Fixnetix, the leading provider of European low latency market data, and the London Stock Exchange have today announced a distribution deal under which the Exchange’s Infolect data will be delivered to customers outside of its existing network via Fixnetix’ iX-Direct ultra low latency data service.
Infolect is the Exchange's real-time market data delivery system, and is a key component of its four-year Technology Roadmap programme to deliver next-generation trading technology. Infolect carries over 15 million messages a day to customers' terminals at speeds of two milliseconds from broadcast to delivery, and is among the fastest real-time information delivery systems of major world exchanges.
The use of Fixnetix' iX-Direct data service will enable latency sensitive financial institutions to connect their trading applications to data from the London Stock Exchange, without the delays associated with routed or managed networks using shared market infrastructures outside of the existing Infolect network.
"The London Stock Exchange is committed to delivering the lowest latency data metrics of any exchange in Europe and Fixnetix has provided our data to a number of our customers with some very impressive latency statistics," says Wendy Morgan, Head of Real-Time Data at the London Stock Exchange.
"We have worked hard to engineer the optimal delivery mechanism for London Stock Exchange data as banks and hedge funds are no longer prepared to accept latency and outages associated with legacy architectures. Our customers have benchmarked us against other low latency offerings, including their own exchange gateways, and have chosen us purely on performance and reliability" says Hugh Hughes, Chief Executive Officer, Fixnetix. "The demand for low latency data is increasing exponentially due to the growth in algorithmic trading and having the second best solution is no longer an option."
Fixnetix iX-Direct data service shaves hundreds of milliseconds off data vendor transmission times by delivering the optimal end-to-end solution over its dedicated Ethernet network. With access to over 55,000 global points of presence (POP's), iX-Direct provides traders with the data needed to make informed trading decisions at speed and enabling them to achieve unrivalled perffrfperformance levels.
For the first time financial institutions can now receive ultra low latency normalised Exchange data without the need to build out and support feed handler technology. By distributing Infolect over dual 100MB Ethernet circuits' iX-Direct customers receive the additional benefits of faster and cleaner data, with full depth and no loss of data or delays due to the buffering commonly associated with legacy data feeds.
Fixnetix provides end-to-end delivery of data directly from major exchanges, Electronic Communication Networks (ECN's), Multi Lateral Trading Facilities (MTF's), Investment Banks (SI's) & brokers throughout Europe, North America and Asia. Its feeds cover equities, bonds, futures, options and FX markets.