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BME Access interfaces
Visual Trader is the leading provider of ultra-low latency access to the Spanish Market
Market Access Solutions

Visual Trader provides the access to the Spanish Exchange to banks, saving institutions and HFTs (High Frecuency Traders) through two different solutions: VT OMS (for máximum control) and nanoDriver DMA Access (for minimum latency) :

  1. Market Access through VT OMS: this is the Order Management System from VT. It is mean to deal with both institutional and reatil order flows with maximum functionality and control. Through a single conecction your firm can access all BME markets and segments both as a member or through the market members of your choice.
  2. Low Latency DMA Access: the nanoDriver interface is suited for HFT clients or other low latency requiring firms. This interface, with all market mandatory filters, adds just 75 nanoseconds of latency to your orders before reaching the market. It is the most suitable interface available for HFTs.

All Visual Trader systems are provided of monitoring interfaces that allow Market Members to control their clients orders and stablish the necessary pre-trade filters.

 

DMA Access (nanoDriver)

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Clients are directly connected to the SIBE Smart Gates through the HF Smart Gate interface. Client orders will not pass through the Market Member OMS before reaching the market, avoiding so the resulting latencies. Instead, the nanoDriver interface (running in the Market Gate) offers the DMA access with all market mandatory filters for the low-latency pre-trade control of the client orders.

 

DMA Filters:

The nanoDriver interface offers the following market mandatory filters:

  • Trading phase: orders may be rejected depending on the market trading phase
  • Static Spread: the price of the order must be inside the security the static range
  • Blocked Security: rejections for orders to some selected securities.
  • Blocked Trader/Account: it rejects orders belonging to some specified traders or accounts.
  • Block Order Type: it rejects orders of a specified type ( Market Order, Limit Order, Stop Order, Stop Limit Order, Quote)
  • Orders/Second: it fixes a maximum number of orders per second to be sent to the market
  • Max Order Size : it rejects orders above the specified maximum order amount
  • Arbitrage Order Type: it allows orders with tag “ExecInst =g”
  • Max Total Turnover: it fixes the maximum cash to be traded in one day (as the sum of all buys and sells) in the market
  • Max Net Total Turnover: it fixes the maximum net position (Buys – Sells) in the market
  • Blocked Firm Code: it rejects orders with a specified firm code

The nanoDriver interface includes some other optional filters (the greater the number of filters are used, the greater the latency):  

  • Max Net Turnover/Security: it fixes the maximum net position (Buys – Sells) in a certain security
  • Max Net Turnover/Account: it fixes the maximum cash to be traded in one day (as the sum of all buys and sells) in a certain security
  • Blocked Account Code: it rejects all orders with a defined account
  • Price tolerance: the price of the order must be inside a user defined range (4 different limits for aggressive vs. passive orders and auction vs. trading phases)
  • Relative Max Order Size: it fixes a maximum cash amount for an order as a % over the average trading amount during the last N sessions.
  • Minimum Order Size: it fixes an order minimum cash amount
Other Features
  • Both low latency DMA and OMS market access are hosted inside the BME's data centers
  • Leading market acces platform to SIBE Smart with over 16 million orders processed by month.
  • FIX protocol interfaces (4.2, 4.4 and 5.0).
  • In-house deployment also available
 

Complementary systems


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