Pico will provide market data infrastructure to its clients to access Nasdaq Futures (NFX), the exchange group’s U.S.-based designated contract market.
Through NFX, Nasdaq will expand its commodities business with futures and options on energy benchmarks including oil, natural gas and U.S. power. It debuts in mid-2015.
Pico is the technology services arm of Pico Quantitative Trading, an agency-only U.S. broker-dealer.
“Nasdaq is bringing choice to the marketplace by offering transparency and alternatives to the futures market and we are happy to provide our clients with access to NFX,” said Bruce Boytim, COO at Pico. “Pico is looking forward to enhancing its current market data offering by providing its broad client base with access to NFX.”
Under the deal, Pico will broaden Nasdaq’s distribution by providing access to real-time market raw data feeds to its clients. According to a press statement, their “trading infrastructure-as-a-service” includes hosting, multi-asset class market data, connectivity and regulatory reporting.
“The addition of Pico to the NFX platform will offer market participants greater access to real-time NFX data, allowing them to enhance their trading strategies while ultimately reducing costs,” said Magnus Haglind, vice president of global transaction and market services and head of U.S. commodities at Nasdaq.
Haglind added, “Pico has a great reputation for providing superior technology services and we are fortunate to have them signed on to provide access to the NFX platform.”
Nasdaq’s Global Commodities business offers trading and clearing solutions for assets including power, natural gas and carbon emission markets, tanker and dry cargo freight, and more.
