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What Exchanges Must Do to Remain the Stable Trading Venues of the Future

The financial industry has long relied on exchanges to provide a stable infrastructure for financial markets. As self regulatory organizations (SROs), exchanges have been guided by regulations intended to protect their members and serve as the foundation of trading infrastructure. Not a small task. Yet, despite the great responsibility, over the years, exchanges have evolved…

ICE Outlines Plans for Global Markets and NYSE Technology Assets

Following on from last week’s completion of the acquisition of NYSE Euronext, IntercontinentalExchange has detailed plans to integrate the Liffe derivatives business, spin out the European Euronext cash markets, and split the commercial NYSE Technologies arm, retaining some elements and selling off others. Highlights of plans – along with the acquisition of the Singapore Mercantile Exchange…

Q&A: Bruce Tolley of Solarflare on Customised Compute

Marrying compute power with low-latency network communications is increasingly necessary for financial applications looking to combine intelligence with outright speed. IntelligentTradingTechnology.com spoke with Bruce Tolley, vice president of solutions marketing at Solarflare Communications to get his take on this emerging trend. Q: What is the ApplicationOnload Engine (AOE), and how is it related to your…

TraFXpure Plans Random Latency FX Trading

Nope, the date is not April 1, though I had to double check. TraFXpure, a planned spot market for foreign exchange, has begun testing for an early 2013 go live, exercising a matching engine that features random latency execution. To be exact, the matching engine’s latency is not random, but orders submitted to it will be…

Knight Under New Ownership Following ‘Algos Gone Wild’ Debacle and $440 Million Trading Loss

Knight Capital Group now has new owners as a result of hastily arranged $400 million equity refinancing, required to keep the trading firm alive after trading losses last Wednesday of $440 million, the result of algorithmic trading that went horribly wrong. The new equity – two percent preferred shares that may be converted into common…

One Trading Firm’s View of Low Latency

Presenting a session covering “Insights on Low Latency Execution Practices” at the HFT World conference in Chicago today, Alex Dziejma, principal and chief architect at Dymaxion Capital, pegged a definition of low latency trading as 20 microseconds “tick to trade.” Dziejma went on to suggest that the definition will shift to less than 10 microseconds…

IBM to Review Nasdaq OMX Technology in Wake of Facebook IPO Problems

Following the debacle that was the Facebook IPO on May 18, and Nasdaq OMX’s announcement that it plans to compensate member firms for who were “disadvantaged by technical problems” during the IPO process, the exchange has also revealed that it “has selected IBM to conduct a thorough review of the current state of processes for…

A Flexible Approach to Market Infrastructure

he growing speed and complexity of today’s financial markets are placing all but the most technologically well-resourced participants at a strategic disadvantage. Buy- and sell-side firms, the execution venues they use, and the wide range of post-trade, market data and other service providers whose offerings they consume, are all struggling to keep up with the…

With SIX Rollout, Nasdaq OMX Pushes Matching Latency Below 40 Microseconds

With SIX Swiss Exchange now up and running with its new SWXess platform, its technology supplier Nasdaq OMX can point to the fastest implementation of its X-Stream Inet matching technology, with average round-trip latencies of less than 40 microseconds. That’s probably the fastest matching engine anywhere in the world today. SWXess went live with equities…

Fixed Income Markets Push Low Latency

Separate developments – with BrokerTec in the U.S. and with MTS in Europe – are pointing to the move by fixed income markets into the low-latency trading space. These developments follow on from the increasing adoption of low-latency technologies in the foreign exchange markets, as latencies are pushed lower for all asset classes. ICAP-owned BrokerTec…