In late 2021, Prime Trading, a privately held proprietary trading firm, started working with Iress for its API Data and Trading solution to improve its data quality and reduce latency costs. Previously, during peak moments of market volatility, Prime Trading experienced latency issues and network constraints as it consumed tick by tick market data.
As part of its modernization process, Prime Trading wanted to partner with a provider that could help them improve all of their processes, technology and solutions. Implementing Iress’s API Data and Trading solution, enables Prime to improve data accuracy, reliability and executability as well as reduce network burden. Feedback from Prime Traders points to them being able to deliver better trading outcomes for their end clients.
In addition, Iress’ global, multi-vendor network ensured a straightforward and speedy integration to Prime’s third party order and execution management system. Its BBO (best-bid-offer) from the premium QuantFeed product has been initially deployed to cover US equities, but additional asset classes and geographies can be integrated into the same feed.
The API Data and Trading solutions division of Iress was set up from the firm’s QuantHouse acquisition in 2019. Iress is a tech firm providing software to the financial services industry across trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence.
Iress’ API data and trading solutions managing director for the Americas, Salloum AbouSaleh, said in a statement: “Because we constantly invest in our infrastructure and partnerships across the globe, Iress is well-positioned to offer rapid integration with in-house, or third party trading management platforms. This means that as our clients’ requirements change, Iress’ agile solutions and connections allow for seamless transition to better data quality, with the lowest latency possible, allowing our clients to drive ROI and maximise trading outcomes.”
Prime Trading’s EVP and CTO, Corbin Kidd, said in a statement: “With Iress we have found a collaborative technology partner who can operate with professionalism and deliver benefits that a large business can offer, with the adaptability, attentiveness and agility. Iress’ impact on our data latency and our cost efficiencies have been profound. Feedback from our traders also indicates that they find Iress’s data to be more accurate, more consistent and more reliable, helping them to improve their own trading outcomes.”