Cinnober Financial Technology introduced a trading system that it said performs "door to door" matching of orders in under 10 millionths of a second.
The TRADExpress Ultra engine is aimed at "high-liquidity markets where latency is the most critical factor and each nanosecond matters,'' Cinnober said.
TRADExpress Ultra supports frequently used order types, such as limit, iceberg, fill-and-kill and fill-or-kill orders. The system, aimed at market venues worldwide, uses the same replication feature with hot standby servers as Cinnober's existing TRADExpress Trading System.
"Offering low latency is important to all trading venues in competitive markets today. But some are willing to streamline functionality more than others to get closer to zero," says Nils-Robert Persson, Executive Chairman of Cinnober. "Our TRADExpress Trading System is highly competitive on latency, but TRADExpress Ultra reaches completely new levels.''
The new system also supports functions such as dark, stop, and peg orders. The system also relies on low-cost computing devices.
"We're utilizing commodity hardware, and I think this gives us a unique position in the market. Most competing platforms demand much more and sometimes even specialized hardware," says Jan Arpi, CEO of Cinnober.
The industry has seen rapid development in trading speed, but now also faces similar increasingly tough requirements for solutions within market data distribution, clearing and risk management.
The company called single-digit microsecond matching speed "a quantum leap for this industry.''