Algo Technologies Connects to Derivatives Markets
November 4, 2010
Algo Technologies said it had connected its AlgoSpan high-speed fiber network to a data center in Chicago, to support trading of derivatives alongside equities.
Algo, a supplier of mathematically-driven trading products based in London, said it set up shop in a Telx data center on East Cermak Road in Chicago, to add access to the Chicago Mercantile Exchange, the world's largest derivatives marketplace, and the Intercontinental Exchange (ICE), which operates futures and commodity markets.
AlgoSpan is a fiber network designed to provide high-speed and coordinated trading in various market centers, including New York, London and other market centers in Europe. The network uses "shortest path" designs, the company said, to achieve "ultra low latency" trades, across venues. Algo will offer its U.S. and European market data feeds to trading firms who co-locate in the Telx facility.
Trading firms will get "what we believe is the best, low latency data service on the market today,” said Hirander Misra, chief executive of Algo Technologies and co-founding director of AlgoSpan.
Algo did not specify the speed of its connection between Chicago and New York. Spread Networks, based in Ridgeland, Miss., currently offers 13.3 and 15.75 millisecond round-trips between Chicago and New York.
Algo Technologies specializes in providing direct market access data infrastructure. AlgoSpan is a joint venture between Algo Technologies and Fibre Span.
Algo Technologies also provides Algo M2, a matching engine, and Algo Data, a data service.
