Trading Technologies to Provide Connectivity to Spain’s MEFF Exchange

Discussion in 'Trading Software' started by TT News, Mar 12, 2007.

  1. TT News

    TT News ET Sponsor

    Trading Technologies to Provide Connectivity to Spain’s MEFF Exchange

    CHICAGO and MADRID, March 12, 2007 — Trading Technologies International, Inc. (TT) and MEFF today announced that TT will launch a trading gateway to connect its X_TRADER® order-entry platform to MEFF. MEFF is the official Spanish exchange for financial futures and options.

    TT plans to release the MEFF gateway later this year. TT also will launch a MEFF simulation environment, which will allow X_TRADER users to test and refine trading strategies without risking capital. Both production and simulation gateways are expected to support trading of the IBEX 35 Equity Index Futures, IBEX 35 Mini Futures and Options, Single Stock Futures and Single Stock Options.

    "Interest in MEFF’s products is strong among TT’s European customers, as expected, but we also are seeing demand in the rest of the world from customers who want to branch out and trade new products. We look forward to launching connectivity to this key European market," said Harris Brumfield, TT’s CEO.

    MEFF’s CEO Fernando Centelles said, "This new collaboration with TT is born from MEFF’s ongoing efforts to satisfy member needs, as well as large international investment groups interested in operating in the Spanish derivatives market. MEFF’s connection to the TT platform will provide its members with increased technological standardization and efficiency for the global market."

    In 2006, a total of 47.2 million Futures and Options contracts were traded on MEFF — a 17% increase over 2005. MEFF’s most important products are Futures traded on the IBEX 35® index, of which 6.4 million contracts were traded in 2006, and Single Stock Futures with a volume of 21 million contracts — a growth of 30% and 12% respectively on 2005. In January 2007, the volume of IBEX 35® futures was 628,656 contracts, 35% up on the same month in 2006.

    TT’s fast, reliable exchange connections enable trading of the world's major futures exchanges as well as OTC energy, foreign exchange, fixed income and other instruments. All TT gateways are accessible from TT's X_TRADER order-entry software. The gateways also will connect through TT’s X_TRADER API and FIX Adapter to third-party, proprietary and black-box trading applications.

    About MEFF
    MEFF (http://www.meff.com) is the Spanish Official Exchange for Financial Futures and Options. MEFF’s trading contracts include Futures and Options on stock market indices, and Single Stock Futures and Options on its advanced electronic trading system (S/MART). S/MART is an open system, equally adaptable to specific trading and clearing needs. This has facilitated the use of S/MART in other markets, such as the WTB in Hannover and, notably, the MEXDER in Mexico. MEFF has communications outlets in both London and Chicago. MEFF currently has 109 clearing and trading members. MEFF is part of the BOLSAS Y MERCADOS ESPAÑOLES (BME) group.

    About Trading Technologies
    Trading Technologies (http://www.tradingtechnologies.com) develops high-performance trading software for derivatives professionals, including the world's premier exchanges, money-center banks, proprietary traders, securities brokers, Futures Commission Merchants (FCMs), hedge funds and other trading institutions. The company's X_TRADER® software and related services provide direct access to the world's major derivatives exchanges. TTNET™, TT’s Application Service Provider (ASP)/hosting solution, delivers maximum system stability and fast trade execution via hubs located close to the major exchanges in Chicago, New Jersey, London and Frankfurt. Additional data centers are planned for Tokyo and Singapore. Headquartered in Chicago, Trading Technologies maintains a worldwide presence with offices in New York, Houston, London, Geneva, Frankfurt, Singapore, Hong Kong, Tokyo and Sydney. In 2004, Trading Technologies was named the best technology company to work for in Chicago by Chicago magazine and ranked third among all Chicago area employers. In 2006, TT received the prestigious Lighthouse Award from the Illinois Information Technology Association (ITA) as the leading technology company in Illinois.

    http://www.tradingtechnologies.com/article.aspx?id=209
     
  2. Hello TT,

    Why does TT have such limited connectivity to Asia?

    I also know that new TT exchange connectivity announcements precede actual exchange connectivty by many months. why is this? For example IDEM & SGX remain unconnected many months after their announcements.
     
  3. TT News

    TT News ET Sponsor

    Hi CP Trader,

    TT has historically focused on connections to the exchanges in North America and Europe, where the majority of TT customers are located. Recent expansion efforts have targeted the Asia/Pacific region. We have opened offices in Sydney, Tokyo, Hong Kong and Singapore and we recently launched TTNET™ hubs in Singapore and Tokyo. We are currently working to establish connectivity to many of the Asia/Pacific exchanges. The first connection to this region launched in 2006 with release of the Sydney Futures Exchange gateway, and connectivity to the Singapore Exchange launched yesterday. TT is talking with the other major Asian exchanges regarding gateway development. We hope they all will agree to work with us on connectivity so that we can provide our customers with access to even more exchanges in this region.

    Connectivity to a new exchange takes many months to establish. Once TT and an exchange have agreed to work together, a minimum of 6-8 months is needed to complete the complex process that goes into the release of a new gateway. During this time, TT develops and tests the gateway, working very closely with the exchange. The process includes programming and extensive internal testing, plus several months of beta testing with multiple TT customers. The gateway typically also goes through conformance testing at the exchange. This series of rigorous testing by TT, our customers and the exchange is time consuming, but it ensures that the gateway performs to all parties’ high standards – and, most importantly, that it meets our customers’ expectations.

    You mentioned IDEM. Development of that gateway is currently underway, and we are targeting release in Q2. Last week we launched our connection to FXMarketSpace. We are also working to launch connectivity to the Dubai Mercantile Exchange. Our gateway has passed certification with DME and it will be released on May 1 when the exchange commences trading. Lastly, we plan introduce the MEFF gateway in Q3.

    We appreciate your interest. Please feel free to post again if you have additional questions, or email us directly through EliteTrader!

    Regards,
    TT
     
  4. Thanks for the detailed response, TT News.

    That notwithstanding, the truth is your main competitors PATs & GL have had connectivity to all these exchanges and more for years.

    In this era there is no such thing as a North American or European trader, most true traders are truly global whether they are located in Arkansas or Zimbabwe.
     
  5. Fully agree!
     
  6. TT News

    TT News ET Sponsor

    We couldn't agree more...that's one major reason why we have more than doubled the number of exchange connections over the past few years, and why we are reaching into new geographies, like Asia and the Middle East. We currently connect to 22 markets and that number will continue to grow.

    Happy trading!

    Regards,
    TT
     
  7. Ok...ok.. but how can a trader knows which FCM or broker allows a connection wit X_Trader to a specific exchange maybe a bit 'remote' from Nord America such as SFE or SGX? Should I ask to all of the TT Distributors listed at your home page?
     
  8. TT News

    TT News ET Sponsor