Exchange in a Box Launched

Terry Flanagan

Platform caters to MTFs and exchanges operating under MiFID.

Operators of trading venues are leveraging their technology savvy by monetizing their intellectual property.

PLUS Trading Solutions (PLUS-TS), a trading technology platforms and regulatory managed services provider operated by PLUS Markets Group, has launched PLUSMatch, the firms’ in-house developed exchange trading platform.

The system can be customized to the requirements of the trading venue operated, with support of multiple asset classes including equities, derivatives, FX and bonds.

The service can be hosted in multiple primary sites for individual customers who want to operate a trading venue (e.g. a broker dark pool, ECN/ MTF, other smaller exchanges), with the benefit of exchange compliance and regulation that is designed for MiFID II and EMIR compliance.

“There is a clear regulatory driver at the moment that will require market participants to update their internal systems if they want to continue doing business,” Tony Harrop chief technology office at PLUS-TS, told Markets Media. “PLUS also see this as a way of growing our business and generating a revenue stream from our existing investment and intellectual property?

PLUSMatch is an electronic matching engine platform that is offered as a hosted turnkey service including operational and market supervision services” an Exchange-in-a-Box, said Harrop.  “It includes gateways that provide easy access to the underlying order books as well as an EBBO feed to ensure that best execution is delivered,” he said.

PLUS Markets Group, operator of PLUS Stock Exchange (PLUS-SX) and PLUS Derivatives Exchange (PLUS-D), earlier this year launched PLUS Trading Solutions (PLUS-TS), a trading platform technology enabling investment banks, brokers and trading venues to establish outsourced matching systems that are compliant with regulatory initiatives, including MiFID II and European Market Infrastructure Regulation (EMIR), as well as enabling compliance with new categories of regulatory infrastructure.

“The new MiFID II categories introduce the need for formal controls around any platform where crossing occurs–these include both business controls around supervision to detect market abuse and technical controls around operational risk and robustness of systems,” said Harrop. “PLUS has leveraged its existing RIE platform and experienced team, and by offering the PLUSMatch platform as a hosted turn-key service ensures that these controls are delivered.”

PLUS-TS incorporates QuantFeed, an ultra low-latency market data feed from QuantHouse, as well as the firm’s European Best Bid and Offer (EBBO) product to power PLUSMatch, which will enable it to provide insight into pan-European liquidity across both multilateral trading facilities (MTFs) and primary exchanges.

The EBBO feed will allow PLUSMatch to ensure that trades only happen within the “yellow strip” and PLUS have chosen the QuantFeed because its low-latency service will ensure an up-to-date snapshot at all times, said Harrop.

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