Refinitiv launches FX data feed for Spot Matching clients
Financial markets data provider Refinitiv has announced an enhanced, low-latency data feed for FX trading. Refinitiv’s new FX Binary Multicast Feed 5ms delivers what the company calls “critical and more granular data” to support market participants providing liquidity and trading on Refinitiv’s Spot Matching platform.
The company noted that as FX trading markets move towards even higher rates of electronification, Refinitiv has launched its FX Binary Multicast Feed 5ms as an enhanced low-latency market data feed to enable increased market transparency and support critical trading decision making for Refinitiv Spot Matching clients.
Refinitiv stated that the new data feed will provide more frequent and granular data on the order book and traded prices from Refinitiv’s Spot Matching platform and enable clients to improve their price discovery and make effective and quick trading decisions on Matching. The ultra-low latency feed will enable an in-depth and near real-time update of the market with increased depth of book levels for enhanced insights. Clients will have higher certainty that they can achieve prices as they will be based on the market every 5ms, a five-fold increase in update frequency from the previous version of the feed. Refinitiv’s goal is to improve liquidity and market making on Matching.
The Refinitiv FX Matching platform supports both Spot and Forwards trading. As a primary market for interdealer trading in FX, Matching data plays a critical role in the FX market structure. It is used as a reference rate in price discovery, the management of client orders and FX options contracts, WM/Reuters fixings and for determining the day’s high and low trading range.
Matching is used by a broad and global set of clients who value and its firm liquidity and all-to-all model. Matching is particularly valued and trusted in times of market volatility and recently saw Spot volumes spike to levels last seen during the UK Brexit referendum of June 2016 and the November 2016 US presidential election. Forwards Matching also recently saw historical record high volumes.
The feed provides 5ms updates for a near real-time view of the Matching book made of firm (no last-look), all-to-all orders and high confidence of execution on the venue. New VWAP data that has also been added to the binary feed enables trading clients to monitor and adjust their algorithms in real time.
“As a leading trading venue and data company for financial markets, Refinitiv is committed to supporting effective markets and client solutions that drive faster and smarter trading decisions. The liquidity and feed of data from FX Matching is critical in the trading and risk management strategies adopted by institutional FX trading firms, making it imperative that we continue to enhance our solutions to drive liquidity, transparency and smarter trade execution. The richer data in the feed will help FX traders to execute more effectively and enhance their trading strategies.” said Paul Clarke, Head of FX Venues, Refinitiv.
The introduction of the Binary Multicast Feed furthers what the company said is Refinitiv’s market leadership in FX venues, and the commitment to deliver additional products and improved performance – all powered by modern, cost effective, and agile technologies.
Refinitiv’s new 5ms feed is available to all clients who subscribe to the current version of the Binary Multicast Feed.
Refinitiv comprises Thomson Reuters’ legacy FX business, including FXall which was acquired by Thomson Reuters for $625 million in 2012. In August 2019 Refinitiv agreed to be acquired by the London Stock Exchange Group plc for $27 billion. That transaction is expected to close in the second half of 2020.