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, says that in addition to Correlix and Corvil – both of which have OMnet monitoring systems in production – other vendors will be “certified” as members, with one more expected next month.
Neidenbach says that all ecosystem members will be supported in a consistent way. With more than 70 exchanges globally using Nasdaq OMX technology, it is in the exchange’s interests to work with a number of tools vendors.
OMnet is Nasdaq’s proprietary application programming interface (API) for trade execution on its various matching engines, including its flagship Genium Inet system. Because it is made available as an API, latency monitoring vendors require support from the exchange in order to decode wire-level message formats required for their systems.
Currently, Correlix’s RaceTeam system is in use by the Nasdaq Stock Market and in the Nordics, while Corvil has been deployed by the Singapore Exchange, which runs Genium Inet. Neidenbach says that having an independent record of latency was helpful during the system acceptance process at SGX.