Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related solutions, today announced that its Real-Time Services business has launched PlusBook, a new consolidated order book service for the European financial industry.
PlusBook, which is designed to help address the best execution mandates embodied in the Markets in Financial Instruments Directive (MiFID) and provide sub-millisecond performance, enables the user to track liquidity in real-time across multiple venues.
Post MiFID, a growing number of Multilateral Trading Facilities (MTFs) and Electronic Communication Networks (ECNs) have been launched to take advantage of liquidity fragmentation across the world's financial markets. PlusBook provides a consolidated order book designed to help financial institutions gain a more complete view of global market liquidity by aggregating orders from multiple venues, including those based in the US market.
PlusBook can be integrated quickly and easily with PlusFeedSM, Interactive Data's low-latency digital datafeed that delivers a broad range of global financial information from over 450 sources and exchanges worldwide, covering more than six million instruments.
Providing low-latency access to streaming level 1 and 2 data, PlusBook identifies each trading venue by Market Identification Code (MIC) and covers all markets available on PlusFeed, subject to client entitlements. Venues for which a price is available via PlusFeed, but not part of the customer authorised entitlements, are flagged as part of the consolidated view to maximise price transparency. Customisable features allow end users to tailor the coverage provided to the venues most relevant to them.
PlusBook derives the sum of orders at a specific venue at a specific price, providing financial institutions with an aggregate of orders from different venues which can help track market liquidity. Subscribing companies can use a custom-built viewing application to screen the streaming data, or plug it into their existing infrastructure. This can allow the data to be fed directly into algorithmic or automated trading applications, thereby optimising trading strategies.
Henk D'Hoore, head of Product, EMEA, Interactive Data's Real-Time Services business, said: "Following an in-depth review of the impact of MiFID and in consultation with a wide number of buy and sell-side participants, we believe that we've developed a service that the market wants. PlusBook is designed to help customers meet their best execution requirements - it provides price transparency and allows for more efficient pre and post-trade analysis. It's easy-to-use and offers flexibility and speed, enabling customisable views and faster decision-making."