The Philadelphia Stock Exchange (PHLX) has purchased 20 licenses for Actant's mass quoting system, Aqtor, to enable its members to stream prices into its soon-to-be launched electronic trading system, PHLX XL.
The PHLX XL trading system is ready for launch, pending approval by the SEC. The platform will enable market makers to electronically deliver streaming quotes, and provide electronic access to market makers on and off the floor.
The exchange says it will make the Aqtor mass quote management system available to members for six months after the PHLX XL platform goes live.
With PHLX live, Actant says its Aqtor software will provide direct connectivity to eight US exchanges. The system also features optimised modelling and quote synchronisation techniques as well as safety mechanisms to protect traders when markets breach tolerable thresholds.
Commenting on the deal with the Philadelphia exchange, Urs Rutschmann, CEO of Actant, says: "This is an important agreement for Actant and once more demonstrates the quality of the Aqtor product and its suitability for the new and converting electronic exchanges in the US."