Plus Markets Group, the UK Recognised Investment Exchange, has awarded Algo Technologies contract to install two major replacement systems and upgrades AlgoData and AlgoSpan.
The sale of a third technology upgrade, AlgoM2, a matching engine, to Plus is also in the pipeline subject to certain financing contingencies being in place.
AlgoData is an in-house developed, fully distributed extremely low latency market data service. It will replace Reuters Data services and will equip Plus to offer a new range of products to the latency sensitive trading community.
AlgoSpan is a fibre optic network which provides true ‘fibre-to-the-trading-desktop’ point-to-point connectivity between traders and exchanges with near-zero data latency. It will replace British Telecom’s Radianz network connectivity to interconnect Plus Markets’ both data centers and other financial locations.
Plus Markets Group CEO Cyril Theret said Algo’s highly advanced technology will enable his firm to leapfrog established MTFs and Exchanges and provide the foundations for growth.