LONDON, July 17, 2008 (PRIME NEWSWIRE) -- NASDAQ OMX Group's (Nasdaq:NDAQ) pan-European market, NASDAQ OMX Europe, has selected Cicada's MarketPrizm to supply market data from European market centers to its routing broker and proximity hosting clients. The routing service is a central aspect of NASDAQ OMX Europe's offer to provide best execution for organizations using its market.
The MarketPrizm network and technology will acquire and process European market center data required for brokers selected by NASDAQ OMX Europe to operate its order routing service. Proximity hosting customers who are members of other markets will also be able to receive this ultra low latency data through MarketPrizm within the proximity hosting facility. MarketPrizm's fast and accurate data combined with NASDAQ OMX Europe's high speed trading platform will support best execution for NASDAQ OMX Europe customers.
Scheduled to launch in September, NASDAQ OMX Europe is a new marketplace designed for high performance trading of European blue chips. Trading approximately 300 of the most actively traded stocks, it will enable best execution in high volume securities trading in a cross-border, multi-market environment. The launch of the NASDAQ OMX Pan European Market is subject to FSA approval.
Leveraging over ten years of experience as a market data software platform provider to Europe's premier exchanges, Cicada has developed MarketPrizm as a venue-neutral infrastructure and a suite of services designed to help buy- and sell-side firms control the growing infrastructure costs and solve the challenges associated with algo trading in Europe since the introduction of MiFID.
Firms doing business on the European markets must have low latency connectivity and sophisticated infrastructure in place to address multi-venue data acquisition and aggregation. MarketPrizm has been created to address these challenges in one easy-to-obtain solution.
"Cicada will enable us to receive market data from other market centers quickly and easily," said Chris Concannon, Executive Vice President, Transaction Services, NASDAQ OMX. "They are providing a key service that will allow us to support best execution in what will be a highly efficient, transparent pan-European market."
"We are delighted that NASDAQ OMX has selected MarketPrizm as an integral part of the infrastructure for its new pan-European market and the valuable services the exchange is providing to its clients," said Nicolas Levy, Cicada's Managing Director for MarketPrizm. "We are eager to help support NASDAQ OMX clients and the group's mission to provide a suite of advanced services for high performance traders."
Cicada's MarketPrizm services are currently being deployed at the NASDAQ OMX Europe co-location center in London, scheduled to be one of the first live MarketPrizm implementation sites. MarketPrizm is simultaneously launching a broker-neutral algorithmic ASP service beginning in September, co-located at the NASDAQ OMX London proximity hosting facility and other MTF and exchange co-location sites.
About NASDAQ OMX Group (Nasdaq:NDAQ) -- www.nasdaqomx.com
The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius.
About Cicada - www.cicadacorp.com
Cicada is an innovative leader in data management, trading and compliance technologies for financial institutions, exchanges and data vendors. Cicada's products address a range of today's most pressing industry challenges: market and reference data management, algo trading data integration and infrastructure, client on-boarding and KYC compliance processes. The technology foundation for the company's solutions is the Cicada Composer data management platform, a software infrastructure for all financial data management processes. In addition to Composer, Cicada offers specialized solutions including its Cicada Profiler software for KYC data compliance, and MarketPrizm, the company's algo trading technology and services suite, which includes an algo trading solution delivered via an ASP model. For more information about MarketPrizm, visit www.marketprizm.com
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