Turquoise Taps Neonet to Provide Market Data From Other European Markets

Gearing up for its launch in September, Turquoise, the multi-lateral trading facility set up bynine European investment banks, has picked Neonet's XG Market Data software as a source of real time data form the various European equity markets.

"Obtaining timely and accurate real-time market data is key to providing the rich trading services Turquoise will be offering, " commented Yann L'Huilller, Turquoise 's chief technology offcer, in the release. "I am very pleased that we have found in NeoNet a market data provider that can meet our demanding requirements for speed and quality," further stated Hullier.

Neonet is a Stockholm-based direct market access agency broker that has been expanding its memberships to European and Asian exchanges. According to Greg Treacy, SVP and director of sales at Neonet, the broker connects directly to the exchange systems through its memberships on the different markets and provides an integrated feed for all markets to Turquoise and other clients. Neonet competed with other market data providers in an RFP (request for proposal) that Turquoise conducted, said Treacy in response to questions sent via email.

Neonet will provide public quotes, private equities and bids and asks to Turquoise. NeonNet XG Market Data will also be used to conduct analysis of transactions as well as detailed trading information.

"Market data is important to market participants in a post-MiFID trading environment with demands on best execution," said Treacy in an email exchange. Real-time data is needed to ensure that client orders are sent to the market offering the best price for each security, " added Treacy.

Apart from the market data, Turquoise is going to be a destination on Neonet's network of execution venues, said.Treacy. In October of 2007, Neonet announced connectivity to Instinet Chi-X, as its first link to a European alternative trading platform.

Commenting on the news, Sang Lee, managing partner at Aite Group, a financial technology research firm in Boston, says "It is sort of a two way street," comments "As a DMA player you're not only providing he order routing and the execution capability for your clients, but also the market data," says Lee.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio