Published On: Wed, Feb 10th, 2010

Merrill Lynch Launches Japanese DMA Trading Platform

Merrill Lynch Japan Securities (MLJS) has unveiled the country’s first third-party co-located service for low-latency electronic trading and direct market access to multiple execution venues.

Customers will be able to trade from a third-party data centre, accessing multiple exchanges from a single location by selecting brokers that hold the required memberships.

Merrill worked with network and managed IT services specialist KVH and market data vendor Acitv Financial to develop the new platform, which provides access to all Japanese exchanges through the member participants, including the Tokyo Stock Exchange’s new Arrowhead cash trading system.

In addition to Arrowhead, the platform offers data and execution access to markets outside of Japan. With the Osaka Securities Exchange moving its futures and options trading engine to Tokyo in 2011, derivatives exchanges are also supported.

The technology will slash trading costs while maintaining connectivity speeds on a par with exchange-based co-location platforms currently on offer in the country, says Merrill.

Carrie Cheung, director, Asia Pacific electronic trading, Bank of America Merrill Lynch, says: “Third-party hosting places the power in our clients’ hands, allowing them to freely choose the most efficient markets and the best performing brokers from one location for a competitive price. Latency sensitive strategies will benefit from our state-of-the-art direct access platform and allow trading at speeds very similar to those of exchange co-location.”

Mark Wheatley, MD, Asia Pacific electronic trading, BAML, adds: “In today’s environment where clients are seeking to minimise counterparty risk by trading with multiple brokers, this solution makes even more sense. Users have complete freedom to choose which brokers to route through, all from one location and for a very competitive price.”

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