The Algo Group, a leading provider of high performance trading technology solutions and Quote MTF, a next generation lit trading venue for Pan-European equities, today announced that The Algo Group has gone live with its network connectivity and managed services for Quote MTF ahead of the multilateral trading facility's hard launch on 4 April 2011.
Quote MTF data and trading facilities will be distributed on AlgoSpan's international low latency fibre network.
According to the agreement, AlgoSpan will make Quote MTF accessible to the global trading community via its ultra-low latency international trading network and hosted client community thanks to its co-location facilities at the Interxion data centre in East London where Quote MTF is based. Latency-sensitive trading firms located elsewhere can also have 'shortest path' access from other major data centres across Europe and the United States to Quote MTF. Algo Technologies will add Quote MTF market data to its AlgoData ultra-fast raw, normalised and consolidated European and US market data feeds offering.
Hirander Misra, CEO, Algo Technologies & Co-Founding Director, AlgoSpan, comments: "This industry refuses to stand still and new entrants can now reach a large, low latency market quickly and easily. It signifies continuing development and competition, both good for today's market users. We are delighted to be working with Quote MTF to facilitate even greater efficiency in the European capital markets."
Christian Bower, Commercial Director, Quote MTF, comments: "We welcome the partnership with Algo Technologies which increases accessibility to our pan-European lit venue. The availability of low latency infrastructure is essential in accommodating the growing list of proactive subscribers who are ahead of the market in recognising that Quote MTF is set to become a highly relevant part of Europe's trading landscape."
Quote MTF and its ThymeX matching engine, which has been tried, tested and proven in the Canadian markets via Omega ATS, is a fast, resilient and highly scalable trading environment. Requiring only a fraction of Europe's liquidity for the company to breakeven, this next-generation venue promotes sustainable market-wide competition in a post-MiFID world. Quote MTF offers no rebates for passive liquidity choosing to pass these savings straight on to end clients. Quote MTF announced in September it has secured a consortium of Liquidity Providers and has capped commission fees for all subscribers at €14,000 from now until 2012.