Technological advancements relating to the availability of trading venues to traders worldwide have arrived in their droves this year, with simplification and single-point connectivity at the forefront.
such developments in this direction this year have been largely concentrated on the connectivity of executing venues and trading communities with minimum latency regardless of region, along with easy of joining such communities by integrating single API connection methodology.
Today, ConvergEx Group announced that it is also concentrating on single API connectivity, as its options technology business LiquidPoint announced that it has launched a new market data service that makes Complex Order Book data from all seven applicable options exchanges available through a single LiquidPoint API.
Changes In Corporate Direction
Brokerage and trading related solutions conglomerate ConvergEx has concentrated its efforts on its LiquidPoint division this year, beginning in January with the appointment of Craig Reilly as Senior Vice President of Options Sales.
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At the same time, the company took a decision to competely divest from its software platform business lock, stock, and barrel by selling it as a going concern to a subsidiary of TPG Capital. This move saw the end of the firm’s ownership of Eze Castle Software LLc and RealTick LLc.
Upon the introduction of its new market data service, LiquidPoint will now be able to offer subscribers the ability to consume this universal Complex Order Book (uCOB) feed at significantly less cost than acquiring market data subscriptions directly from each options exchange, thereby eliminating the burden and cost of acquiring, operating and maintaining each of those data feeds. The uCOB data feed is in addition to the Level-1 equity and OPRA data that LiquidPoint already offers.
Making a corporate statement regarding the launch, Anthony Saliba, Chief Executive Officer of ConvergEx’s LiquidPoint announced: “While we have always offered uCOB through BLAZE, our options execution management system, we understand that some clients also need a cost-effective and scalable solution to power their own proprietary applications.”
Aside from single API connectivity, ConvergEx considers another virtue to be that clients are able to apply custom filters to identify trading opportunities, evaluate the marketability of their orders and provide more intelligent spread order routing capabilities. They are also able to better source liquidity and measure execution quality.
“We continue to make investments in our options technologies and expand our market data services. As more exchanges offer COB data, our clients can rest assured that we will always keep them ahead of the curve as the marketplace evolves,” concluded Mr. Saliba.