Moscow Exchange Launches Connectivity Point in Equinix’s London LD4 Data Center

Moscow Exchange Launches Connectivity Point in Equinix’s London LD4 Data Center

The new connectivity point, opening October 19, will provide customers with streamlined access to Moscow Exchange markets with optimized latency. The exchange has selected Equinix’s LD4 International Business Exchange (IBX) data center in Slough, UK for the roll-out of its Point of Presence to give proximity to the Moscow Exchange infrastructure.

Moscow Exchange Equinix LD4 Point of presence will provide:

  • Average expected round trip latency between Moscow Exchange location and connectivity point in London — 42 ms;
  • Location in Europe’s leading multi-asset Financial Services Data Center — Equinix London LD4;
  • Redundant connectivity through two independent telecom providers;
  • FIX order routing;
  • Multicast market data;
  • Access (through Moscow Exchange member brokers/banks) to all Moscow Exchange markets including Equities, FX and Derivatives.

“We are extremely pleased to extend the Moscow Exchange connectivity in Equinix’s London LD4 data center. It will offer our member firms and market data vendors new value add services and reduced costs enabling them to simplify their trading architecture, and will demonstrate our continued commitment to expand our trading access services using industry standard protocols,” said Vahan Vardanian, CIO of Moscow Exchange.

“Equinix is delighted to welcome the Moscow Exchange to our London LD4 data center and leading Financial Services trading ecosystem” said Russell Poole, general manager, Equinix UK. “Recent legislation and infrastructure change has increased investment in the Russian markets, creating open opportunity for investors, issuers and bankers. As an Equinix customer colocated or present with proximity services within our LD4 facility you can leverage the Moscow Exchange PoP to access the Russian market and interconnect with over 170 trading participants, market data vendors and technology service providers.


Julian King, Commercial Director of VOLTA talks to ATMonitor

Julian King, Commercial Director of VOLTA talks to ATMonitor

What is driving co-location and proximity hosting in Asia?

Emmanuel Doe, President of Trading Solutions, Interactive Data examines narrowing structural differences between Asia-Pac and the rest of the world.

Asia Pacific is fast emerging as a hub for electronic trading globally. Despite the fragmented geographic structure of the region and a complex regulatory landscape, international traders are finding Asia-Pacific increasingly compelling as a business opportunity to help differentiate their trading strategies from other participants.

Many firms are increasingly attracted to the Asia-Pacific region because of its diversified range of markets. In terms of high frequency trading the developed markets – Australia, Japan and Korea – have evolved their infrastructure based on European and North American best practices. The developing markets, such as China, Hong Kong, India, Singapore and Taiwan, are investing in technology upgrades and are catching up with the more established markets.


However, despite the attractions of these markets, a number of operational and infrastructure challenges still remain for traders.


Regulatory Landscape

The regulatory landscape within Asia-Pacific is complex due to the lack of a single regulator driving the regional equivalent of a MiFID or RegNMS style regulation that would place multiple markets into a coherent framework, drive standardisation and potentially reduce clearing costs.


Some national regulators welcome overseas firms and competing execution venues, while others are more cautious. Transaction costs also vary and in some of the markets can be significant due to stamp duty and transaction taxes, which are charged on top of commissions and spreads.

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This is likely to change as more global firms enter these markets. Asia Pacific’s advantage is that it is still relatively immature compared to the US and Europe and so can learn from the developments within those markets and consequently adopt a more balanced approach to reform

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Geographic Spread

Given the distances between major trading venues, network latency is an extremely significant factor for electronic trading in the region. For example, the direct route between Tokyo and Hong Kong is approximately 2.5 times the route between New York and Chicago, or approximately 4.5 times the distance between London and Frankfurt. This inherent latency does have an affect on the decision on where to locate trading operations in the region and how to execute multi-venue trading strategies.

