Nyfix Implements New Architecture
March 16, 2009
Nyfix, a dark pool operator and trading systems provider, is shifting its Millennium trading venue to a new technology architecture called HPX. The migration began early last month and is scheduled to finish later this quarter.
According to Nyfix, HPX allows the dark book to take client orders in under 3 milliseconds. "We want to make sure that our platform is one of the fastest and most latency-sensitive out there," said C. Thomas Richardson, global head of transaction services at Nyfix. Its European dark book, Euro Millennium, is currently operating on the new architecture, as will all Nyfix services ultimately.
"We made a decision two years ago to build and launch this system first in Europe," said Richardson, "not only to take advantage of the seismic changes that are going on over there, but also to give us a year to really have the system tested and fully vetted." He added that feedback from European clients has been "positive."
Laurie Berke, senior analyst with Tabb Group, noted that if Millennium HPX performs as Nyfix has stated, algorithms equipped with smart-order routers that respond to real-time liquidity opportunities are more likely to seek out matches on the venue.
