First Vendor Certified to Provide Direct Access Trading
Via Montreal Exchange FIX Interface
Canada, 19 April 2005 – Nexa Technologies, Inc., specialist provider of online and direct access trading solutions, research-quality historical and intraday financial data, today announced it is the first firm certified to provide Direct Market Access (DMA) connectivity to the Montreal Exchange (MX), Canada’s financial derivatives exchange, via MX’s recently implemented Financial Information eXchange Protocol (FIX) interface. The move will enable Nexa’s institutional brokerage, hedge fund, proprietary trading firm and retail trading global client base to trade Canadian options on the MX without incurring the inflated, third party connectivity fees that have been accepted, market-wide until now.
Having supported FIX interface connectivity since 2000, when it connected its trading solutions to the ARCA ECN, Nexa has developed a rich library of FIX interfaces to the world’s leading exchanges. Equipped with this existing tool-set, Nexa was able to fast-track the MX interface development process, completing the entire build, test and certification process within three weeks.
Mark Munoz, Senior Vice President of Corporate Development, Nexa Technologies, Inc., says: “By embracing MX’s FIX interface to provide DMA through our own connectivity layer, Nexa is able to offer trade execution on the MX at significantly reduced costs. In contrast to alternative solutions on the market, we provide our customers with the ability to trade under their own ID and establish a relationship with the MX. We also empower the customer to select technology solutions, back office processing services and suppliers according to individual requirements.”
Mark Bourcier, Implementation Coordinator, Montreal Exchange, says: “The widespread acceptance of industry standards such as FIX is a key factor to a number of market changes. By developing our own interface, we are encouraging firms who are interested in trading Canadian options to enter the market or increase their participation for the benefit of the financial services community world wide. We have been impressed with the speed with which Nexa has completed its connectivity with our FIX interface and welcome the business it will bring.”
Nexa’s commitment to this project with the MX further underlines its ongoing commitment to improve the trading environment for its global customer base through close partnership with the world’s exchanges, markets and ECNs.
Eric Stoop, President, Nexa Technologies, Inc. says: “Flexibility is key to the success of our growing customer base. Nexa’s leading edge direct access suite of trading solutions, combined with our industry partnerships, provide flexibility from basic execution interfaces to complete STP solutions. This latest development adds a new dimension to our connectivity capabilities for both buy and sell side clients.”
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Natalie Rogers / Julia Gregory-Royle, Cre8 Results Limited
Tel: +44 (0)20 7734 9199
About Nexa Technologies: www.nexatechnologies.com
Nexa Technologies, Inc., is a provider of online and direct access trading solutions. Its comprehensive product set incorporates multi-asset direct access trading systems, an Order Management System (OMS), comprehensive data and market access to European & North American equity, options and derivatives exchanges and ECNs.
Founded in 1999, Nexa Technologies is an independent subsidiary of Penson Worldwide, Inc. Nexa has over 100,000 active retail and professional users throughout North America and Europe. It manages up to 200,000 transactions/day and hosts more than 500,000 customer accounts globally.
Nexa Technologies added historical intraday time series data into its product range in January 2005 when Penson Worldwide acquired Tick Data, Inc. The Tick Data division, which provides the cleanest, most reliable historical intraday time series data available on the equities markets, includes proprietary compression algorithms, price-filtering techniques, and ticker symbol mapping processes used to produce complete, research-ready historical data. From efficient data collection and distribution to seamless integration with third-party analytical software, the Tick Data division removes the frustration from building and maintaining an historical database.
About Montreal Exchange: www.m-x.ca/
The Montreal Exchange is Canada’s oldest exchange and continues to be the leader in derivative products. The Montreal Exchange offers individual and institutional investors, both in Canada and abroad, a wide range of risk management products for protecting their investments and ensuring growth. The Montreal Exchange is fully electronic and its services include: trading, clearing, training, market information, market operations and regulations. The Montreal Exchange is a significant shareholder of the Boston Options Exchange (BOX), a US automated equity options exchange whose technical operations are ensured by the Montreal Exchange. The Montreal Exchange also provides clearing services for energy products through Clearco Inc.
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