Upgrades for ISE’s trading engine, Nasdaq’s platform

Upgrades for ISE’s trading engine, Nasdaq’s platform

The engine was built jointly by ISE and Deutsche Börse, the exchange’s owner. The system’s core architecture will eventually be rolled out on Eurex and Xetra, Rathi confirmed.

Rathi said the key benefits for customers would be reduced latency and an improved trading experience. They would be able to execute one-click intermarket sweep orders and improvements would be made to the platform’s automatch function.

Meanwhile, Nasdaq is planning an upgrade of its secondary US options platform, the Nasdaq Options Market.

Speaking at the same conference, Nasdaq’s Charles Mack said the bourse was fundamentally realigning its approach to options trading with the project, which he referred to as Nasdaq Options Market 2.0.

All quotes on NOM will now be fully backwards-compatible with the bourse’s main Nasdaq OMX PHLX platform, offering consumers “two exchanges for the price of one”, as he put it. The interfaces of the two exchanges will now be “almost exactly the same”.

Mack said tightening price parameters was the bourse’s top priority. “What do users want? No dislocated prices,” he said.

RiskPro functionality would also be enhanced, he added.

The NOM is improving support for flash orders, too. It went live with its “price improving pixel” this week. The new function allows users to seek best prices, and includes a “no worse than” price seeking offering.