TSX Datalinx, TMX Group's data business, today announced the beta launch of its real-time Canadian Best Bid and Offer (CBBO) data feed.
It is the second phase of the previously launched real-time Consolidated Data Feed (CDF).
CDF and CBBO provide low-latency access to market data from multiple Canadian equity market centres. TSX Datalinx's goal for these products is to help clients meet regulatory trade through and best execution obligations, support electronic trading strategies that are prevalent in the marketplace today and reduce the overall industry's cost of acquiring data by leveraging existing TSX connectivity. The equity markets currently participating in the CDF and CBBO are Toronto Stock Exchange (TSX), Chi-X Canada, Pure Trading and Omega ATS. TSX Datalinx has also extended invitations to other Canadian equity markets to contribute to the CDF and CBBO suite of consolidated products.
Antoine Babule, Managing Director of Newedge Canada said: "We are expanding our trading in the Canadian equity and derivatives markets. Accessing Canadian equity marketplace content through the CDF and CBBO is a logical step for Newedge. It allows us to leverage our existing market data infrastructure, which is co-located at TMX, to reduce our development and ongoing support costs for this data."
"CDF and CBBO facilitate access to critical market data from Canadian market centres for domestic and international customers. With its range of content and existing connectivity to vendors, dealers and trading networks, TMX Group is the logical consolidator of Canadian equity market data," said Richard Carleton, Vice President Corporate Development at Pure Trading, a facility of CNSX Markets, one of the contributors to the CDF and CBBO.
TSX Datalinx plans to expand the product offering to include deeper consolidated pre-trade order book information, consolidated trade information and opaque market information. "TSX Datalinx has over 165,000 real time data subscriptions globally on September 30, 2008 and there has been substantial domestic and international client interest in our consolidated equities information. We will continue to work with our clients to provide relevant data solutions to help make TMX Group, its clients and the Canadian capital markets globally competitive," said Eric Sinclair, Senior Vice President, TSX Datalinx.
Separately, TMX Group today announced that, as a result of significant global client demand, its co-location services will be expanded in 2009 to include additional client cabinets for both equity and derivatives clients.
Co-location provides the opportunity for Toronto Stock Exchange (TSX) and TSX Venture Exchange clients to locate their trading applications in the same physical data centre as the TSX Quantum trading engine and the TSX market data content provider. In 2009, with the completion of the integration of Montreal Exchange and TSX data centres, co-location services will be expanded to include derivatives trading and data clients.
"TMX Group clients co-locating their trading infrastructure within our data centre will enjoy a reduced response time," said Tom Kloet, CEO, TMX Group. "Providing these services demonstrates TMX Group's commitment to offering low-latency solutions that support algorithmic and high velocity trading."
Newedge Canada was one of the first brokerage firms to sign up for this service. Antoine Babule, Managing Director of Newedge Canada, said: "As a new force in global brokerage, we recognize the competitive benefits of low-latency access to trading and data. Having access to the trading engines for the dominant cash and derivatives exchange in Canada on a co-located basis is a very attractive solution and supports multi-asset strategies for sponsored direct market access and algorithmic trading."