MetaBit offers low latency FIX connectivity for TSE’s Remote Trading Participants

12 November 2008

MetaBit confirms its high performance, low latency FIX exchange connectivity solution is suitable for Tokyo Stock Exchange (TSE)’s recently announced co-location services for offshore trading firms, that will request direct participation in Japan’s largest exchange.

Since 2003, MetaBit has actively deployed its pure FIX-to-native exchange connectivity for high performance trading access to Japan’s exchanges, including the commodity exchange. The architecture of MetaBit’s technology is based on the world’s leading Orc CameronFIX engine. Today, securities companies select MetaBit’s FIX-to-native exchange connectivity solution for its standardised FIX API that combines high performance and low latency, with cost efficient support.

“On 30 September 2008, TSE announced its plans for “Remote Trading Participant Services” that will allow offshore firms with no branch in Japan, direct market participation. This will facilitate increased liquidity for Japan’s markets,” explains John Edwards, MetaBit CTO. “Our company’s FIX exchange connectivity to TSE represents a particularly convenient solution for such trading firms. The product, branded “Alpha,” allows easy trading access through a standardized FIX interface that rationalizes TSE’s native API whilst achieving consistently high performance combined with low latency. MetaBit’s FIX solution can be deployed in the announced co-location services at TSE, at other data centers, or at a Japan broker member’s site.”

Performance of MetaBit’s FIX to native exchange connectivity Alpha product, has been independently measured to provide throughput above 3,000 messages per second and average latency below 2 millisecond per order at a sustained through-put of 800 orders per second1.

“Japan’s exchanges have often believed FIX to be slow,” continues Edwards, “but MetaBit’s FIX exchange solution has a proven track record since 2003, and has successfully demonstrated that FIX is capable of high performance and low latency. TSE’s native API is often difficult for non-Japanese firms to build connectivity to, and ongoing support becomes particularly time consuming due to ongoing changes to the API. To have built a standardised FIX API removes all such concerns for our clients, and delivers trading access to TSE in a format that is very familiar to all firms deploying FIX.”

Today, MetaBit’s FIX exchange connectivity clients consist of broker members varying from Japanese domestic players, to global brokerage firms that trade multi-asset classes on all of Japan’s major exchanges ranging from cash equities, index futures and options, CBs to commodity futures.

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