Commentary

Tim Quast
Traders Magazine Online News

We're All HFTs Now

In this guest commentary, author Tim Quast looks back at the history of HFT and how the market has evolved to where many firms now fit the definition of high-frequency trader.

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December 14, 2007

Townsend is Ready for MiFID

By James Ramage

The Markets in Financial Instruments Directive (MiFID) is here. New products from Townsend Analytics and Reuters aim to help traders comply with the new rules as traders seek best-bid-and-offer price information.

Townsend is adding MiFID-related enhancements to its RealTick EMS platform. RealTick's features now include a "European symbol" that functions as a virtual representation of the best European BBO and last sale combined from all sources that trade the stock; a virtual aggregated book that combines and displays full market depth for each product in single-depth view; trade reports from BOAT, the London Stock Exchange and other trade-reporting facilities; a feature that carries systematic internalizer quotes from aggregators such as BOAT; and new data products from exchanges, Chi-X, Equiduct and others.

Reuters offers clients consolidated prices to help them comply with MiFID's best-execution obligations. Through a special "instrument code," known as ".x," Reuters lets them see the BBOs on major stocks from multiple sources. The instrument code brings together quote data for stocks in real time so customers can see the best available bid and offer information from all applicable exchanges.