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Location also tends to be determined by the type of trading strategy employed, such as single market cross-asset, multi-market intra-region, or multi-market inter-region. Hong Kong is seen as the key venue for traders looking to access China, while Japan has strong links with Chicago and Singapore for futures trading. Singapore is fostering links with the emerging Southeast markets (Malaysia, Vietnam, Indonesia, the Philippines, and Thailand) via the Association of Southeast Asian Nations’ (ASEAN) trading link up to facilitate increased cross-border trading in the region.

Demand For Co-Location And Proximity Hosting

Co-location is nothing new in the West and the trend is now extending eastwards in order to minimise order roundtrip latency for firms executing on the various Asia Pacific exchanges.





With the increased focus on the region, there has been, in turn, greater demand from trading organisations for enhanced connectivity and co-location availability. Many of the region’s major exchanges have responded to this. According to research by GreySpark1, 61% of exchanges offer co-location services and 39% offer proximity hosting.

There has been a sustained period of technology investment in the leading markets of Australia, Hong Kong, Japan and Singapore as well as in the emerging markets that are trying to compete with the traditional liquidity centres. This investment has included trading system upgrades to boost capacity and speed, adoption of standard technology offerings from NYSE Technologies and NASDAQ, and the introduction of Direct Market Access (DMA).

These enhancements will require firms to locate hardware and applications closer to the matching engines in order to remain competitive. As competition increases, co-location and proximity hosting have grown in importance.


While an increasing number of exchanges are offering co-location facilities that boast of reduced latency, not all are comparable. Some, such as the Singapore Stock Exchange, provide transparency around their co-location design and latency measurements. Other co-location centres, generally the smaller exchanges, are not as transparent with regard to performance metrics.


Managing Total Cost Of Ownership

With Asia hosting more than 20 electronic trading venues and nearly 50 exchanges, dispersed across a wide geographic area, accessing all of the markets required to execute a strategy can be difficult.


Infrastructure is not currently mature enough to support the speed at which the market is growing, and this has prevented electronic trading on the scale seen in the US and Europe, due to the high investment required to upgrade lines to enable higher volumes. Network costs are far higher due to the greater geographic distances between venues.

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In the race to reduce latency in Asia, the cost of building software and infrastructure platforms to take advantage of liquidity on these venues can be significant. There is also the cost of ongoing maintenance and the overall total cost of ownership (TCO) to consider.



Cost is driving demand for managed services that can offer a mix of DMA, co-location and proximity. This enables firms to access specific markets in the most effective way to execute their trading strategies. This outsourced approach has the clear benefit of offering a lower TCO for multi-market and multi-asset trading.

In terms of co-location, a managed services provider can provide a faster connectivity option by allowing financial firms unobstructed access to exchange matching engines. With new routes scheduled to open and technology continuing to advance, firms that choose to outsource don’t have to worry about investing in the fastest lines between markets, or ensuring they have the latest switching and routing hardware. All of those elements can be managed on their behalf at a reduced total cost, leaving them to concentrate on strategy and client service.


There is also a growing requirement for consolidated data feeds for global markets being fed into these co-location sites. This gives trading firms the lowest possible latency for their primary trading markets alongside access to market data from a large number of regional markets, delivered to a single point.


Proximity hosting, generally delivered through data centres located near many leading exchanges, can provide microsecond-level access to an exchange presence, often at a fraction of the cost of hosting in the exchange’s proprietary co-location facility.


Time to market is another critical factor that has led more firms to examine the outsourcing of their trading infrastructure, particularly if they want to access multiple markets. With each venue having differing regulations, technology rules and upgrade plans, trying to manage all of the moving parts can be challenging.


The continuing evolution of developing markets, especially in relation to technology upgrades, and the complexity of their internal infrastructure, creates opportunities for trading firms. Technology upgrades which level the playing field for electronic trading firms are happening across the region and are in various stages of progress and refreshes.


As the markets continue to evolve so too will the demand to access new pools of liquidity and the alternative venues that will emerge as a result of new regulation. This will continue to drive demand for advanced co-location and proximity hosting solutions to ensure firms can access their desired markets quickly and cost-effectively.


