LONDON, NEW YORK, CHICAGO - 23rd June 2009
Fixnetix has announced that it is expanding its operations to offer US data and market access for European firms looking to trade in the US. In addition, the company will provide the same services for US proprietary trading firms, prime brokers and hedge funds looking to trade on the key European markets, removing the requirement for firms to set-up and operate their own expensive infrastructure at a time when in-house budgets and resources are severely limited.
To support the initiative, Fixnetix has established points of presence at Equinix’s major International Business ExchangeTM (IBX®) data centres in Secaucus, NJ, and Chicago, which will serve as hubs and provide connectivity to 10 key markets across the US – in addition to the 35 European venues that Fixnetix supports. Fixnetix will deploy its data and trading platforms in each Equinix facility, with client co-location supported by connections to markets that host their trading engine or points of presence in those data centres.
Hugh Hughes, Chief Executive of Fixnetix explained:
“With this expansion into the North American market, we’re looking to capitalise on the growing demand from firms with trading strategies that require access to related – but separate – international markets. For example, the Chicago Mercantile Exchange is intrinsically linked to Eurex and Liffe, and futures traders also need access to underlying cash markets. We’re seeing a lot of demand for this kind of international connectivity, particularly driven by the growth in proprietary algorithmic and statistical arbitrage trading, as well as from fragmented European markets resulting from recent MiFID regulation. By setting up hubs and connectivity to data centres that serve the financial trading community in the New York and Chicago areas, we’re providing a valuable service for those trading firms that either don’t have the infrastructure expertise in-house to set up their own links, or who are restrained by current market conditions,” he added. “Working with Equinix, we can provide our customers with access to all the major US cash and futures exchanges, while the ability to link our US and European rings will prove an increasing advantage to firms across the US and Europe.”