BT to provide connectivity and hosting for Australia's first ECN
14 January 2008 | 4036 views | 0
BT has announced it will provide AXE ECN, a new Australian electronic communications network, with connectivity and hosting through Radianz Proximity Solution, for electronic trading access and low-latency market data distribution.
Firms that trade on AXE will have the option to host their trading engines at a BT hosting facility to achieve the lowest execution time and avoid the natural latency that occurs when trading over distance. The AXE joins nearly 50 execution venues that are already connected to the Radianz Shared Market Infrastructure.
Greg Yanco, CEO of AXE ECN said, "Ease of connectivity and a trusted solutions partner are a big factor to us, and BT was the right choice to meet the requirements of our business. The established Radianz Shared Market Infrastructure provides us with quick and easy access to the global financial community, as well as the benefits it offers for high speed, low latency connectivity. We could not have achieved such level of access efficiently without BT's Radianz Proximity Solution. As a result of our positive experience, we look forward to working further with BT in order to facilitate our future business growth."
Richard Man, Head of Radianz Services Asia-Pacific, BT Global Financial Services, said, "We are enabling AXE to execute a clear strategy for advanced trading in Australia, whilst enhancing overall access to the region. BT's customers across the globe are demanding lower latency and direct access. AXE's selection of BT further recognizes our shared market infrastructure as the choice for fast access to the financial community. We see our relationship with AXE as an endorsement of the success of Radianz Proximity Solution with global execution venues and a significant stepping stone in the expansion of our services across Asia-Pacific."
AXE ECN in Australia is a joint venture with five major investment banks and is a business that will inject competition into the trade reporting market in Australia. The AXE ECN crossings platform is due to start trading in early 2008.
AXE also recently announced the planned launch of a new electronic order book and matching engine to trade ASX listed securities, developing a full continuous auction model to complement the crossings platform. Full trading is expected to commence in the September quarter of 2008.