“The race to zero is over.” That was the message delivered by CSC Fixnetix CTO Dr Marcus Perrett and Commercial Director Jason Mochine at the Intelligent Trading Summit London on the 4th of February.
Hundreds of high profile delegates gathered for one of the world’s foremost conferences in low-latency electronic trading and in the afternoon all eyes were on CSC Fixnetix as the talk turned to the latest innovations in pre-trade risk controls.
Building on the firm’s long history of utilising FPGA based hardware for risk control, the message that CSC Fixnetix was out to enforce was a simple one – the traditional choice between speed and functionality was no longer necessary.
In October 2015, CSC Fixnetix announced the launch of iX-eCute Zero Latency, their next generation pre-trade risk control hardware. At the Intelligent Trading Summit - the company's first public event since the launch of ‘ZL’ - the spotlight revealed just how much ZL technology contests the traditional methods of pre-trade risk control.
“This presentation was an opportunity for us to challenge the industry’s perceptions around using FPGA for risk control” said Jason Mochine, Commercial Director of CSC Fixnetix. “There has long been debate over how best to tackle the latency incurred by mandatory pre-trade risk checks.”
“Four years ago when we originally released iX-eCute we took the view that a comprehensive approach to pre-trade risk was the best route” says Dr Marcus Perrett, CTO of CSC Fixnetix, “but our critics pointed out that iX-eCute was still latency inefficient compared to other methods. I don’t think that this tells the whole story – on top of being the most encompassing method of pre-trade risk control, trading times for iX-eCute were also in the single digit nanoseconds. It was and still is, a revolutionary product. However it did inspire us to seek perfection in our approach.”
“ITS was the ideal venue for us to give a voice to our way of thinking to some of the most important players in the electronic trading domain” added Jason. “A chance for us to say that we hear what people say about our approach to pre-trade risk, have absorbed it, and have used it to drive a revolutionary new method.”
Built on the existing iX-eCute technology, ZL is able to conduct over 40 different risk checks in line with SEC, IIROC and ASIC requirements. Specifically, the solution allows for order submission and risk checking in a lower time frame than either function can be independently conducted today. These enhancements put ZL significantly ahead of any other pre-trade risk hardware or software available to the marketplace today.
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