Vela expands MiFID II suite with Systematic Internaliser Data Hub

Source: Vela

Vela, the premier market access technology provider, today announced the launch of its Systematic Internaliser (SI) Data Hub, part of its comprehensive MiFID II solution suite.

Vela also confirms the addition of Sun Trading as part of its roll-out of new Systematic Internaliser venues.

Vela’s SI Data Hub provides clients with access to multiple SI liquidity price feeds through a single normalised API, helping to address MiFID II concerns regarding best execution and liquidity fragmentation when it takes effect on 3 January 2018. The Vela SI Data Hub supports the SI Consolidated Book providing clients with a single, consolidated Best Bid Offer (BBO) view of multiple liquidity sources to support price discovery and aid best execution.

Based upon Vela’s feed handler technology, the SI Data Hub combines a low latency, high performance solution with Vela’s normalised market data model. Offered as a dedicated fully-managed solution in Equinix Slough, the SI Data Hub allows clients to receive their own bespoke, individual SI price feeds through a single connection. The SI Data Hub is also available as a software-only solution to run in-house for new deployments or as an addition to existing solutions. The SI Data Hub offering is complemented by Vela’s SI Execution Platform which provides clients with a single, low latency order routing platform to multiple Systematic Internalisers.

Hazem Dawani, Chief Product Officer, at Vela, said, “The launch of Vela’s SI Data Hub provides our clients with a dedicated normalised feed that is fully hosted and managed. As new SI venues are launched over the coming weeks and months, our clients can quickly and easily access these additional pools of potential liquidity.”

“We are excited to be working with Vela in order to offer greater liquidity and quote efficiency to a broader array of market participants,” said Jamal Tarazi, Head of European Trading at Sun Trading. “With the addition of our interface to the Vela SI solution, we give firms the ability to be reactive and agile to access our data and execution capability.”

Ollie Cadman, Head of Business Operations EMEA, at Vela commented, “We are delighted to be working with Sun Trading to enable quick and cost-effective connectivity for their clients to comply with MiFID II.” He added “The addition of Sun Trading to our new SI Data Hub demonstrates our continued commitment to provide our clients with the most comprehensive market coverage whilst ensuring we include the latest liquidity providers.”

Vela’s SI Data Hub is part of a wider range of SI and MiFID II solutions including European Best Bid Offer (EBBO), support for Periodic Auction venues, enhanced Kill Switch functionality, and ongoing maintenance of exchange-driven changes.  

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