Chicago Trading Company (CTC) is using Capital Markets Consulting's (CMC) gateway technology for electronic market making at the Chicago Board Options Exchange (CBOE) and OneChicago.
CMC's CBOE and OneChicago gateway is now communicating to the exchange via the CMi interface. The gateway supports order routing, quoting, requests for quotes and responses from the exchange. Market data is disseminated directly from the exchange for the latest prices.
Jack Cowden, partner at CTC, says: "Since CTC generates its own theoretical values for market making, we needed fast market data and a transport that would get our orders and quotes into the market quickly."
He adds that the interface is integrated into CTC's existing applications.
The vendor says the gateway allowed CTC to use customised trading algorithms, conferring an advantage over standard trading systems provided by other ISVs.