Orc connects to BM&F Bovespa for low-latency market data.
Trading technology provider Orc Software has implemented connectivity to Brazilian exchange BM&F Bovespa, making it one of the first firms to support the bourse's new market data framework.
The new platform, BM&F Bovespa UMDF, uses the global FAST market data messaging standard, which is based on the FIX messaging protocol.
Using FAST, Orc claims it will be able to provide clients with superior, native direct market access to BM&F Bovespa to trade equities, futures, options and commodities.
Deployment of FAST market data at the exchange has resulted in a 50% reduction in bandwidth on the Bovespa equities segment, and a 200% reduction on the BM&F commodities and futures segment.
Traders will be able to use Orc's connection to BM&F Bovespa for deploying trading strategies including futures spread trading, market-making, volatility trading and other advanced arbitrages. Firms can also use Orc's Liquidator server-based technology to co-locate at BM&F Bovespa to minimise their latency.
"BM&F Bovespa's adoption of FAST for market data was an important step for our exchange," said Marcio Castro, IT director for matching systems at BM&F Bovespa. "We are happy to see Orc delivering a powerful connection to our exchange taking advantage of this technology."
BM&F Bovespa is the third largest exchange in the world in terms of market value, and the largest exchange in Latin America. Recent months have seen a wave of international interest in the exchange from institutional investors, as it has sought to upgrade its technology, reduce latency and prices and improve trading capacity.