Opalesque Industry Update - AlgoSpan has added TOM MTF to its low latency exchange access infrastructure - available at all AlgoNet Exchange Datacentres. TOM is a trading venue in The Netherlands offering equity and options trading and aiming at optimal competition between markets. To be able to guarantee best execution of client orders, TOM developed a search engine (‘TOM Smart Execution’) which compares prices, faster than a blink of an eye, between markets. The order is executed at the trading venue showing the best available price at that moment. TOM has established a substantial market position in equity and options trading. The shareholders of TOM are: ABN AMRO Bank, BinckBank, IMC, Nasdaq OMX and Optiver.|
AlgoSpan provides end-to-end trading infrastructure and real-time market data services to financial services firms operating low latency / high frequency trading strategies – proven to bring direct improvements to bottom-line trading performance. AlgoSpan’s trading infrastructure (branded AlgoNet) underpins all customer solutions, including delivery of its multicast normalised and raw exchange data (branded AlgoData).
Dr Rami Habib, co-founder and director of AlgoSpan quotes “We are delighted to connect The Order Machine to the AlgoSpan Low Latency infrastructure. Now AlgoSpan clients can trade on TOM from any one of our existing Exchange Datacentres over “AlgoNet”. In a fragmented and competitive market, we are increasingly seeing trading firms and fund managers looking at alternative venues for liquidity and price improvement. TOM is gathering a lot of interest and we are very happy to be able to offer TOM as an alternative venue to our clients”.
Willem Meijer, CEO of TOM, “TOM has now realised a significant market share of more than 25% in Dutch equity & index options and aims for a market share of 30% - 40% by year end. We are therefore very pleased that more and more trading firms are connecting to our market via connectivity specialists such as AlgoSpan."