LONDON & NEW YORK, Jun 03, 2010 (BUSINESS WIRE) — London-based Fixnetix announced today a strategic alliance with New York-based Forex software company MarketFactory. The partnership seeks to expand the FX spot market by providing instant global trading connectivity to algorithmic traders from futures and equities.
“We are thrilled to join forces with MarketFactory to provide FX trading gateway software to our global trading customer base of leading investment banks, hedge funds and prop desks,” says Hugh Hughes, Chief Executive, Fixnetix.
“MarketFactory understands the complex, opaque market structures in institutional currency trading and is the leader in presenting lossless market data to high frequency trading strategies.” The cash FX market contains $500 billion in daily liquidity representing enormous alpha opportunities for all asset class high frequency traders.
“There’s a much higher purpose to this initiative,” said James Sinclair, CEO, MarketFactory. “There are over 3000 algorithmic traders in other asset classes who have yet to explore the institutional currency markets. We’ve contributed our deep understanding of the many microstructures into a transparent package of software and services that will allow instant access to these markets for both buy side and sell side participants. The goal is to really increase counterparty diversity and therefore liquidity.” Forex traders using the Fixnetix-MarketFactory offering will be able to instantly scale their trading models globally to be closest all the major currency liquidity pools in London, New York and Chicago, thereby reducing massive distance latencies which are a huge component of round trip time in Forex trading but not equities. A Tokyo rollout is scheduled for year-end.
About MarketFactory MarketFactory is a software engineering company which makes complicated markets simple. Its algorithmic trading platform improves customer strategies by providing lossless market data and order submission for the $1+ trillion per day interdealer foreign exchange market. Through a flexible API, client models and e-commerce applications gain instant connectivity to all major FX ECNs and dealing venues. Featuring a distributed architecture, MarketFactory’s platform allows high frequency traders in London, New York and Chicago to trade in an optimized fashion that mitigates issues of distance latency.
For more information please visit www.marketfactory.com About Fixnetix Fixnetix 20 co-location and proximity hosting centres across Europe and the US to support trading across all the major cash equities, futures, FX, commodities and bond markets. The company offers both raw and ultra low latency normalised market data services, as well as low latency trading access for member firms and sponsored trading access to over 45 markets.
Fixnetix’s direct ultra low latency market data feed solutions are fast, reliable and flexible, featuring best-of-breed high performance feed handler technology, dual ticker plant technology and unparalleled high bandwidth provisions. Feeds are available in multiple formats for quick and seamless integration, offering full redundancy throughout the entire delivery mechanism, and are provided on-the-wire reducing support and implementation costs and timeframes.
For more information please visit www.fixnetix.com SOURCE: Fixnetix CONTACT: Fixnetix Karen Bertoli, +1-312-399-7878 Chief Marketing Officer karen.bertoli@fixnetix.com or MarketFactory Darren Jer, +1-914-297-8894 Chief Operating Officer djer@marketfactory.com Copyright Business Wire 2010 -0-
Source: CNBC
