FastMatch updates operating procedures to increase transparency


FastMatch, a new Electronic Communication Network for foreign exchange trading, has reiterated its reputation of transparency promoter by updating its Operating Procedures to describe the ECN’s data dissemination practices.

The updated Operating Procedures which will be effective on November 1, 2015, will include a new section entitled “Data Dissemination Practices”.

The updated guidelines stipulate that FastMatch disseminates its market data via the FastMatch GUI, the Fastmatch website located at www.fastmatch.com (the “Website”), API, user download via web client portal and secure Amazon cloud.

Clients will only have access to or use of information in accordance with the client’s user agreement or other agreement with FastMatch.

For more details, check out the table below, which displays the types of information provided via each market data distribution channel:

fastmatch_inside_transparency

And here are some clarifications regarding the contents of the table:

  • Real Time Trades for the entire FastMatch platform – All trades done across all matching engines (NY4, LD4 and TY3) in anonymized form. The trade information will include symbol, size, price, and match time.
  • Real Time Best Bid/Offer for the entire FastMatch platform – Anonymous aggregated Best Bid/Offer from all non-order-driven liquidity providers on the platform displayed in real time for all matching engines. Providers can contact FastMatch and request to be excluded from participation in this best Bid/Offer display.
  • Real Time Trades for each matching engine of the ECN Service – All trades done on a matching engine in one location (NY4, LD4 and TY3) in anonymized form. The trade information will include symbol, size, price, match time, and LP confirm time (for trades executed with external liquidity providers). Both sides of the trade (buy and sell) are reported as separate trades.
  • Historical Trades for the entire FastMatch platform – All trades done across all matching engines (NY4, LD4 and TY3). The trade information will include symbol, size, price, match time and anonymous numeric client identifier.
  • Real Time Best Bid/Offer for each matching engine of the ECN Service – Anonymous aggregated Best Bid/Offer from all non-order-driven liquidity providers on the platform displayed in real time. Providers can contact FastMatch and request to be excluded from participation in this best Bid/Offer display.
  • Historical Best Bid/Offer for the entire FastMatch platform – Anonymous aggregated Historical Bid/Offer from all non-order-driven liquidity providers on the platform.
  • Tradable Bid/Offer specific to a client – Anonymous Best Bids/Offers are displayed to every client. Only quotes will be displayed that a client can trade with.
  • Real Time Midpoint for each matching engine of the ECN Service – FastMatch calculates a midpoint from a real time Best Bid/Offer and publishes it in real time. If FastMatch markets are crossed, it uncrosses the market by removing the oldest crossing quotes.

Every API client will receive an anonymous numeric client identifier of the counterparty they are trading with and a contra settlement bank code. Liquidity Providers receive an anonymous numeric client identifier of the counterparty before the execution of orders from FastMatch.

To find out more details about FastMarch’s updated operating procedures, click here.

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FastMatch updates operating procedures to increase transparency

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