Velocimetrics, a provider of real-time business performance monitoring and analysis solutions to the global financial community, announced today that City Index has implemented Velocimetrics’s solution to assure the delivery of “ultra-fast and high quality” FX pricing.
The new solution provides City Index with the ability to instantly detect the emergence of latency and issues occurring with the aggregation of data used to calculate prices, enhancing the quality of service City Index offers across the different FX instruments it prices.
City Index is a UK-based spread betting, CFDs and FX broker. In October the British broker was sold to US based Gain Capital (NYSE:GCAP) for $118 million by Michael Spencer.
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The firm explains that this insight enables the business to trace the formulation of tradable quantities, such as particular currency pairs; from the moment encrypted data is received, from multiple OTC liquidity providers, right up to the point that prices are distributed out to clients.
City Index reportedly now can also instantly pinpoint possible time delays and tune their systems to ensure they can react even faster to changing market conditions and continue to deliver accurate pricing.
Commenting on the recent implementation, Gautam Dixit, Head of Pricing and Analytics at City Index stated: “Providing low latency, accurate pricing is essential and Velocimetrics has played an instrumental role in helping us to confidently deliver even faster pricing.”
Steve Colwill, CEO at Velocimetrics added: “Market needs are evolving, users want to understand, in business meaningful terms, the effect that latency may be having on clients, prices and trades. In today’s automated trading environment the ability to effectively control the quality of the data being used to generate tradable prices and how the wider business is being impacted by delays in the price production process, is fundamental to effectively managing issues when delays occur.”