• Jun
  • 18
  • 2007
  • 11:45 AM

Russell rebalance; new SFTI FIX; speed kills; MatchPoint details

By: Ray Pellecchia
File Under: MatchPoint, TransactTools


An Astrid Kircherr portrait of the artist as a young man.

Russell Reconstitution Conference Call : The mondo Russell rebalance is this Friday, according to this client notice. To help ensure a smooth transition and to keep the industry informed of any developments, NYSE, NYSE Arca and NASDAQ will conduct a market-wide conference call. Click link for details. Customers and vendors only, please. (NYSE.com)

NYSE TransactTools Launches SFTI FIX; SFTI is now a market center focused, OMS neutral FIX routing network : Available July 1, SFTI FIX gives customers an OMS neutral FIX routing network to get to any destination through a single FIX connection and brings customers access to an ever-growing universe of market centers. The SFTI FIX network connects to over 800 market participants, including all of the NMS markets in the United States. Sam Johnson, CEO of NYSE TransactTools, commenting on the launch, said: "SFTI FIX is the next step for us in realizing our vision of building a global platform for Intelligent Trading Connectivity. With SFTI FIX, we are laying the foundation for a series of soon-to-launch innovations that will enhance our platform's functionality and breadth of coverage in order to provide our customers the most efficient access to global liquidity."

SFTI FIX is powered by TCM6, the latest release of the world's highest-performing platform for Trading Connectivity Management. Available immediately, TCM6 integrates high-performance message handling with a suite of operational and business tools for managing, monitoring and analyzing trading activity across any size or scale of deployment. Trading firms, financial markets, networks, and vendors all benefit from enterprise-wide, end-to-end control over transactional information moving between systems and across networks. David Litner, SVP Engineering NYSE TransactTools, comments, "Our customers have the most demanding trading environments in the world, and have moved billions of orders through our platform. We've worked with our customers to adapt to their needs, and TCM6 is the culmination of this effort. We've improved upon user experience and performance, and also created a dramatic upgrade in platform functionality."

New updates to the TCM platform include:
-- Direct Market Access: High throughput, low latency messaging with in-line risk controls and trading activity reporting.
-- Pre-Trade: An Indication of Interest (IOI) offering, including both manual and automated modes of operation, with sophisticated routing options.
-- Distributed Server Management: Consolidated cross-enterprise configuration and improved monitoring to provide more flexible views of messaging gateways.
-- FAST Support: Support for FIX Adapted for Streaming (FAST) to provide faster transport of messages.

Speed kills... what? : Speaking of TransactTools, Sam Johnson says on his blog: "But if we're talking about getting to markets, we should include the markets' network in the discussion. After all, it really ought to be the fastest, and it is." (Connected)

Pending SEC approval, NYSE MatchPoint will be a portfolio-based, point-in-time electronic exchange facility that matches aggregated orders at predetermined times with no market impact. NYSE MatchPoint has been designed to provide the optimal solution for liquidity discovery by creating a centralized exchange-neutral matching environment. The link provides basic background, and here are the MatchPoint specs. (NYSE.com)

Happy Monday, folks. I know this space has been a little quiet lately, and most of the above are links to things I missed posting last week, mostly because lately I've been in a lot of MEETINGS. Sometimes I want to stand up in the middle of a meeting and yell, "CAN WE NOW PLEASE END THE MEETING SO THAT I CAN GET DONE ALL THE STUFF I JUST GOT VOLUNTEERED FOR IN THE MEETING?" Or something like that. I guess I shouldn't complain. Such is the life of a bureaucrat.

A musical aside before I have to go to my next MEETING -- born On This Day: Paul McCartney; Mr. "When I'm Sixty-Four" turns 65 today.

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Comments

Re: SFTI FIX "...to get to any destination through a single FIX connection..."
Ray,
Please confirm if we can use the one connection to reach NYSE - AND - the (currently separate) ARCA platform.
Thanks,
Kevin.

by Kevin Davis on June 19, 2007 1:00 PM

Kevin -- Ran this by Sam Johnson, CEO of NYSE TransactTools, and here's his response to your question:

"Yes. We can provide routing to both of these platforms, as well as others, as a service in the SFTI FIX network that can be accessed through a single connection.

"Since the question is specific to NYSE and Arca, we should also mention there is a development effort underway to migrate the existing gateways to a single, new platform (called the Common Customer Gateway, or CCG) later this year. Once that's in place the two separate interfaces will converge at the exchange to a single FIX API. Eventually, the CCG will act as a common point of access across all NYSE Euronext markets."

Thanks for the question, Kevin; and for the response, Sam.

Also, Kevin: here's a link to a recent memo on the subject: http://www.nyse.com/pdfs/ConnectivityCCGInformationMemo060507.pdf

by Ray Pellecchia on June 22, 2007 10:40 AM

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