Refinitiv Launches Enhanced Low-Latency Data Feed for FX Trading

FX Binary Multicast Feed 5ms provides liquidity and trading on Refinitiv’s Spot Matching platform.

Refinitiv announced today it has launched its FX Binary Multicast Feed 5ms, an enhanced low-latency market data feed to enable increased market transparency and support critical trading decision making for Refinitiv Spot Matching clients.

The new data feed will provide more frequent and granular data on the order book and traded prices from Refinitiv’s Spot Matching platform and enable clients to improve their price discovery and make effective and quick trading decisions on Matching, according to the firm.

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It is available to all clients who subscribe to the current version of the Binary Multicast Feed.

The ultra-low latency feed will enable an in-depth and near real-time update of the market with increased depth of book levels for enhanced insights. Clients will have higher certainty that they can achieve prices as they will be based on the market every 5ms, a five-fold increase in update frequency from the previous version of the feed.  Refinitiv’s goal is to improve liquidity and market making on Matching.

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Supporting spot and forwards trading

The Refinitiv FX Matching platform supports both spot and forwards trading. As a primary market for interdealer trading in FX, Matching data plays a critical role in the FX market structure.  It is used as a reference rate in price discovery, the management of client orders and FX options contracts, WM/Reuters fixings and for determining the day’s high and low trading range.

Matching is used by a broad and global set of clients who value and its firm liquidity and all-to-all model. Refinitiv noted that Matching is particularly valued  in times of market volatility and recently saw spot volumes spike to levels last seen during the UK Brexit referendum of June 2016 and the November 2016 US presidential election. Forwards Matching also recently saw historical record high volumes, according to the firm.

The feed provides 5ms updates for a near real-time view of the Matching book made of firm (no last-look), all-to-all orders and high confidence of execution on the venue. New VWAP data that has also been added to the binary feed enables trading clients to monitor and adjust their algorithms in real time.

“As a leading trading venue and data company for financial markets, Refinitiv is committed to supporting effective markets and client solutions that drive faster and smarter trading decisions. The liquidity and feed of data from FX Matching is critical in the trading and risk management strategies adopted by institutional FX trading firms, making it imperative that we continue to enhance our solutions to drive liquidity, transparency and smarter trade execution. The richer data in the feed will help FX traders to execute more effectively and enhance their trading strategies,” said Paul Clarke, head of FX venues at Refinitiv.

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