Low latency data feeds have become a crucial component of today’s electronic financial markets. Not just for high-frequency trading firms, but across the industry. Buy side and sell side firms rely on fast, accurate market data to make informed decisions in real-time for a wide variety of use cases – from improving trading performance to better managing risk.
As this technology continues to evolve, TradingTech Insight has compiled a list of what we consider to be the top low latency data feed providers in 2023, based upon both our own research and readers’ votes in our TradingTech Insight Awards – Europe and TradingTech Insight Awards – USA.Exegy
Winner: Best Low Latency Data Feed – Direct, TradingTech Insight Awards – USA 2022
Winner: Best Cloud-Based Market Data Delivery Solution, TradingTech Insight Awards – Europe 2022
Winner: Best Low Latency Data Feed – Direct, TradingTech Insight Awards – Europe 2022
Exegy is a global leader in low-latency market data, execution technology, trading platforms, and predictive signals. Backed by Marlin Equity Partners, Exegy serves as a strategic partner to the complete ecosystem of the buy side, sell side, exchanges, and ISV/technology firms around the globe. Exegy offers fully managed, high-performance, and scalable solutions powered by purpose-built appliances, hardware-acceleration, artificial intelligence, enterprise software, and service automation technologies derived from the company’s extensive patent portfolio.
ION MarketFactory Whisperer
Winner: Best Low Latency Data Feed – Managed, TradingTech Insight Awards – Europe 2022
Whisperer Enterprise, from ION’s MarketFactory, is a single API that connects to more than 100 FX APIs, providing market data, trading, and drop-copy functions against a wide range of FX and futures ECNs. Whisperer Enterprise performs as a high-throughput, low-latency product, with the proven capacity to handle over 100,000 messages per second while maintaining a latency of 5–7 microseconds. In addition to covering all workflows and FX products, Whisperer Enterprise handles regulatory fields such as MiFID II, Dodd-Frank (SEF) and EMIR Counterparty identification.
Iress QuantFEED
Winner – Best High Performance Data Feed Handler, TradingTech Insight Awards – USA 2022
Iress QuantFEED normalizes 200+ raw market data feeds into one proprietary protocol to simplify integration, and disseminates real-time and historical data in a single unified format. By acting as an authorised redistributor of market data and providing access via a single API across multiple regions and asset classes, Iress reduces complexity and cost for clients expanding into new markets – making the highest quality data in the market accessible to firms which lack the resources to manage these processes for themselves in-house.
Iress’s close relationships with all the major exchanges also allows them to provide historical and real-time market data at a low price point. And clients do not have to build costly proprietary APIs to connect to multiple feeds – instead, Iress develops and maintains one single API covering 145+ exchanges, so clients can focus their time and resources on research, strategy development and alpha generation.
Options
Winner: Best Cloud-Based Market Data Delivery Solution, TradingTech Insight Awards – USA 2022
Following its acquisition of ACTIV Financial and the subsequent integration of its normalised data services and API, Options now provides clients with consolidated access to global market data sources across multiple asset classes, alongside hosted trading infrastructure and direct connectivity to counterparties in the wider capital markets ecosystem. Options also facilitates trading at hundreds of venues worldwide with fully managed infrastructure and connectivity available in conjunction with the firm’s private financial cloud services which combine hosting with direct market access, TCO reduction, and best-in-class resiliency and security.
Pico RedlineFeed
Winner: Best Low Latency Data Feed – Managed, TradingTech Insight Awards – USA 2022
Pico’s RedlineFeed delivers normalized low-latency multi-asset class market data built from direct feeds, offering market participants the performance benefit of direct feeds without the challenges of exchange connectivity and feed protocol changes. Pico achieved key expansion milestones for RedlineFeed after acquisition in January 2022 by expanding into APAC – adding coverage for the Shanghai Stock Exchange, Shenzhen Stock Exchange and the JPX markets in Japan. The coverage build-out has continued throughout 2022 focusing on Europe, where a range of equities and derivatives markets have been added, including the Eurex and Xetra Order by Order products and the LSE.
Refinitiv (an LSEG Company)
Winner – Best Consolidated Market Data Feed, TradingTech Insight Awards – USA 2022
With Refinitiv’s May 2022 acquisition of MayStreet, Refinitiv now offers Bellport Enterprise, an ultra-low latency in-process market data feed handler for exchange direct feeds. It captures real-time data for future processing, monitors packet capture to detect any gaps and ensure lossless data, and transforms raw PCAPs into normalized data formats. Refinitiv also offers the Real-Time-Direct low latency direct feed, where 99.99% of the updates are below 50 microseconds ingress to egress, and Real-Time-Direct OPRA, a fully hosted managed service that covers the entirety of U.S. options real-time data, delivered in a low latency, 1-2 millisecond platform.
IPC Connexus Alpha
Launched in March 2022, Connexus ALPHA empowers market participants globally to execute complex trading strategies and connect to key global liquidity venues through ultra-low latency connections. As a high-performance cloud-edge solution, Connexus ALPHA is deeply integrated with IPC’s Connexus Cloud platform, which interconnects 7,000 diverse capital market participants across 750 cities in over 60 countries. Market participants that leverage Connexus ALPHA are able to execute complex trading strategies while simultaneously reducing the cost of trades.
NovaSparks
NovaSparks is a leader in FPGA-based high performance and ultra-low latency trading solutions. NovaTick, its flagship Ticker Plant product, supports 70 feeds across the major Equities, Futures and Options trading venues in North America, Europe and Asia and is packaged in scalable easy-to-deploy appliances or in tightly coupled PCIe cards. NovaSparks’ FPGA approach delivers normalized market data, including book building and consolidation in less than one micro-second, even during market peaks period. This level of performance is extended to the whole trading cycle with the NovaSparks pure FPGA Tick-to-Trade solutions or can be leveraged for custom projects through the NovaSparks open FPGA trading development platform.
Quincy Data QED
Quincy Data provides extreme low latency wireless market data for firms trading in financial markets. Quincy’s microwave market data is 40% faster than fibre and frequently the lowest known latency. The Quincy Extreme Data service, live since 2012, offers an integrated and normalized feed of select financial market data. Sourced from multiple exchanges in the US and Europe, the Quincy service is offered in exchange colocation centres in Illinois, New Jersey, the UK, France, Spain and Germany. Quincy is dedicated to leveling the playing field for extreme low latency market data and being the data provider of choice among electronic trading desks of all sizes.
TNS
TNS was the first provider to globally deploy a Layer 1 solution, delivering ultra-low latency in colocation using a purpose-built, single-hop design that enables trades to be executed up to 10x faster than traditional layer 3 architectures. TNS’ Layer 1 solution features FPGA technology, enabling market data and order activity to be delivered with as little as 5-85 nanoseconds latency. Coupled with the ability to deliver dedicated, high-bandwidth connectivity, TNS enables financial markets participants to consume and interact with counterparty services, exchanges, and market data sources, while alleviating the burden of spiraling connection charges, protracted setup processes and performance-impacting latencies.
This is our list of ten of the top low latency data feed providers in 2023. However, if you feel any provider is missing from this list do let us know and we will review your suggestions! E-mail pr@a-teamgroup.com
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