Showing posts with label MTF. Show all posts
Showing posts with label MTF. Show all posts
Thursday, 25 September 2008
Turquoise Completes Testing
AppLabs today announces the completion of a major Functional and Performance Testing phase for Turquoise, the multi-lateral trading facility established by nine leading European investment banks.AppLabs was chosen as the sole independent testing partner. AppLabs was responsible for the design, development, implementation and verification of Turquoise’s testing strategy.
Thursday, 11 September 2008
Interactive Data Corporation in Turquoise Connectivity
Interactive Data Corporation (NYSE: IDC), a provider of financial market data, analytics and related services, today announced that its Real-Time Services business has made data from the Turquoise multilateral trading facility (MTF) available via PlusFeedSM. PlusFeed is Interactive Data’s consolidated high-quality, low latency digital datafeed that powers algorithmic and electronic trading applications.
Data from the Turquoise MTF, whose members include the largest banks and brokers active in European trading, as well as specialist trading firms and institutions, has been in production on PlusFeed since 15 August 2008 and is available to Interactive Data’s PlusFeed clients from the commencement of live trading. Since 29 August the Turquoise platform has stepped up its production capabilities and now trades in over 1,250 stocks across 13 European markets ahead of its public launch later in September.
Yann L’Huillier, chief technology officer of Turquoise, said: "We are pleased that low‐latency data provider Interactive Data is making Turquoise data available to its clients, as we see it as essential that financial institutions are able to access the data we produce as quickly as possible.”
David Hann, general manager, EMEA, Interactive Data Real-Time Services, commented: "Adding Turquoise data to PlusFeed is an important step forward for us.
Since the Markets in Financial Instruments Directive (MiFID) was implemented on 1 November 2007, Interactive Data has seen significant increases in the volume of trades and in the number of instruments on the new data sources available via PlusFeed. And the numbers indicate that this growth is continuing.”
Interactive Data’s Managed Solutions business will also carry Turquoise data on Market Data Gateway as part of a new ECN package. Market Data Gateway is a fast and flexible open platform enabling the aggregation and normalisation of financial market data from various sources. Interactive Data’s PrimePortal and PrimeDeveloper clients will have the option of subscribing to the new ECN package, while PrimeTerminal clients will receive the data as part of their contributor data package.
Interactive Data offers a number of new OTC data services via PlusFeed as part of its MiFID product roadmap. These include full coverage of BOAT data, OTC services from the London Stock Exchange, Euronext, Wiener Börse, Deutsche Börse, PLUS Markets Levels 1 and 2 data, and Chi-X Levels 1 and 2 data.
Data from the Turquoise MTF, whose members include the largest banks and brokers active in European trading, as well as specialist trading firms and institutions, has been in production on PlusFeed since 15 August 2008 and is available to Interactive Data’s PlusFeed clients from the commencement of live trading. Since 29 August the Turquoise platform has stepped up its production capabilities and now trades in over 1,250 stocks across 13 European markets ahead of its public launch later in September.
Yann L’Huillier, chief technology officer of Turquoise, said: "We are pleased that low‐latency data provider Interactive Data is making Turquoise data available to its clients, as we see it as essential that financial institutions are able to access the data we produce as quickly as possible.”
David Hann, general manager, EMEA, Interactive Data Real-Time Services, commented: "Adding Turquoise data to PlusFeed is an important step forward for us.
Since the Markets in Financial Instruments Directive (MiFID) was implemented on 1 November 2007, Interactive Data has seen significant increases in the volume of trades and in the number of instruments on the new data sources available via PlusFeed. And the numbers indicate that this growth is continuing.”
Interactive Data’s Managed Solutions business will also carry Turquoise data on Market Data Gateway as part of a new ECN package. Market Data Gateway is a fast and flexible open platform enabling the aggregation and normalisation of financial market data from various sources. Interactive Data’s PrimePortal and PrimeDeveloper clients will have the option of subscribing to the new ECN package, while PrimeTerminal clients will receive the data as part of their contributor data package.
Interactive Data offers a number of new OTC data services via PlusFeed as part of its MiFID product roadmap. These include full coverage of BOAT data, OTC services from the London Stock Exchange, Euronext, Wiener Börse, Deutsche Börse, PLUS Markets Levels 1 and 2 data, and Chi-X Levels 1 and 2 data.
