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June
DAS Trader – which its maker claims is the fastest software for the US stockmarket – has released new trading apps for Apple’s iPhone and iPad. But as Tom Osborn discovers, it faces a crowded field of competitors.
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May
As Hugo Cox discovers, there is plenty of appetite for high speed trading in Asia and Brazil, from both the traders and the exchanges. All that needs to happen is for barriers to be cleared away.
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Data for futures and options on the Russian Trading System market on Bloomberg is now being sourced using the RTS Fix/Fast feed. The move is part of RTS’s policy of improving market data distribution to its customers.
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Capital Futures, the broking arm of Taiwan’s Capital Group, has begun using Orc Software’s Connect tool to provide clients with direct market access to the Taiwan Futures Exchange.
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Fiserv has cut the cost of pre- and post-settlement activity by improving TradeFlow’s foreign exchange capabilities. It automatically identifies which trades are available for Continuous Linked Settlement, so there is no longer a need to work with custodians for exception management.
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Trayport Exchange Systems and 3i Infotech are to develop a new trading platform for the Jakarta Futures Exchange.
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Coming soon to an Apple enthusiast near you. Nasdaq OMX has launched a portfolio manager application for Apple’s new iPad, similar to its existing product for the iPhone.
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Boutique investment bank Thomas Weisel Partners will integrate its suite of algorithmic strategies into Portware’s Enterprise platform using the Fix Algorithmic Trading Definition Language (FIXatdl). Portware is a multi-asset electronic trading systems provider.
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RealTick has added Goldman Sachs’ global futures and options execution services to its platform. The trading platform’s users can now use Goldman Sachs’ latest algorithms and direct access execution services for the futures and options markets.
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RiskMetrics Group has partnered with Syncova to develop an integrated solution for risk-based margin management. The firm will provide this via the Optima platform for hedge funds and prime brokers. RiskMetrics Group provides risk management and corporate governance services. Syncova is an independent margin services provider.
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Post-trade specialist Omgeo has announced that Samsung Securities is the first broker in Asia to connect to its central matching engine, Omgeo Central Trade Manager.
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Sucden Financial will bring multi-asset trading facilities to its institutional and corporate clients through a new system called Storm, which enables users to have direct market access to a range of cash equity and derivatives exchanges and platforms. The system uses SunGard’s technology.
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Trading Technologies plans to provide direct access to BM&F Bovespa’s new multi-access platform via its X_Trader system.
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April
BlueBay Asset Management, the London-based hedge fund, has deployed SuperDerivatives’ multi-asset portfolio management system, so that it can manage its derivatives business as well as other classes of assets.
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Swedish financial technology firm Cinnober, publisher of the TRADExpress trading platform, announced in February that it had won its first customer for its real time clearing and risk management service through TRADExpress.
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Fidessa will partner analytics firm Fincad to broaden its LatentZero trading platform’s fixed income, derivatives and cash management functionality. Under the partnership users will be able to value all fixed income and derivatives instruments in their portfolios through the LatentZero platform using Fincad’s analytics.
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GlobeOp is partnering Linedata Services to provide an order management system integrated with middle and back office services. The developers claim this will reduce the time to market for hedge funds executing long and short equity and futures trades.
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Hong Kong Exchanges and Clearing is to build a new data centre, so it can expand and consolidate existing operations scattered across diffuse locations.
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Dutch data centre provider Interxion has announced that Options IT’s product called the Options Pipe Platform has connected to its financial hub in northwest London.
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Trading and connectivity service provider Orc Software has announced the establishment of a CameronFix subsidiary called CameronTec. This follows the growing importance of Fix as an industry-wide financial exchange messaging system.
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Patsystems’ J-Trader and Pro-Mark trading platforms can now be used to trade the Singapore Commodity Exchange’s RSS3 and TSR20 rubber contracts. The platforms provide risk management tools and connectivity to global markets from a single screen.
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Trayport, the commodity trading software provider owned by GFI Group, will offer access to CME Group’s ClearPort clearing system for over the counter derivatives.
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The closure of the world's trading pits has isolated traders in front of flashing screens from Korea to Essex. Now, the social media phenomenon is offering to reconnect people - and futures and options specialists are loving it. Tom Osborn reports.
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March
The need for speed and the race to drive down latency has been one of the most keenly fought contests of 2009. As Mike West reports, there is every indication that this trend is set to continue.
