Solace Systems announced today that new foreign exchange trading ECN Spotex has selected Solace message routers to serve as the low latency messaging foundation of their foreign exchange (FX) electronic communications network (ECN). The Spotex ECN delivers fair, transparent FX trade matching that increases customer profitability by reducing response times and minimizing the difference between the prices at which orders are placed and filled, commonly called slippage.
“Solace offers a unique combination of operational simplicity and extreme low latency, allowing Spotex to build highly scalable and reliable solutions for our clients,” said Ritesh Agrawal, CEO of Spotex. “Solace’s hardware-based approach to messaging eliminates the performance problems we’ve seen in software-based solutions.”
Solace message routers efficiently move information between trade participants and Spotex’s high-speed matching engine. Solace ensures high availability to avoid many types of possible failures, which is essential to the 24-hour nature of FX markets.
“Spotex’s foreign exchange ECN is a disruptive force within FX trading, one destined to open new trading strategies for buy side and sell side market participants,” said Craig Betts, CEO of Solace Systems. “We are very pleased to be working with Spotex to deliver this innovative offering.”