Amid all the fire and fury of the battle over costs, there are signs that buy-and sell-side firms have shifted some of their execution needs for data over to consolidated market data feeds.
Consolidated Market Data Feeds Gain Traction in Algo Trading and Fixed Income
Broker dealers and high-frequency trading firms have complained about U.S. stock exchanges charging high fees for direct data feeds, accusing the exchanges of having a monopoly and demanding transparency into their costs.
Brokers and electronic market makers argue they are forced to buy the fastest and most detailed proprietary data feeds to compete and/or to provide best execution to retail and institutional clients.
Exchanges claim that brokers have alternatives, such as the securities information processor known as the SIP, an aggregated data feed mandated by Congress in 1975, which shows the best bids and offers and last trades and calculates the national best bid and offer (NBBO).
But many professional traders and algorithmic investors need more speed and detail than the top of book prices in the SIP offers.
FlexTrade is a global leader in broker-neutral, execution and order management trading systems for equities, FX, options, futures and fixed income. A pioneer in the field, FlexTrade introduced the first trading system that allowed clients to control and customize their proprietary algorithms while maintaining the confidentiality of their trading strategies. Change is the only constant in electronic trading. That's why FlexTrade is continuously upgrading its products and services. All can be tailored to meet the demanding requirements of a global client base of more than a 225 buy- and sell-side firms.
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