London (UK) Jan 25, 2011— The Algo Group, a leading provider of high performance trading technology solutions and Quote MTF, a next generation lit trading venue for Pan-European equities, today announced that The Algo Group has gone live with its network connectivity and managed services for Quote MTF ahead of the multilateral trading facility’s hard launch on 4 April 2011. Quote MTF data and trading facilities will be distributed on AlgoSpan’s international low latency fibre network.
According to the agreement, AlgoSpan will make Quote MTF accessible to the global trading community via its ultra-low latency international trading network and hosted client community thanks to its co-location facilities at the Interxion data centre in East London where Quote MTF is based. Latency-sensitive trading firms located elsewhere can also have ‘shortest path’ access from other major data centres across Europe and the United States to Quote MTF. Algo Technologies will add Quote MTF market data to its AlgoData ultra-fast raw, normalised and consolidated European and US market data feeds offering.
Hirander Misra, CEO, Algo Technologies & Co-Founding Director, AlgoSpan, comments: “This industry refuses to stand still and new entrants can now reach a large, low latency market quickly and easily. It signifies continuing development and competition, both good for today’s market users. We are delighted to be working with Quote MTF to facilitate even greater efficiency in the European capital markets.”
Christian Bower, Commercial Director, Quote MTF, comments: “We welcome the partnership with Algo Technologies which increases accessibility to our pan-European lit venue. The availability of low latency infrastructure is essential in accommodating the growing list of proactive subscribers who are ahead of the market in recognising that Quote MTF is set to become a highly relevant part of Europe’s trading landscape.”
Quote MTF and its ThymeX matching engine, which has been tried, tested and proven in the Canadian markets via Omega ATS, is a fast, resilient and highly scalable trading environment. Requiring only a fraction of Europe’s liquidity for the company to breakeven, this next-generation venue promotes sustainable market-wide competition in a post-MiFID world. Quote MTF offers no rebates for passive liquidity choosing to pass these savings straight on to end clients. Quote MTF announced in September it has secured a consortium of Liquidity Providers and has capped commission fees for all subscribers at €14,000 from now until 2012.
---End---
About Quote MTF
www.quotemtf.com
Quote MTF is a next generation trading venue for Pan-European equities trading, covering more than 1,400 of the most liquid equities, ETFs and DRs across 21 indices and 15 major European markets. Quote MTF's commercial model provides trading firms with significant investment opportunities in active participation underpinned by a secured commitment from, leading passive participants. Established in 2009, Quote MTF’s intelligent business model ensures that it will thrive on a fraction of the market share that current venues require. Built by professionals from the trading industry, it is able to process more than 250,000 messages per second with sub millisecond latency, with lowest cost in Europe for liquidity removal.
About AlgoSpan
www.algospan.com
AlgoSpan is a network carrier providing ultra-low latency ‘shortest path’ connectivity solutions, designed to reduce execution times to all major trading venues across Europe and the United States. We combine high-performance point-to-point network and proximity hosting services to deliver super fast market access directly to the trading desktop. AlgoSpan is a joint venture between FibreSpan Limited and Algo Technologies Limited.
About Algo Technologies
www.algotechnologies.com
Algo Technologies is a specialist trading technology firm providing differentiated high speed trading solutions to firms and markets so that they can ‘be first as it’s all in the timing’’. The company’s solutions include: AlgoData – an in-house developed, fully distributed extremely low latency market data service – offering what we have been told is the industry’s fastest market data at competitive rates. AlgoM2 – the industry’s fastest ever exchange/MTF matching engine at 16 microseconds round trip latency, delivering performance 15-30 times faster than the next quickest offering (verified by CorvilNet™). Algo Technologies’ solutions are built by a team with many years of expertise in electronic trading across the value chain.
