Regulators and others are going to get a peek at trading message traffic rates in the Great North.
Exegy, a U.S.-based the market data appliance company, TMX Datalinx, the information services division of Canadian stock exchange operator TMX Group, and the Financial Information Forum (FIF) announced today the launch of the first Canadian website to track real-time market data messaging rates at no charge for the Canadian markets. The service, dubbed “MarketDataPeaks,” tracks daily message traffic on several Canadian stock exchanges.
MarketDataPeaks.ca provides real-time, minute-by-minute account of the aggregated volume of market data messages across major Canadian exchanges. The site highlights the peaks from the current day as well as historic peaks.
Message traffic has come under fire, especially in the U.S., where investors have claimed high-frequency traders and other low latency investors clog trading venue bandwidth by sending hundreds of thousands of orders in a time period for the purposes of sniffing out institutional orders in order to front run them. Also, many argue that many HFT orders never result in a trade at all, creating a block for those investors wishing to conduct a trade and interfering with their ability to achieve best execution.
The service website, www.MarketDataPeaks.ca, features the total number of messages that occur simultaneously in any given second across all live data feeds, including Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha, Chi-X Canada, Canadian Securities Exchange and Omega ATS. The graph displays the highest one-second peak that occurs in each minute and automatically updates every minute.
“This site is designed to provide unique information on peaks in market data to the financial community – trading firms, exchanges and regulators,” said Scott Parsons, chief information officer at Exegy. “It helps executives stay on top of market data issues and plan for the future.”
TMX Group added the service provides added transparency of Canadian equity data rates.
The historic statistics from Marketdatapeaks.ca are captured and included in FIF’s capacity statistics as part of the organization’s collaborative efforts to address issues that impact financial technology operations and development in light of rapid changes occurring in the marketplace.
MarketDataPeaks.ca is powered by Exegy software
