Data solutions provider Interactive Data Corporation has launched a consolidated order book service that enables European financial institutions to track liquidity in real time across multiple venues.
Noting the post-MiFID fragmentation of European equity market liquidity across new trading platforms, Interactive Data’s Real-Time Services unit said PlusBook would help clients to gain a more complete view of global market liquidity by aggregating orders from multiple venues, including US platforms.
The new service can be integrated with PlusFeed, Interactive Data’s low-latency market data feed that draws on more than 450 sources and exchanges worldwide, covering over six million instruments.
Providing low-latency access to streaming level 1 and 2 data, PlusBook identifies each trading venue by market identification code and covers all markets available on PlusFeed, subject to client entitlements. Venues for which price is available via PlusFeed, but not part of the customer authorised entitlements, are flagged as part of the consolidated view to maximise price transparency. End-users can restrict coverage to their most important venues.
PlusBook derives the sum of orders at a specific venue at a specific price, thereby providing an aggregate of orders from different venues to track market liquidity. Subscribers can use a custom-built viewing application to screen the streaming data, or plug it into their existing infrastructure. The data can them be fed directly into algorithmic or automated trading applications.
“PlusBook provides price transparency and allows for more efficient pre- and post-trade analysis. It’s easy-to-use and offers flexibility and speed, enabling customisable views and faster decision-making,” said Henk D’Hoore, head of product, EMEA at Interactive Data’s Real-Time Services business.
PlusBook will be demonstrated at TradeTech 2009 in Paris, from 21 to 24 April.