data feeds to produce composite decisions based on highly-advanced scheduling and processing rules. With reactions capable of achieving ultra-low latency of 1.6 microseconds (with a 99 percentile of 2.5 microseconds), Reflex sets a new standard for software-based solutions which can now directly compete with more expensive alternatives such as custom FPGAs.

“The financial industry is a critical juncture: as the markets recover, some firms will reap the profits of technological choices that will pave the way to substantial gains while others will be left behind”, says Kopko. “We are delighted to make Reflex available as a credible counterpoint to costly, intractable technologies.”

Reflex can be licensed stand-alone or through OEM agreement as embedded technology to enable ultra-low latency trading decisions. The technology can also be purchased or distributed by third-party firms.

For more information or to start a free evaluation of the software, visit www.datafluidics.com or contact info@datafluidics.com

 

Who are VOLTA……? The New London Data Centre….


 

 

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Industry leading resilience

Benefitting from two separate 33kV supplies of 9.6MW, from two independent grid substations, Volta Great Sutton Street provides a level of resilience that no other central London data centre can match.

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Industry leading resilience

Benefitting from two separate 33kV supplies of 9.6MW, from two independent grid substations, Volta Great Sutton Street provides a level of resilience that no other central London data centre can match.

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All inclusive solutions

Volta Great Sutton Street site offers a number of tailored solutions. Single or multiple racks of 4KW upwards provide an ideal choice for anyone wishing to outsource their IT equipment to a safe, secure facility.
For an added level of security, private cages from 50KW upwards offer an environment that is designed specifically to house your racks. Built to your exact specification, cages can be operational within a short timescale.

–>

All inclusive solutions

Volta Great Sutton Street site offers a number of tailored solutions. Single or multiple racks of 4KW upwards provide an ideal choice for anyone wishing to outsource their IT equipment to a safe, secure facility.
For an added level of security, private cages from 50KW upwards offer an environment that is designed specifically to house your racks. Built to your exact specification, cages can be operational within a short timescale.

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Proximity hosting

Ultra-low latency access to key trading venues. Volta Great Sutton Street has some of the world’s leading carriers to ensure ultra-fast, resilient connectivity. As a customer you have the freedom to select your own carrier, or choose from a selection including Abovenet, BT, Cable & Wireless, Colt, EU Networks, Verizon and Geo UK.

–>

Proximity hosting

Ultra-low latency access to key trading venues. Volta Great Sutton Street has some of the world’s leading carriers to ensure ultra-fast, resilient connectivity. As a customer you have the freedom to select your own carrier, or choose from a selection including Abovenet, BT, Cable & Wireless, Colt, EU Networks, Verizon and Geo UK.

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24 hour security and more

Volta Great Sutton is a low-profile, dedicated, stand-alone data centre offering a high level of security. This includes 24 hour surveillance and bomb blast protection measures, with the option of private cages for those who wish to house their data in an ultra secured environment.

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24 hour security and more

Volta Great Sutton is a low-profile, dedicated, stand-alone data centre offering a high level of security. This includes 24 hour surveillance and bomb blast protection measures, with the option of private cages for those who wish to house their data in an ultra secured environment.

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A newly designed facility

Previously operating as a data centre for twenty-five years, the 73,000 sq ft Volta Great Sutton Street site will be completely redesigned and refitted, featuring hot and cold aisle containment with in-aisle cooling systems. This will make Volta one of the most energy efficient data centres in London.

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A newly designed facility

Previously operating as a data centre for twenty-five years, the 91,000 sq ft Volta Great Sutton Street site will be completely redesigned and refitted, featuring hot aisle containment with in-aisle cooling systems. This will make Volta one of the most energy efficient data centres in London.

NovaSparks releases test results showing 1.4 microsecond performance at deterministic speeds


NovaSparks releases test results showing 1.4 microsecond performance

First Published 3rd June 2013

NovaSpark said it processed market data at deterministic speeds of 1.4 microseconds, based on testing by the Securities Technology Analysis Center.

http://www.automatedtrader.net/headlines/142802/novasparks-releases-test-results-showing-14-microsecond–performance

Paris – NovaSparks, an FPGA market data company, said it was releasing audited performance benchmarks that showed its ability to process market data at deterministic speeds of 1.4 microseconds.

