Bats Apologises for System Glitch; Confirms Opening of Own Symbol Was Cause
Bats Global Markets sent a message to its members from CEO Joe Ratterman on Sunday night, noting: “Bats experienced a serious technical failure Friday morning and I want to apologise for not measuring up to the level of excellence that you have come to expect from us. You undoubtedly have heard that we experienced a...
Bats Glitch Caused by Own IPO?
It looks like the trading problem earlier today at Bats Global Markets was caused by commencement in trading of its own shares following its IPO. In a “Post-Mortem” message sent to its members, the exchange said that: “a single matching engine handling symbol range A-BFZZZ encountered a software bug related to IPO auctions which rendered...
Hardware Acceleration Targets FX HFT
Recent announcements by both Celoxica and Redline Trading Solutions point to increasingly latency-sensitive high frequency trading strategies being deployed in the foreign exchange markets. To date, hardware acceleration has been focused on equities, futures and options trading. Celoxica has in fact added support not only for FX but also fixed income markets to its Generalized...
Latency in Electronic Trading
With the majority of financial products trading electronically, latency tops the agenda for proprietary traders and market-makers, regardless of asset class. Latency has also become a major preoccupation for trading desks concerned with best execution compliance. 94% of sell-side firms and 80% of hedge funds currently single out “speed of execution” as the most important...
Collaborating To Make FIX Go Fastest
It used to be that when FIX protocol communication was needed, a trading firm would simply buy an off-the-shelf gateway/engine, install it and treat it as a black box, much like a network router. But with the advent of multi-asset class automated trading – including algo and HFT – firms are looking to optimise the...
Artha Provides Glimpse into Planned Trading Appliances; Will Leverage FPGAs and Network Packet Processors
Startup Artha Financial Technology is emerging a little from stealth mode to provide a few details of what it plans to be shipping early in 2012. Founded by Manoj Viswambharan, former head of the FPGA development team for the Global Arbitrage Trading group at Credit Suisse, Artha plans to deliver trading system appliances based on...
Nasdaq OMX Creating Ecosystem for Trading Tools Vendors, Licensing OMnet
Nasdaq OMX is creating a partner ecosystem of vendors that provide trading infrastructure tools, such as for latency monitoring and FIX testing, and has begun to license its OMnet messaging protocols to this community – including early members Correlix and Corvil. Ann Neidenbach, senior vice president of global technology products and services at Nasdaq OMX,...
London’s Big Bang in 1986 … The Beginning of the End
Note: This is a slightly updated version of an article I wrote five years ago for A-Team Insight, on the 20th anniversary of London’s Big Bang. I thought it was worth another airing … and while the latency of the time was more slow and low, some lessons in capacity planning can still be learned...
All Happening, Down Under
Having been granted the regulatory green light, Chi-X Australia is set to go live at the end of this month, as a competitor to the incumbent Australian Stock Exchange. The soft launch phase will begin with the trading of eight securities, and will then be expanded to all S&P/ASX 200 component securities and ASX-listed ETFs....
Developing a Benchmark for Latency
FIX Protocol Limited (FPL) is the non-profit, global industry organisation focused on driving increased efficiencies and cost savings for the trading community. FPL is a membership-driven organisation that works closely with firms across the globe to develop standards that address the real business challenges impacting trading capabilities. The organisation has recently turned its attention to...