Swedish agency broker NeoNet has signed up to BT Radianz's Proximity service which it will use to provide its clients with low latency direct market access to execution venues in North America and Europe.
The Radianz Proximity service facilitates algorithmic and program trading by hosting customer trading applications adjacent to market data and execution venues.
As a part of its agreement with BT, NeoNet will host modules of its trading platform in BT Radianz's data centres in London and New York.
Commenting on the move, David Stopforth, head of European sales, BT Radianz, says: "There is a clear need across the globe for high-speed direct market access. The physical limitations of distance put firms using advanced trading strategies at a clear disadvantage when they are located away from key execution venues."
Simon Nathanson, CEO of NeoNet, says: "Our client base of leading investment banks and institutions requires super fast order routing and market data globally. NeoNet's direct market access services are based on our high-performance trading platform, and the Radianz Proximity Solution matches our need for low-latency infrastructure to our 20 connected exchanges."
Last month Deutsche Bank said it would use the Proximity service to provide its hedge fund clients with low latency access to market data and trade execution services.