The 1.4 microseconds mean latency rate is maintained when market data is accelerated 20 times actual market speed and equate to a millisecond peak rate of 18.9 million messages per second, the company said.

“Deterministic processing of market data at ultra-low latency rates is a breakthrough for an industry that is constantly re-assessing their ability to trade across all market conditions,” said Michal Sanak, CIO at proprietary trading firm RSJ, which is listed as the largest NYSE Liffe trader.

The accelerated data was replayed from NASDAQ TotalView ITCH 4.1 feed during the Open and Close periods of the day. These periods are considered the most challenging time of day to maintain a full depth of book at deterministic speed, the company said.

Conducted by the Securities Technology Analysis Center (STAC), the detailed latency benchmark, called STAC-M1 is available to the public.

The benchmark includes all the tasks to receive, build and maintain a full depth of book starting at the time the first byte of the packet is received by the system. The specification provides a reproducible framework for measuring the performance of traditional software-based solutions as well as pure FPGA solutions like the NovaSparks Market Data Matrix.”The tests are specified by trading firms and represent challenging scenarios based on their experiences in the real world,” said Peter Lankford, STAC Director. “The tests rigorously measure ‘wire-to-memory’ latency, leaving nowhere to hide.”

“As an industry, we need to cut back on the amount of duplicative testing that takes place and start to share more best practices” states Olivier Baetz, chief operating officer of NovaSparks North America. “We believe that full performance transparency will help trading firms determine the business case for deterministic market data processing.”

The Market Data Matrix is available for 27 feeds covering major equities and futures exchanges which exhibit similar deterministic microsecond speeds. The Market Data Matrix Feed Handlers include a distribution layer in the FPGA architecture that allows connection of up to 21 trading servers without any loss of performance, the company said.

NovaSparks said the benchmark tests were available at www.novasparks.com and www.STACresearch.com/novasparks.

BGC and Thesys form Epsilon Networks for microwave data networks for the financial community


BGC and Thesys form Epsilon Networks for microwave data networks for the financial community

First Published 31st July 2012

BGC Partners and Thesys Technologies partner to create high-speed microwave data networks

http://www.automatedtrader.net/news/data-news/129862/bgc-and-thesys-form-epsilon-networks

New York – BGC Partners has signed an agreement with Thesys Technologies to invest in the creation of high-speed microwave data networks for the financial community.

Starting with a route between Illinois and New Jersey at an estimated latency of under 8.5mS per roundtrip, the network is designed to transmit critical trading data related to the futures, equities, fixed income and other markets, between the CME, NASDAQ, BGC and ELX Futures data centers.

In addition to bandwidth leasing, Epsilon Networks will introduce a Fast Financials Feed (“FFF”) which will combine proprietary data delivery techniques with the microwave network route. FFF components will initially include access to BGC’s US Treasuries data products and through collaboration with data distributors, CME futures and equities data.

“We are constantly assessing new ways to further our position as one of the world’s premier suppliers of real-time, low latency trading solutions,” said Philip Norton, Executive Managing Director of E-commerce at BGC Partners. He continued: “Building the fastest high speed microwave information network will offer our customers a more rapid route to price discovery and arm them with the best tools possible to make smart trading decisions.”

“Working with Thesys to create the fastest access to critical trading data underscores our commitment as a leading inter-dealer broker to deliver compelling value solutions to our customers,” stated Richard Feldman, Director of BGC’s Strategic Transactions Group (“STG”). He continued: “The STG group is focused on identifying and evaluating new technologies, business investment and acquisition opportunities for BGC that align with our core markets and our customers’ needs while seeking to deliver attractive returns that will contribute to generating long-term value for our shareholders.”

Manoj Narang, CEO of Tradeworx, Inc., the parent company of Thesys Technologies, said: “We are delighted to partner with BGC in building the fastest microwave information network between Chicago and New Jersey, paving the way for improved price discovery and trading. We anticipate continued improvements in speed and reliability for the network based on the unique technology advantages that Thesys offers to its clients and partners.”

The microwave information network is expected to be operational during the fourth quarter of 2012.

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