Monday, 25 August 2008
Chi-X
Chi-X is a "multilateral trading facility" (MTF). Licencing by the UK's Financial Services Authority means it has been passported through to provide services to firms throughout the European Economic Area due to the MiFiD.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
The owners, (majority owned by Instinet Europe) claim their platform is of a faster, cheaper and higher capacity alternative to trading on-exchange. Chi-X was the first order driven pan-European matching engine and central limit order book or Multilateral Trading Facility (MTF) to start trading.
Details of claims are:
TRADING ON Chi-X IS CHEAPER - Equity trading is up to ten times cheaper (estimated cost advantages based on an Chi-X internal review) than trading on Europe's traditional stock exchanges. Built on a low cost business model, Chi-X offers lower explicit transaction costs [Click here to find out more]
TRADING ON Chi-X IS FASTER - Traders can execute trades on Chi-X up to ten times faster than major European exchange order driven systems measured by Transact Tools
MiFID COMPLIANCE - Market participants have the opportunity to route orders and trade report to help satisfy MiFID best execution and transparency requirements
STANDARDISED CONNECTIVITY - Chi-X connectivity is provided using the FIX (Financial Information eXchange) protocol 4.2
TRADING ON Chi-X REDUCES YOUR MARKET IMPACT - Traders can slice and represent their orders across a number of liquidity pools to reduce their market impact
REDUCTION OF IMPLICIT TRANSACTION COSTS - Chi-X could help reduce implicit transaction costs
WIDER TRADING OPPORTUNITIES - We offer trading opportunities when the main markets are closed
ARBITRAGE OPPORTUNITIES - Trading on multiple venues in the same instruments offers arbitrage opportunities
TIMING AND OPPORTUNITY COSTS ARE REDUCED - Real time clearing and greater certainty of execution significantly reduces trading costs
LIQUIDITY FLOW - In addition to the flow of market participants who can smart route to Chi-X as part of their MiFID compliant best execution policy
Chi-X
The Chi-X core is comprised of three primary applications: the Matching Engine, FIX, market data connectivity and a number of secondary applications. The Matching Engine is a proprietary system that resides on the Linux operating system.
Alternative trading systems
Chi-X
Multilateral trading facility developed following MiFiD. Majority owned by Instinet Europe
Direct Edge
US-based multilateral trading faciltiy or trading platform.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
European Multilateral Clearing Facility
Clearing unit set up by Fortis for European alternative trading systems.
MTF
Multilateral Trading Facility
Nasdaq OMX Europe
Pan Euopean Multilateral Trading Facility (MTF) backed by Nasdaq OMX
PEX
Small multilateral trading platform for the Portugese market
Multilateral trading facility developed following MiFiD. Majority owned by Instinet Europe
Direct Edge
US-based multilateral trading faciltiy or trading platform.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
European Multilateral Clearing Facility
Clearing unit set up by Fortis for European alternative trading systems.
MTF
Multilateral Trading Facility
Nasdaq OMX Europe
Pan Euopean Multilateral Trading Facility (MTF) backed by Nasdaq OMX
PEX
Small multilateral trading platform for the Portugese market
Friday, 22 August 2008
Derivatives D - I
Day Order
Order placed for execution within one trading session. Automatically cancelled if it can not be executed within the day.
Day Trading
Within one day establishing and liquidating the same position or positions. No positions should be established at the days end.
Deferred
Back Months
Delivery
Tender and receipt of an actual commodity or financial instrument, or cash in settlement of a futures contract.
Derivative Security
Financial security whose value is determined in part from an another security's (the underlying security) value and characteristic.
Direct Edge
US-based multilateral trading faciltiy or trading platform.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
ETF
Exchange-Traded Fund
European Multilateral Clearing Facility
Clearing unit set up by Fortis for European alternative trading systems.
European-style Options
Option contracts that can only be exercised during a specified period of time just prior to their expiration.
Exercise Settlement Amount
Difference between the exercise price of the option and the exercise settlement value of the index on the day an exercise notice is tendered , multiplied by the index multiplier.
Expiration Cycle
The dates on which options on an underlying security expire. A given option is assigned to one of three cycles, January, February or March.
Expiration Date
Date on which an option and the right to exercise it, cease to exist.
