Regardless of whether a trader needs to get to the book first, manage slippage on larger positions, or achieve immediacy and cross the spread; high performance, direct feeds for market data are essential to trading strategy performance. Market data infrastructure has a dramatic impact on execution quality and can be a key determinant of a strategy’s profitability and longevity.
How it Fits in the Direct Market Access Platform
The Market Data Feed Handler receives direct market data feeds from trading venues and provides normalised pricing data to any system connected to the API or FIX Interface.
The Object Trading Market Data Feed Handler (FrontPrice) distributes fast, reliable real-time market data to clients and/or trading gateways in a highly configurable deployment architecture that suits both screen-based and API trading or analytics requirements.
The system normalises direct data feeds from more than 60 global equity, derivative and FX exchanges. You write once to our API and receive feeds in the same format from any exchange you’re connected to.
The system is available as a Software Only deployment, or as part of a Fully Managed DMA Service deployment. See our deployment options for more information.
Capabilities the Market Data Feed Handler Provides
- Write to our API once – and receive feeds in the same format from any exchange you’re connected to. The server normalises the direct market data feeds so all trading systems integrate to the same interface and data format, making it simpler to:
- Connect to all major derivatives and equities markets over the same normalised interface.
- Design, test, execute, and port trading strategies without needing to re-write code to adapt to different APIs or data formats.
- Support screen-based and API trading or analytics requirements with the same data feeds.
- Get direct market data fast
- Benefits to the Sell-Side: Distribute fast, reliable real-time market data with full depth of book to clients and/or trading gateways.
- Benefits to the Buy-Side: receive fast, reliable real-time, full-depth market data so you can:
- Get to the book first with liquidity taking strategies.
- Manage slippage when taking large positions.
- Achieve immediacy when you need to cross the spread.
- See market making opportunities first.
- Co-locate at the source without having to buy and maintain infrastructure. You write to our API or FIX interface once, and we do all the rest. (Available when deployed as the Fully Managed DMA Service).
- Reduce time-to-market and total cost of ownership (TCO) associated with obtaining, maintaining and (for sell sides – providing) direct market data
- Record and replay real market data in your test environment using market data infrastructure identical to the production environment so you can safely test trading strategies with real results and then move them into production without the re-work required for environments that aren’t like-for-like. The Fully Managed DMA Service includes a sandpit for testing that is identical to the production environment.
- Keep up with all the exchange upgrades without having to modify interfaces. Object Trading manages all exchange upgrades and updates for clients deployed in the Fully Managed DMA Service. For clients using the software-only deployment option, Object Trading provides updates that the client can easily install in its environment to conform with exchange upgrades.
- Low-latency, normalised market data through a single API or FIX interface across multiple exchanges.
- High performance direct market data, without ticker plants or redistribution – offering fast and deterministic performance, greater granularity, and more flexibility than market data redistribution services.
- Fault tolerance/failover including enterprise-grade high availability deployment options.
- Full-depth of book.
- Exchange-sourced instrument static data.
- Microsecond timestamping.
- Flexible transport including multicast or peer-to-peer guaranteed message delivery.
- Data subscription mechanism ensures only prices of interest are transmitted.
- Multiple price subscription support options including filtering, coalescing and throttling.
- Streaming and snapshot pricing available on separate data subscriptions thus reducing bandwidth utilisation.
- Data recording and replay tools to support back testing and trading R&D.
- Runs on commodity hardware platforms, operating systems, and multiple language bindings.
- Local and wide area (satellite) distribution – enables custom partitioning of markets and/or fan out in remote offices to be serviced from exchange gateways (email us or call us for more information on satellite distribution services).
The system is available as:
- a Software Only deployment, or
- as part of a Fully Managed DMA Service deployment – you write to our API or FIX interface once, and we do all the rest.
See our deployment options for more information.
Services Included in the Fully Managed DMA Service Deployment
Write to our API once, and we do the rest.
- Client Services include onboarding, a sandpit environment for testing, the ability to connect any trading system, and the ability to choose from 60+ exchanges and work with a wide range of conformed brokers. Read more about our Client Services.
- Infrastructure Services include hosting, cross connects, hardware, network and bandwidth management, monitoring, and updating to conform to exchange upgrades. Read more about our Infrastructure Services.
Learn more about the Direct Market Access Platform
Get information about our Pre-Trade Risk Controls and our Order Execution Gateway
Check out our locations and connected markets
Read about our conformed brokers programme
Choose your deployment model
Email us or contact one of our local offices to get more information and learn how this system might work in your environment.
How decoupling market access from trading screens saves money
Why you should resist the temptation to buy everything from a single vendor
How buy-sides are dealing with sell-side retrenchment
Managing Slippage, Liquidity Fragmentation and Volatility