Reaktor developed its FIX Engine, an implementation of the FIX Protocol, in cooperation with BATS Europe.
Reaktor's FIX Engine provides banks and broker-dealers fast and cost-effective integration with BATS Europe, as well as primary exchanges, other MTFs and dark pools, according to the press statement. The integration provides access to the BATS Europe integrated book (for displayed orders and non-displayed large in scale orders), separate dark book and Pan-European smart order routing (SOR) service. BATS Europe is the only MTF that provides participants with smart order routing (SOR) technology to access multiple lit and dark market centers, the release states.
According to Vesa Lauronen, the managing director of Reaktor commenting in the same release, "Integration with alternative trading venues has until now been costly and complicated. FIX Engine solves these problems, allowing integration with trading venues like BATS Europe in a few weeks. We developed the FIX Engine in cooperation with BATS Europe, because BATS uses the most advanced technology in the industry. BATS Europe's Smart Order Routing (SOR) service routes orders to pan-European market centers, searching for liquidity at the best price and as fast as possible."
With the transformation of the European equity markets over the past three years from one that is regionally concentrated to a highly fragmented one, trading has quickly moved to alternative trading venues, such as MTFs, which offer their members aggressive pricing and better execution. More than a quarter of daily trading volume of OMX Helsinki and OMX Stockholm is now executed at alternative trading facilities.
Paul O'Donnell, COO at BATS Europe comments, "Our market share is growing quickly with particular strength in the Nordic markets and we are pleased to partner with firms such as Reaktor to make the BATS Europe platforms and smart order routing technology more accessible to Nordic market participants. We look forward to helping them reduce the complexity and costs of navigating the pan-European equities market with our best-in-class trading platforms and smart order routing technology."
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