ICE exchange has selected Object Trading as it migrates products under its acquisition of NYSE LIFFE. The exchange has given approval to Object Trading with an official certification of conformance. The exchange aims to offer traders a trouble-free approach as the instruments are diverted onto the new trading platform.
ICE exchange will be rolling out changes on its current trading system as it expands its product portfolio. During a two month period, NYSE LIFFE UK products will migrate to the ICE trading platform in multiple phases which are planned from September 29 through November 2014.
Object Trading gives traders the ability to continue trading during the migration process. “The ICE derivatives product migration does not disrupt business as usual for connected clients,” said Steve Woodyatt, CEO, Object Trading in a statement.
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Object Trading offers a number of technological solutions, its benchmark FrontRunner DMA suite offers sell-side and buy-side firms a single gateway for market access. Since the 2009 G20 Summit of global leaders, financial markets have evolved with more emphasis on centrally cleared instruments. FrontRunner provides normalized, real-time market data and order execution with in-line pre-trade risk constraints on more than 60 equity, derivative and FX markets.
Mr Woodyatt added: “Simplifying market access infrastructure is the key to trading successfully in our increasingly complex marketplace. Firms must shed operational complexity or become trapped into small, incremental changes, unable to execute on strategic innovation.”
In its notification, the exchange stated that firms with internally maintained market access, continuing to trade NYSE LIFFE derivative products on the ICE platform, would need to invest significant time and effort to modify their market data and order execution exchange interfaces to accommodate the move of instruments to the new trading platform.
ICE became the world’s largest financial trading venue last year after taking over NYSE LIFFE, the deal was over ten billion dollars in cash and stocks.