Sea Otter Global Ventures, a private investment firm based in New York, has implemented Itiviti’s Tbricks platform for exchange traded funds (ETF) market making on NYSE Arca. The firm is a registered market maker on the exchange and deploys proprietary models to trade international ETFs.
The Tbricks platform uses an app-based architecture and is provided with the source code for the apps, allowing users to add their own unique sets of functionality and capabilities in response to their own needs or changing market requirements. He platform also supports the fusing of latency sensitive services into a single process using Itiviti’s Speedcore technology, while retaining architectural separation between services.
Commenting on the selection of the Itiviti Tbricks platform, Hamin Abdullah, principal, Sea Otter, says: “We were impressed that the platform ships with specialised ETF apps, as well as the flexibility to customise the system by tweaking the apps. Also, latency is important for us and the platform really delivers on our performance requirements.”
Jesper Alfredsson, president Americas, Itiviti, adds: “The Tbricks platform is ideally suited to ETF market making. Our customers receive an off-the-shelf product that includes Tbricks apps along with the full source code for a truly customisable solution in terms of visualising and controlling quotes, hedging, basket executions and pricing to support complex ETF set ups.”
Itiviti worked with Sea Otter to customise the Tbricks platform, which went live earlier this year and may be the starting point for further work with the investment firm. Itiviti intends to continue investment in solutions for the ETF and equities options markets in the US, while its focus in Europe remains on equities, derivatives and its compliance platform for Europe’s Market Abuse Regulation (MAR) and Markets in Financial Instruments Directive II (MiFID II).