(Originally published 19 December, 2016)
In 2016, we made more than 27 major updates to the DMA platform to accommodate changes and upgrades at various exchanges around the world. That’s at least 1 update every 2 weeks just to shield customers from exchange change. We did this whilst adding two new venues to the platform, helping new exchanges launch, expanding fully managed services to new and existing co-location centres, adding new clients to the platform, and taking new and existing clients to these new venues. We’re already preparing for a busy combination of the usual exchange upgrades coupled with highly anticipated major regulatory change for 2017, and expect further upgrades to be announced throughout the year.
The global markets landscape is constantly shifting with a steady stream of exchange upgrades, migrations, and product launches. Our team is continually evolving the Object Trading DMA Platform to accommodate exchange upgrades and updates as they occur. For the past few months, we’ve been publishing guidance on what’s happening at various exchanges.
For the end of the year, we thought it might be useful to give you a summary of what happened this year, a view to what’s happening generally at various global markets in 2017, and highlights of the currently planned activity to support those changes where applicable.
So far in 2016, we’ve made more than 27 major modifications to the DMA platform to accommodate changes and upgrades at the various exchanges. Because we’re constantly monitoring and preparing for these changes, your teams won’t have to worry about monitoring exchange updates or updating your trading systems to conform.
Once a firm is on our DMA Platform, they can also access 60+ other exchanges from the same normalised interface. Rarely do the updates from exchanges change the API that our clients connect to, so we shield our clients from the changes at the exchanges.
Global Markets Changes in 2016 – Highlights
CME’s 2015 Market Segment Gateway (MSGW) infrastructure update reduced latency, and this affected exchange access. We certified our conformance in December 2015 and have supported clients on the system since March 2016, all of whom have experienced a reduction in latency and slippage.
Object Trading and G. H. Financials, a conformed broker on Object Trading’s platform, announced on-demand, fully managed DMA services for clients on the ASX 24. Object Trading had already been providing DMA to the ASX 24 since 2001, and expanded its platform in 2015 by co-locating its fully managed DMA services in the Australian Liquidity Centre (ALC).
While we had already supported direct access to the Montréal Exchange on our platform for years, we added fully managed DMA services to M-X hosted in the co-location center.
Object Trading announced it was the first vendor to conform to ASX’s New Trading Platform (NTP).
When CurveGlobal launched, we were ready on the first day of trading to provide direct market access to this new liquidity pool, enabling market makers to meet their day 1 trading obligations.
When LME migrated their matching engine’s primary hosting site to Interxion’s LON-1 data center, we supported clients though the transition, with no impact to our clients’ connectivity.
We were ready when BM&FBOVESPA started requiring all participants to connect directly instead of via CME’s Globex platform. We were already approved as a fully conformed ISV to handle market data, order entry and pre-trade risk constraints for our clients and partners via our Direct Market Access Platform. We also established relationships with key exchange staff and local brokers to facilitate the process for firms needing local relationships in Brazil.
When the ICE made the latest updates to their API, we were ready. We had already modified our platform to accommodate the new order execution and market data interface changes.
When SGX upgraded to their new Titan platform, we were ready in advance. We had been certified as a conformed ISV in May and were ready at go-live to handle market data, order execution and pre-trade risk constraints.
Eurex is in the process of upgrading their entire exchange architecture to improve trading, clearing and connectivity. This is a transformative change, and we’ve been keeping up with all the updates. Most recently, we were ready when they rolled out T7 v4.0 on the 21st of November.
Global Markets Changes Coming in 2017 & – Highlights
Update: This content has moved. Click here to see what’s coming in 2017.
The key milestone of MiFID II comes into effect starting January, 2018.
As we obtain the latest information about upcoming upgrades, we’ll publish them here on our blog. Subscribe below if you’d like to be notified of the exchange updates via email.
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