Cinnober unveils TRADExpress Ultra - a revolutionary new offering for those high-liquidity markets where latency is the most critical factor and each nanosecond matters.
The new trading system offers average door-to-door latency well below ten microseconds (<10 µs) with full redundancy.
Market-leading trading technologies from Cinnober power demanding trading venues, regardless of whether they primarily compete with low latency or superior functionality. TRADExpress Ultra supports the most frequently used order types, such as limit, iceberg, fill-and-kill and fill-or-kill orders. It uses the same replication feature with hot standby servers as Cinnober's TRADExpress Trading System - which has a greater range of sophisticated functionality.
"Offering low latency is important to all trading venues in competitive markets today. But some are willing to streamline functionality more than others to get closer to zero," says Nils-Robert Persson, Executive Chairman of Cinnober. "Our TRADExpress Trading System is highly competitive on latency, but TRADExpress Ultra reaches completely new levels. The difference is primarily in the functionality; Ultra offers functionality suitable for a liquid market in which latency is critical. I believe that we are the first supplier to offer such a matching engine with single-digit microsecond latency."
Other factors that often are equally important as latency in a trading venue's offering are attractive order functions such as dark, stop, and peg orders. The fully-fledged TRADExpress Trading System, including a complete range of order types, has a market-leading door-to-door latency of less than 100 microseconds.
"We're utilizing commodity hardware, and I think this gives us a unique position in the market. Most competing platforms demand much more and sometimes even specialized hardware," says Jan Arpi, CEO of Cinnober.
"Total cost of ownership is key to many trading venues. Our platform concept makes it much easier and less costly to keep a lean infrastructure up to date and to utilize the latest advances in hardware and networks."
The industry has seen rapid development in trading speed, but now also faces similar increasingly tough requirements for solutions within market data distribution, clearing and risk management.
"Single-digit latency is a quantum leap for this industry and we're of course very pleased with the results we have achieved with our ultra-fast version," says Arpi. "Our strategy of basing our clearing, risk management and market data solutions on the same platform as our trading system enables us to also leverage these superior low-latency capabilities into those areas."