Nasdaq Aims OrderView Data Feed at Algorithmic Traders
The Nasdaq Stock Market is introducing a new data feed, OrderView, catering to the needs of program and algorithmic trading. OrderView complements Nasdaq's flagship TotalView Data Product by providing critical information in TotalView in a manner better suited for automated trading, the release stated.
OrderView "provides automated traders with the maximum amount of information using less bandwidth and at reduced latencies," says Bill O'Brien, senior vice president of Nasdaq Market Data Distribution in the release.
Like TotalView, OrderView tracks the individual orders in the Nasdaq MarketCenter, including brut orders, as they are entered and executed during the trading day. However, to reduce latency and bandwidth, it eliminates additional value-added message types and information necessary for use in individual front-end display devices. For example, OrderView omits individual MPIDs (market participant ID), with the exception of the source market execution system (Nasdaq or Brut), to allow for direct routing to the relevant system. It also does not include the imbalance messages that accompany the Opening and Closing Crosses, said Nasdaq's release.
OrderView also matches TotalView in providing more than 15 times the liquidity of Level II, and 100 percent more liquidity within five cents of the inside market. It is also the fastest source of Nasdaq order book information available, said the release. As part of the TotalView entitlement, OrderView is available at no additional cost to TotalView data customers.
Securities Hub Renews Contract With Communicator for Fixed-Income Portal
Securities Hub, a fixed-income portal owned by nine top Wall Street firms and Communicator Inc., has renewed a three-year contract with Communicator to manage and operate the Bond.Hub service through 2009, its ten-year anniversary, according to a release.
Usage on the buy side has hit record levels and has increased over 33 percent in the past year, according to Communicator's release.
"It is clear from the numbers that being on Bond.Hub drives a significant increase in customer [access] to dealers' research," stated Leo Schlinkert, president and CEO of Communicator Inc.
Communicator provides ID and single sign-on and permissioned content aggregation for over 15,000 users on behalf of nine top global financial institutions.
"I find myself using the dealers' sites who participate on Bond.Hub more than those dealers who are not on Bond.Hub," stated Brad Boyd, portfolio manager at Payden & Rygel Global, in the release.
The renewal underscores the importance of identity management and information aggregation in the institutional securities industry, according to the release. "The Bond.Hub single ID and password provide me easy access to co-mingled headlines and searching that works across multiple dealers' sites," adds Boyd in the release.
Bond.Hub expects to increase the number of dealers participating in the portal. The current dealers include: Bank of America, Citigroup, Credit Suisse First Boston, Goldman Sachs, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley and UBS Investment Bank.
Deutsche Bank Enters Global Software License With Trading Technologies
Deutsche Bank has inked a global software license agreement with Trading Technologies International (TT) in which the bank will distribute TT software to its traders and hedge fund customers.
"In response to growing demand from clients such as hedge funds, we will be offering Deutsche Bank's clients TT's flexible solution for access to global electronic markets," states Peter McLady, head of futures at Deutsche Bank, in the release.
According to a TT official quoted in the release, the technology provider will work with Deutsche Bank to distribute TT's fast and stable trading systems.
Reuters to Carry Data and Connect With Dubai Exchange
Reuters struck an agreement with the Dubai International Financial Exchange (DIFX) for distribution of equity-related pricing and other data and transactional connectivity to the exchange.
The DIFEX, which officially launched trading on Monday, Sept. 26, aims to be the main gateway for the emerging markets of the Middle East, Africa, Turkey, Central Asia and the Indian subcontinent, according to the release.
Eyeing growing interest in Middle East equities markets, Reuters will make the data from DIFX available on its premium desktop products, including Reuters 3000 Xtra.
Reuters also will provide connectivity to the DIFX from the Reuters Order Management for Exchange Execution (ROMEX) trading tool. ROMEX provides the ability to trade securities and derivatives on all of the major European exchanges as well as DIFX. ROMEX also is fully integrated with Reuters Order Routing for Equities, a routing system that links buy-side institutions to Reuters broker-neutral network.