Vela’s EBBO market data solution provides clients with a single, high availability, continuous consolidated order book for an instrument, providing full transparency into an instrument's liquidity across multiple markets.
The composite book calculates both top of book and market depth in real time and updates with each underlying tick.
MiFID II will introduce regulations which obligate investment firms to take all sufficient steps to ensure the best possible result for their clients when executing orders.
Price is the leading factor in ensuring best execution and so it is essential for firms to source market data from multiple exchanges trading the same instrument to discover the best price.
The fragmented marketplace increases the number of venues where an instrument may be traded. Therefore, consolidating this view where possible helps to streamline execution.
Firms are striving to simplify market data architectures to reduce the cost of infrastructure and to reduce the resourcing required for maintenance while also maintaining and improving latency and throughput to cope with increasing data volumes.
Exchanges frequently and without warning change their market data feed protocols, which can result in anything from a minor change to a complete rewrite of code across multiple layers of a market data platform which is extremely resource intensive.
The service includes a range of features that makes it ideal for use within a client’s application or their electronic trading stack including smart order routers and dark pools and ensures the solution can be configured to align with client’s best execution policies.
Vela’s EBBO is offered as a fully-managed service in Equinix LD5 and is operated by Vela’s experienced and award-winning Managed Services team. This has multiple benefits including:
Clients can connect directly by cross connect, or use a supported extranet to connect from other locations.
Additionally, the EBBO solution can be deployed within a client’s own environment either as software only or as a managed service.
The standard EBBO solution includes the below primary exchanges and MTFs. However clients can customize these based on their best execution policy and coverage.
A market data aggregation solution which aggregates data from exchanges and MTFs across European trading venues.
Financial market participants who require a consolidated view of market data orders across multiple venues to meet their best execution obligations.
A high availability, continuous consolidated order book for an instrument, providing full transparency into an instrument's liquidity across multiple markets.
To receive the European Best Bid Offer (EBBO) Product Sheet, please complete the form below.