Nyfix is migrating trading on its US-based Millennium dark pool to a new high performance technology architecture that the firm says will significantly improve performance for clients.
The company is moving over to the HPX architecture that already powers its European dark pool, Euro Millennium. The technology will eventually be used for all services, including the Nyfix Marketplace.
The architecture is faster, more resilient and has a higher throughput dark pool, capable of acknowledging client orders in less than three milliseconds, says Nyfix. This will provide clients with increased opportunities for matches and attract additional latency-sensitive order flow to the pool.
C Thomas Richardson, global head, transaction services, Nyfix, says: "We have received a lot of positive feedback from our European clients regarding Euro Millennium's performance on this new architecture. We are pleased with the exceptional performance benchmarks that we have been able to establish thus far for Millennium HPX and we look forward to completing the roll-out."
Last month loss-making Nyfix suffered a blow with the news it is likely to incur further costs in the development the Euro Millennium dark pool after it was deemed non-compliant with the latest interpretations of the MiFID rulebook by the UK's Financial Services Authority.
The FSA has called for modifications to Euro Millennium and Liquidnet's European dark pool to meet demands by the Committee of European Securities Regulators for more transparency in pre-trade prices over the platforms.