1 “Low Latency in Asia-Pacific: An infrastructure overview”. Frederic Ponzo, Anna Pajor, Saoirse Kennedy, 2012

This article is provided for information purposes only.  Nothing herein should be construed as legal or other professional advice or be relied upon as such.

© Interactive Data (Europe) Ltd 2012

Bank of America Merrill Lynch goes live on AlgoSpan’s INTER EXCHANGE AlgoNet

Bank of America Merrill Lynch goes live on AlgoSpan’s AlgoNet

Published on   Apr 17, 2013

AlgoSpan, the specialist market infrastructure provider, is pleased to announce that Bank of America Merrill Lynch has gone live with AlgoSpan’s European low latency exchange market access platform, “AlgoNet’.

From January 2013, Bank of America Merrill Lynch clients have been able to access AlgoSpan’s low latency pan-European inter-exchange network, including co-location at all major venues.

Dr Rami Habib, co-founder and director of AlgoSpan, quotes: “It’s not only HFT firms that are looking to enhance execution quality by faster access to markets, and high quality and low latency market data. We are seeing large hedge funds and money managers that in the past were not so focussed on low latency execution now investing heavily in research and development to optimise execution and reduce slippage. Good quality DMA access is the first point of this research. Bank of America Merrill Lynch, being a leading global DMA provider is now able to offer exchange access across the AlgoSpan low latency European network as one of Bank of America Merrill Lynch’s key infrastructure providers.”

Tony Walker, Managing Director, European Execution Services at Bank of America Merrill Lynch, said: “We are committed to providing the fastest possible DMA infrastructure for our clients and we are delighted to add AlgoSpan as one of our infrastructure providers.”

Enyx FPGA feed handler chosen by Quincy Data for CME data

First Published Monday, 15th April 2013 from Automated Trader : Automated Trading News

Quincy selects Enyx’s CME certified FPGA market data solution

Paris – Enyx has announced that its FPGA solution for CME Group data feeds has been selected by Quincy Data, LLC for its “QED” microwave-based market data service. The QED service sources data from multiple exchanges and delivers a normalized and integrated feed to exchange matching engine Colocation and proximity data centers.

Enyx’s CME certified FPGA market data solution provides Quincy with wire-to-software latency of less than 1.5 microseconds (µs). This result is deterministic and includes decoding, filtering and normalization (wire-to-wire is less than 1.2µs). “We have achieved latencies impossible with software-based feed handler solutions,” remarked Arnaud Derasse, co-founder and CEO of Enyx, “we are delighted to have met the exacting standards of the Quincy Data team to enable them to extend the lead as the fastest known CME market data service available in New Jersey colos.”

Quincy Data, LLC leverages best-in-class technologies and providers. “We now achieve significantly improved deterministic latencies particularly during the worst bursts of market data where ENYX performs to perfection.” says Stéphane Tyc, co-founder of Quincy Data, “This upgrade is part of our constant improvement process for the QED service: more data, more locations, greater determinism, lower latency, enhanced reliability.”

The ENYX FPGA solution supports all major US markets and its functionality supports book building for all equities markets.

Enyx has also currently started developing a CME iLink order entry platform in FPGA. Target for certification is May and this would bring the whole CME round-trip (including market data and iLink) to less than 3 micro-s. More information is available on request.

Tbricks wins market making platform deal from All Options

First Published Wednesday, 3rd April 2013 from Automated Trader : Automated Trading News

All Options deploys Tbricks platform for European equity options and stock-index options activities

Stockholm & Amsterdam – Tbricks has announced that All Options International, a market maker providing liquidity to European financial derivatives markets, has adopted Tbricks’ market making platform for all of its European equity options and stock-index options activities.

All Options has deployed Tbricks’ market making software on servers co-located at European exchanges, including NYSE Euronext Liffe and NYSE Euronext cash markets, the London Stock Exchange, Swiss Exchange SIX, Bats/Chi-X Europe and Eurex/Xetra.

This delivery expands Tbricks’ reach into the broader European marketplace for any type of listed financial products. It follows last year’s completion of Tbricks’ connections within the Nordic markets.