FASAC
Financial Accounting Standards Advisory Council
FinAnalytica
Vendor of portfolio construction and risk management analytics
Financial Supervisory Commission
Taiwan: financial regulator
Floor Broker
Licensed member of an Exchange, who is paid a fee for executing orders for Clearing Members or their customers.
Floor Trader
Also known as a "local". Exchange member who only trades for his own account.
Futures
All contracts covering purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
Futures Commission Agent
Engages in soliciting or accepting handling orders for the purchase or sale of futures contracts , subject to the rules of a futures exchange and, who, in connection with solicitation or acceptance or orders, accepts any money or securities to margin any resulting trades or contracts. Can be a firm or person.
Grant Date
Stock Options:- "The date at which an employer and an employee reach a mutual understanding of the key terms and conditions of a share-based payment award." Defined in SFAS No 123 (Revised 2004) (123R)
Holder
Purchaser of an option
IFRS
International Financial Reporting Standards
IFRS 3
Accounting standard for "business combinations" or Merger and Acquisitions transactions. First standard written jointly by International Accounting Standards Board and the U.S. Financial Accounting Standards Board.
In-the-money
Occurs if the strike price of a call option is less than the market price of the underlying security. For put options the strike price has to be higher than the market price of the underlying security for it to be in-the money.
Intrinsic Value
Amount by which an option is in-the-money.
ISDA
International Swaps and Derivatives Association
iTraxx Crossover Index
Tracks the cost of insuring the debt of mostly junk-rated European companies.
Order placed for execution within one trading session. Automatically cancelled if it can not be executed within the day.
Day Trading
Within one day establishing and liquidating the same position or positions. No positions should be established at the days end.
Deferred
Back Months
Delivery
Tender and receipt of an actual commodity or financial instrument, or cash in settlement of a futures contract.
Derivative Security
Financial security whose value is determined in part from an another security's (the underlying security) value and characteristic.
Direct Edge
US-based multilateral trading faciltiy or trading platform.
Equiduct
Multilateral trading facility majority owned by Borse Berlin and Burgundy. Nordic equities markets are the main target.
ETF
Exchange-Traded Fund
European Multilateral Clearing Facility
Clearing unit set up by Fortis for European alternative trading systems.
European-style Options
Option contracts that can only be exercised during a specified period of time just prior to their expiration.
Exercise Settlement Amount
Difference between the exercise price of the option and the exercise settlement value of the index on the day an exercise notice is tendered , multiplied by the index multiplier.
Expiration Cycle
The dates on which options on an underlying security expire. A given option is assigned to one of three cycles, January, February or March.
Expiration Date
Date on which an option and the right to exercise it, cease to exist.
FASAC
Financial Accounting Standards Advisory Council
FinAnalytica
Vendor of portfolio construction and risk management analytics
Financial Supervisory Commission
Taiwan: financial regulator
Floor Broker
Licensed member of an Exchange, who is paid a fee for executing orders for Clearing Members or their customers.
Floor Trader
Also known as a "local". Exchange member who only trades for his own account.
Futures
All contracts covering purchase and sale of financial instruments or physical commodities for future delivery on a commodity futures exchange.
Futures Commission Agent
Engages in soliciting or accepting handling orders for the purchase or sale of futures contracts , subject to the rules of a futures exchange and, who, in connection with solicitation or acceptance or orders, accepts any money or securities to margin any resulting trades or contracts. Can be a firm or person.
Grant Date
Stock Options:- "The date at which an employer and an employee reach a mutual understanding of the key terms and conditions of a share-based payment award." Defined in SFAS No 123 (Revised 2004) (123R)
Holder
Purchaser of an option
IFRS
International Financial Reporting Standards
IFRS 3
Accounting standard for "business combinations" or Merger and Acquisitions transactions. First standard written jointly by International Accounting Standards Board and the U.S. Financial Accounting Standards Board.
In-the-money
Occurs if the strike price of a call option is less than the market price of the underlying security. For put options the strike price has to be higher than the market price of the underlying security for it to be in-the money.
Intrinsic Value
Amount by which an option is in-the-money.
ISDA
International Swaps and Derivatives Association
iTraxx Crossover Index
Tracks the cost of insuring the debt of mostly junk-rated European companies.
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