Refinitiv, a well known financial markets infrastructure and data provider, has announced today that it had launched its FX Binary Multicast Feed 5ms. This stands as an enhanced low-latency market data feed, which is set to increase the transparency of the market at large. Furthermore, it’s expected that this will provide support in the trading decision making of their respective Refinitiv Spot Matching clients.
Improving Data Feeds As Far As Possible
This new data feed will provide even more granular and frequent data in regards to the order book, as well as traded prices. Particularly, this data will be taken from the SPot Matching platform of Refinitiv, and it will allow clients to make quick, effective trading decisions while improving their overall price discovery. With the use of this ultra-low latency feed, users will gain an in-depth and almost real-time update on the markets. Furthermore, the book levels will see an overall increase in depth in order to enhance the insights gained from it.
With this, clients of Refinitiv will be capable of achieving a new high in certainty levels regarding the fact that they can achieve prices. This will be done due to the fact that these prices will be updated every 5 ms, which increased the previous version’s update feed frequency by a factor of five.
Aiming To Improve Overall Experience
Refinitiv’s end-goal with this move is to improve the overall liquidity and market-making within their Matching service.
The FX Matching platform of Refinitiv stands to support both Forwards and Spot trading. Because of this, matching data stands as a critical factor in regards to its FX market structure. It is leveraged as a reference rate in regards to price discovery, as well as used for the management of FX options contracts, WM/Reuters fixings, and client orders. The matching data is also used to determine the high and low of a specific day’s trading range, as well.
Achieving Near Real-Time Data
The feed now provides updates every 5 ms, achieving a nearly real-time view of the Matching book. This Matching book stands made of firm (no last-look), high execution confidence, all-to-all orders. Through this new VWAP data, which was also added to the binary feed, trading clients are capable of monitoring and adjusting their algorithms in real-time.
As it stands now, this new 5ms feed comes to all clients that have subscribed to the current version of the Binary Multicast Feed.