The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Luminex Teams with LeveL for ATS Matching Engine Upgrade

Buy-side block trading platform operator Luminex Trading & Analytics has launched a new, faster matching engine using technology provided by erstwhile competitive platform LeveL ATS. The new platform represents what Luminex calls a “dramatic speed upgrade” to the matching engine behind its dark pool, which is available only to buy-side institutions.

Luminex launched in 2015 as a buy-side owned and operated block trading platform, backed by a consortium of nine leading investment management firms: BNY Mellon, BlackRock, Capital Group, Fidelity Investments, Invesco, JP Morgan Asset Management, MFS Investment Management, State Street Global Advisors and T. Rowe Price.

Luminex specialises in enabling low-cost block executions for institutional firms. The new platform was developed in consultation with clients with the aim of achieving unprecedented execution rates when trading large numbers of shares. The Luminex ATS now operates at a rate exponentially faster than before the upgrade and Luminex says its more efficient technology will lead to cost savings that will help Luminex keep its commissions among the lowest in the industry.

Luminex turned to LeveL to assist in the design and implementation of the new platform. While it also operates an alternative trading system (ATS), LeveL doesn’t compete directly with Luminex. LeveL was established in 2006 to offer a continuous crossing dark pool that allows participants – both buy and sell side – to customise their trading strategies in order to target their own lists of counterparties. However, the two venues share many common characteristics and goals: both platforms strive to give customers the opportunity for seamless trading in a highly stable dark pool environment while minimizing information leakage and market impact.

According to Jonathan Clark, CEO at Luminex, “Until now, trading blocks has been among the slower processes on a trading desk. Luminex has been a pioneer in bringing safety to block trading, and today we’re introducing unprecedented speed to the process as well.”

Luminex head of product David Hagen adds: “At launch our platform was cutting-edge, but today every millisecond is an eternity to a matching engine. With this upgrade to microseconds, the technology behind our venue is operating faster and more efficiently for traders. On the back end it’s simpler as well, with a smaller footprint that’s easier to manage, support and upgrade, reducing our costs and leading to savings for our participants.”

Related content

WEBINAR

Upcoming Webinar: Integrating Intelligent Machine Readable News

Date: 30 November 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Intelligent machine readable news is a powerful tool in the arsenals of trading and investment firms seeking competitive advantage. It turns unstructured data into actionable insight and can be used, for example, to uncover market trends, identify correlations and...

BLOG

Push Technology Launches Diffusion Quick Start Pack to Shorten Event-Driven Development Cycles

California-based Push Technology, a data streaming and messaging solutions provider, has launched the Diffusion Quick Start Pack, a four to six week professional services engagement designed to significantly shorten the time it takes developers to deploy a production-ready application on the company’s Diffusion Intelligent Event-Driven Platform. As part of the package, the Diffusion software, worth...

EVENT

TradingTech Summit Virtual

TradingTech Summit (TTS) Virtual will look at how trading technology operations can capitalise on recent disruption and leverage technology to find efficiencies in the new normal environment. The crisis has highlighted that the future is digital and cloud based, and the ability to innovate faster and at scale has become critical. As we move into recovery and ‘business as usual’, what changes and technology innovations should the industry adopt to simplify operations and to support speed, agility and flexibility in trading operations.

GUIDE

Trading Regulations Handbook 2021

In these unprecedented times, a carefully crafted trading infrastructure is crucial for capital markets participants. Yet, the impact of trading regulations on infrastructure can be difficult to manage. The Trading Regulations Handbook 2021 can help. It provides all the essentials you need to know about regulations impacting trading operations, data and technology. A-Team Group’s Trading...