MarketPrizm is a technology suite designed to address the unique challenges facing algorithmic trading in post-MiFID Europe:

• Liquidity fragmentation - Where once there were limited options for trading a particular instrument, post MiFID algorithms are forced to search across multiple venues for the best execution opportunities. The task of aggregating data across venues, instruments and currencies to present a consolidated view of the market, whilst taking into account time and cost of execution, requires a new level of sophistication.
  
• Latency and the race to execute - Today, successful traders have the ability to acquire and process data, make trading decisions and execute them quickly. Latency is a factor in all stages of the trading process, so it is critical to minimize it wherever possible in order to achieve fastest execution.

MarketPrizm directly addresses these challenges. Its component services work together to form an end-to-end trading solution.

• DataPrizm acquires, filters and aggregates inbound data, producing an optimized stream. DataPrizm then transfers this data to the algo trading stack, all in sub-millisecond time.
  
  
• PrizmBook aggregates orders across key trading venues into a single composite, increasing algorithm performance by hiding order book complexity. PrizmBook processes data it receives via DataPrizm and a foreign exchange feed for currency data. As PrizmBook maintains the consolidated order book, it passes the information to the algo engine in real time.
  
  
• TradingPrizm is a facility for high-speed execution of Smart Order Routing and client algorithms. It uses data provided by DataPrizm and PrizmBook to seek optimal price and execution opportunities.
  
  TradingPrizm can use existing and custom client algorithms in order to pursue a full range of trading strategies. The service includes a sophisticated reporting facility to reconstruct market conditions surrounding a trade, in order to document compliance with the firm’s best execution policy.
  
  
• PrizmNet is MarketPrizm’s European trading venue connectivity network. This high-speed, ultra-low latency network connects MarketPrizm clients to the venues they need in order to fulfil their trading strategies. PrizmNet is the fastest, most reliable connectivity network available for algo trading, with the full multi-carrier redundancy you expect in a mission-critical system.

All aspects of data management in the algo trading cycle are addressed by the MarketPrizm technology suite, freeing the algo trader to concentrate on developing the strategies to optimize execution opportunities. Click the image below to see how MarketPrizm fits into the algo trading cycle.