Philadelphia Stock Exchange (PHLX) has signed a two year contract for Hyperfeed Technologies' Managed Exchange Platform Services (Meps) data processing and distrbution product.
PHLX will use Meps, which includes Hyperfeed's entitlement and permissioning system, to process market data for its auto-quoting applications.
HyperFeed will also develop a front end processor that will allow PHLX generated data to be processed and distributed to exchange members and will enable the enchange to introduce a national best bid offer (NBBO) to its floor members.
Thomas Wittman, senior vice president of development at PHLX, says the Hyperfeed service "takes raw market data and converts it into a user-friendly format that our members and member firms need".
The vendor will install servers on exchange premises and remotely manage the system from its Chicago facilities.
PHLX is the second US exchange to sign up to HyperFeed's MEPS technology in the last six months - in June last year the Chicago Board Options Exchange (CBOE) chose HyperFeed to provide market data for auto quoting in its Hybrid Trading System.
Paul Pluschkell, HyperFeed's president and CEO, says: "The flexibility that Meps offers to market data providers and users alike is catching the attention of those who require high performance content, without having the overhead of an expensive national operation."