Jonas Hansbo, CEO of Tbricks, said: “This is a landmark transaction for Tbricks. We are proud to have All Options, a major market maker, as a flagship client for our next-generation trading platform. Tbricks’ modular design allows for the deployment of an unlimited number of market adapters, each deployed in its specific co-location center, within a single trading system. The platform is easy to set up and use, and its server-based architecture combines ultra low latency with unprecedented front-end and server configurability. Tbricks provides for fast and complete trading and quoting applications, which are delivered in open-source format for custom modifications.”

Allard Jakobs, CEO of All Options, said: “As a leading market maker in European Small and Midcap equities and index options, we were looking for a system that offered comprehensive user functionality paired with the performance and flexibility we needed to succeed. After a thorough market review, we chose Tbricks due to its readiness to successfully operate in our distributed trading environment.”

Jonas Hansbo, CEO, Tbricks

Jonas Hansbo, CEO, Tbricks

“This is a landmark transaction for Tbricks. We are proud to have All Options, a major market maker, as a flagship client for our next-generation trading platform.”

Tbricks OnDemand – A Fully Managed Trading Service

Tbricks, the provider of next generation automated trading systems, today announced Tbricks OnDemand. Go from concept to launch with no installation, no overhead, no hardware investments. Tbricks OnDemand is powered by QuantLINK and QuantFEED from S&P Capital IQ’s Real Time solutions.

via Pocket March 18, 2013 at 06:57PM

DGCX Signs Co-location Services Agreement With Emaar Technologies

Dubai Gold and Commodities Exchange (DGCX) announced today that it has signed a co-location services agreement with Emaar Technologies, a subsidiary of Emaar Properties PJSC.

via Pocket March 07, 2013 at 07:47PM

ACTIV To Launch Ticker Plant at Tokyo Stock Exchange / Japan Exchange Group Co-Location Facility

New Market Data Solution Offers Local TSE Feeds Throughout Asian Markets ACTIV, a global provider of real-time, multi-asset financial market data and solutions, today announced it is deploying a ticker plant at the new co-location facility of Tokyo Stock Exchange (TSE), wholly owned subsidiary of J

via Pocket March 07, 2013 at 07:45PM




The Financial Infrastructure Co-Operative, is an innovative way for firms to liquidate extra bandwidth and co-location assets while leveraging the co-ops global assets. By joining HFT Technologies “Co-Location Co-Operative”™ you can offer your firms extra assets to subtenant firms to help lower the cost of your proximity co-locations sites.

HFT Technologies is currently taking applications from firms with surplus assets or from firms that are looking for cabinet space and bandwidth at financial co-location sites throughout the globe.


Current Available Data Centers

Developer Hosting Solutions

Telx 350 Cermak

HFT Technologies has several hosted solutions for Development Purpouse Only with Production Market Data.

Includes: Co-Located Server (Linux or Windows), CME, CBOT, NYMEX, COMEX Production Market Data, VPN access, CME Certification Environment

Options: HFT Technologies’ Ultra Low Latency Price Feed Handler and FIX Gateway

Production Co-Location

CME Aurora DC3

Market Data Available: CME 10G, ICE, LIFFE US

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

Telx 350 Cermak

Market Data Available: CME, ICE, LIFE US

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

eSpeed Rochelle Park

Market Data Available: eSpeed, CME

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 20U

Equinix NY4 Secaucus

Market Data Available: CME, Brokertec, Major Equities (Direct Edge, NASDAQ, BATS, ARCA)

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

Equinix NY2 Secaucus

Market Data Available: CME, Brokertec, Major Equities (Direct Edge, NASDAQ, BATS, ARCA)

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

Equinix FR2 Frankfort

Market Data Available: EUREX, CME

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

Nasdaq Carteret

Market Data Available: NASDAQ, CME

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Full Cabinet


Market Data Available: LIFFE, EUREX, CME

Availability: Raw Space, Network and Market Data, Fully Hosted

Capacity: 1U to Multi Cabinets

Others Available









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