In an effort to facilitate High-Frequency Trading, attract new trading participants, as well as capitalize on their proprietary data assets, modern exchanges are now offering increasingly mature data products to their clients.
The ACTIV Financial suite of Exchange services provides a modern technology frame work to build a suite of exchange products providing flexibility and scalability for the future.
Consolidated Feed – Many exchanges today have implemented disparate trading systems for each asset class and are maintaining multiple market data systems. The ACTIV solution will integrate all of your trading systems into a single market data feed and can also provide you a platform for distribution of reference data, news, and other sources through a single consolidated interface. ACTIV embeds a powerful content administration system enabling exchanges to create new product groups quickly and manage them efficiently.
Co-Location Services – Close proximity to the matching engine offers clear latency benefits which enhance the effectiveness of high-frequency trading strategies. But the verbose FIX data structures do not lend themselves to efficient processing and are not well suited for dissemination of full-order book distribution. The ActivAPI is built for direct dissemination into a financial institution’s automated trading systems and is pre-integrated with over 50 of the top ISV trading platforms. ACTIV’s technologies can be white-labeled and deployed directly inside of your co-location facility reducing the barrier of entry for new trading participants as well as increasing your data revenues.
FTP Tick History – ACTIV’s Content Platform includes a powerful message logging facility which enables your exchange to store every message distributed by your feeds and distribute that “tick-history” as a product to drive back-testing of trading models and post-trade compliance systems.
Depth of Book – ACTIV’s systems can ingest a low-latency order level feed and construct market-by-order (BBO10) feeds as well as top-of-book (BBO) outputs.
Value-Added Analytics – The ACTIV platform creates powerful analytics on the underlying trade data normally only offered by market data vendors. Leveraging ACTIV, exchanges could offer feeds including per-security analytics such average trading volume and price, high/lows over daily, monthly, and yearly periods, cumulative trade volume and value, top 10 gainers and losers. In addition, ACTIV calculates aggregate exchange statistics such as advancers/decliners, cumulative exchange volume, and cumulative traded value for the day.
Data Delay & Conflation – In addition to the full-tick outputs required by the HFT platforms, ACTIV can enable exchanges to provide feeds of delayed data used by media and internet consumers as well as conflated snapshot feeds as appropriate. The ACTIV platform enables exchanges full flexibility to define their own time periods for delay or conflation intervals.
Trading Workstation Support – ACTIV’s powerful enterprise technologies power market data into some of the leading trading workstation products. ACTIV’s fan-out technologies in the Content Gateway provide support for TCP tunneling, load sensitive data conflation, content permissioning, and other features which are required for reliable wide-scale distribution for GUI Trading interfaces.
ACTIV’s powerful market data platform can empower exchanges with the tools they need today as well as the flexibility and scalability for the future.