The International Securities Exchange (ISE) and Hanweck Associates, LLC, a premier financial-services provider specializing in high-performance risk management and trading solutions for institutional investors, announced today that ISE has made a strategic investment in Hanweck Associates.
ISE's minority investment will help Hanweck Associates support further product development, expand its sales and technical support teams, and meet the increasing market demand for real-time options analytics as the options industry continues to grow.
"We believe that Hanweck Associates' cutting-edge technology for real-time options analytics is groundbreaking for the financial industry, and we are excited to partner with them as they expand their risk management and financial analytics tools for the options market and other financial sectors," said Gary Katz, President and Chief Executive Officer of ISE. "As an industry leader in high-performance, low-latency computing technology for options market data, we also look forward to collaborating with Hanweck Associates to enhance ISE's suite of market data product offerings."
"As options trading volume and quote traffic continues to surge, conventional market data systems are struggling to keep pace," explained Gerald A. Hanweck, Jr., PhD, Chief Executive Officer of Hanweck Associates. "Hanweck Associates already delivers advanced technologies, including graphics processing unit (GPU)-based computing, to options market participants today. The support of ISE, with its history of excellence in electronic options trading, will undoubtedly help us broaden our reach and take these applications to an entirely new level of performance."
The investment follows a successful year for Hanweck Associates, which saw the expansion of its real-time, low-latency options analytics feed, VoleraFEEDTM, to vendor platforms including ACTIV Financial, Interactive Data and SpryWare. In partnership with Interactive Data, Hanweck Associates also released Options Volatility ServiceTM, an historical, end-of-day options and analytics database service. Hanweck Associates continues to push the envelope in high-performance computing with the release of its VoleraAPITM, which opens the power of the VoleraTM GPU-based engine to financial engineers and developers.
Hanweck Associates' VoleraFEEDTM currently delivers real-time, low-latency implied volatilities and Greeks to ISE's front-end options trading application, PrecISE Trade®. Built upon the company's VoleraTM high-performance, GPU-based options analytics engine, VoleraFEEDTM delivers real-time implied volatilities and Greeks on the entire U.S. OPRA universe with latency measured in milliseconds. The Volera engine can perform tens of millions of options valuations per second - 30 times faster than conventional CPU-based systems. Volera's innovative technology can reduce operational costs by 90 percent, and easily scales to meet ever-increasing OPRA message rates.