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Advent Software updated its turnkey portfolio accounting and reporting suite at the end of January to Axys 3.8 which is compatible with the new reference system for options, which recently came into place called the Options Symbology Initiative (OSI). The update enhances the system to support the 2010 OSI, which is an overhaul of the old five-character options symbol which switched over to a 21 digit system on February 12.
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New Zealand Bank ASB has gone live with Calypso to provide integrated trading, processing and risk management. The treasury platform is cross-asset and can process front and back office reports and manage risk for foreign exchange, money market and interest rate derivatives trading.
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HSBC has joined the trading platform offered by FFastFill, the futures trading software provider.
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First Derivatives announced mid-February that it has bought the Dublin internet trading firm Cognotec out of receivership. It paid Eu3.4m ($4.6m) for the company. Cognotec was once worth more than Eu150m and employed 200 people, but its value fell in 2007 after it lost its biggest customer. The company was placed in receivership on January 22. It owed about Eu6.9m to Barclays Bank. Cognotec was founded 20 years ago by Brian Maccaba, one of the legendary pioneers of using the internet for foreign exchange trading.
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Low-latency service provider Fixnetix has announced that its targets for 2010 include growing its multi-asset trading business, expanding the firm’s US operations and moving into the Asia Pacific region.The company more than doubled in size in 2009 when it acquired Market Systems Technology, the Boston-based feed handler and ticker plant provider.
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Xtrakter, the post trade reporting service, has gained the approval of the UK Financial Services Authority for regulatory reporting of exchange traded derivatives, using alternative instrument identifiers (AII).
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HKEx’s technically revamped automatic matching and execution management AMS/3 has become operational. Order processing capacity of AMS/3 has been doubled to 3,000 orders per second and the average end-to-end system response time halved to 0.15 seconds as a result of the upgrade. The upgraded trading system supports 21.6m orders and 7.5m trades in a standard four-hour trading day.
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Intercontinental exchange (ICE) has started using Logicscope TradeSTP for real-time post-trade processing.
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Data centre provider Interxion has announced a partnership with euNetworks, which operates a European fibre optic network which should eventually reduce latency across Europe.
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Interxion announced in January an agreement with Italian brokerage and trading firm Nuovi Investimenti to colocate its trading platform at Interxion’s City of London data centre.
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The Korea Exchange (KRX) has started to use Fidessa’s PowerBase NFS program. The NFS gateway provides high-speed market access for high-frequency and algorithmic traders. Fidessa claims that it reduces order processing time by 98% and increases throughput by 200%.
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Mega Bolsa, the equity trading platform of Brazil’s BM&F Bovespa exchange, will use a new communication interface from April 20 for all its automatic direct market access connections.
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Nasdaq OMX Nordic, the group of stock exchanges in the Scandinavian and Baltic region, has switched to Inet, a trading system already used widely in the Nasdaq OMX group.
The change should reduce trading times to 250 microseconds.
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Orc’s offer of Skr19.625 ($2.70) per share in Neonet has been agreed by both boards in a merger which will create a global technology and financial trading services giant. Orc’s board claims the merger will create synergies from the sharing of technological expertise and annual cost savings of Skr130m.
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Following the launch of Arrowhead in January the Tokyo Stock Exchange (TSE) has set up an office to “promote and improve” co-location services. This builds on the exchange’s efforts to develop co-location which started in May 2009.
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February
The Chicago Board Options Exchange will delay the launch of its new C2 options exchange platform until the second half of the year, until the US Securities and Exchange Commission has completed its review of flash trading.
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Tech firm Corvil has published research on new methodologies for measuring latency under its Corvil Expected Quality and Corvil Expected Bandwidth programmes.
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RealTick’s cross-asset electronic trading platform has integrated the latest suite of global equity algorithms and futures execution capabilities from Deutsche Bank.
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Trading Technologies International and Mizuho Securities USA have agreed to expand their global relationship, so as to co-market TT’s high speed X_Trader platform.
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US futures commission merchants will be able to use SunGard’s one-stop GMI platform to process and clear trades on BM&F Bovespa, the Brazilian stock and derivatives exchange, from the second quarter this year. The GMI system also helps with post-trade accounting.
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SunGard has launched a new clearing gateway for the London Metal Exchange.
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Romania’s Sibiu Monetary Financial and Commodities Exchange (Sibex) has begun using Trayport’s Exchange Trading System for the trading of single stock, interest rate, currency and gold futures and options.