Colt today announced the launch of Colt PrizmNet in the US, connecting providers of financial content – including market data, research and trading services – to capital markets firms, improving trade execution and accelerating global market connectivity. This financial extranet addresses increased client demand for greater transparency and reliable access to new and existing markets, as well as the move to fully electronic traded asset classes including swaps, FX and fixed income.
Colt is a private company owned by Fidelity, and operates across Europe, Asia and North America. The launch of Colt PrizmNet in the US supports its growing presence in North America, giving customers the ability to quickly and seamlessly tap into global markets and liquidity centres across Europe and Asia. Content providers and exchanges already signed up to distribute content via Colt’s extranet service include IEX, Moscow Exchange, Nasdaq, Aquis Exchange, TraderServe and CME Group.
In a recent study into capital markets firms, commissioned by Colt, 52% of US respondents reported it could take as long as a month to connect to new clients, with over 40% noting the time to implement connections to new sources of liquidity could take well over a month. Consequences of these long implementation times have included missed trading opportunities (55%), the inability to enter new markets (50%) and a negative impact on revenue (41%).
Gateway to the PrizmNet portal
The launch of Colt PrizmNet in the US will help firms directly address these challenges and follows the recent launch of Colt PrizmNet in the Asian and European markets. This financial extranet has been designed based on feedback from leading investment banks and trading firms. It offers a dedicated private network with deterministic low latency to guarantee reliable, consistent, and transparent content delivery.
Colt PrizmNet has four key differentiating features:
- Guaranteed deterministic latency for the delivery of content to the consumer
- Near real time network performance monitoring
- Self-service portal for easy access to content and services
- Superior business focused SLAs (Service Level Agreement)
“We have worked closely with our customers to understand their expectations of an extranet service,” explains John Loveland, VP Capital Markets at Colt. “Accessing new markets quickly, ensuring reliable, transparent and stable connections to existing markets, and the flexibility to change whenever trading strategy dictates, are all high priorities. Colt PrizmNet will help address the need to accelerate access to new markets. This service has been designed to help mitigate risk and deliver the critical information that underpins the execution of millions of trades daily.”
“We are thrilled about the US launch of the Colt PrizmNet extranet, as market participants in Europe & Asia will now have the opportunity to consume the IEX TOPS feed”, said Rob Park, chief technology officer and co-founder of IEX. “Distribution of our market data to a global audience is an exciting part of our growth as we progress towards becoming a national stock exchange, pending SEC approval.”
Tom O’Brien, Head of International Sales at Moscow Exchange commented “Moscow Exchange is excited to partner with Colt PrizmNet to extend our reach into Asia and the US. We have recently launched our sponsored access platform for FX and we are seeing strong interest from firms in the US, Singapore and Hong Kong.”
The Colt PrizmNet service combines existing network and data centre assets across Europe, Asia and the US, as well as the financial services industry and low latency network experience of Colt. Colt will continue to roll out Colt PrizmNet and other connectivity services in key North American cities throughout the course of 2016 including Toronto and Montreal, with expanded capabilities available across all global regions by early 2016.
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To view a video dicussing PrizmNet see below: