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August 11, 2010

Essex Radez Readies Order Book Service

By John D'Antona Jr.

Essex Radez, a Chicago-based broker-dealer and trading technology provider, is about to launch its consolidated order book service, Normalized Multicast Feed. It will publish data containing the top five prices and detailed quote volume data from BATS Exchange, Direct Edge ECN, Nasdaq TotalView, NYSE ArcaBook and NYSE OpenView.

John Muehlhausen, chief technology officer at Essex Radez, said his firm's feed uses between 100 and upward of 1,000 multicast group data feeds, as opposed to the exchanges' five to 20 multicast feeds.

"The firm's goal in creating the multicast feed service was to take high-end ticker plant features and make it available using a more scalable architecture, thus commoditizing it," Muehlhausen said. "We show the five best bids and offers that exist."

The data feeds could be linked to either a firm's smart order router or a trader's desktop order and execution management system, reducing overall latency.

The service, in beta testing at a few firms, will be fully available later this summer. Muehlhausen added the firm is working on a similar multicast feed service for the options markets, but didn't specify when it would be ready.

 

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