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X-stream is currently used in more than a dozen exchanges around the world including the Istanbul Stock Exchange, Moscow Interbank Currency Exchange and the New Zealand Exchange. Earlier this month Computershare announced that the SWX Swiss Stock Exchanges would soon deploy X-stream. Computershare Markets Technology has been a key technology partner for ICAP since 2001, the date of the initial licence and development agreement for X-stream.
Computershare X-stream is the only system available today that simultaneously supports such an extensive range of product classes and market models on a single platform. X-stream’s diverse set of market models includes order and quote driven markets, call markets, negotiated markets and hybrid market models combining each of these. It allows the concurrent trading of equities and debt, futures, options, swaps and FX, and it provides one of the most sophisticated strategy order trading capabilities available today, including implied order generation and legging-risk free execution of multi-leg strategy orders.
Significantly, X-stream is the highest performance automated matching system available in the world today. In a recent performance benchmark X-stream handled over 10,000 quote market order updates per second on a dual CPU platform. Commenting on the beginning of auto execution, Peter Jessup, Managing Director of Computershare Markets Technology said:
“We are delighted that ICAP, the world’s largest interdealer broker, continues to trust Computershare Markets Technology to help them grow and expand their business. ICAP have made no secret of the fact that transforming the group’s electronic broking capability is a key strategic objective. ICAP has created a powerful combination: the world’s largest voice and electronic interdealer broker teaming with Computershare, the most innovative of the leading software providers in this industry.”
“We are excited that electronic trading is now a reality for ICAP making X-stream the only central market matching system available that can handle such a wide range of instrument classes on one platform, including cash, financial derivatives, FX and interest rate derivatives”, he continued.
“There has been a meeting of minds between ICAP and Computershare Markets Technology: the ideas, technical initiatives and entrepreneurial spirit have combined to create an outstanding success: advanced technology supporting an unrivalled business model in an industry growing at 25% a year.”
Kieron Nolan, ICAP’s Director of Product Development for i-Swap concurs:
“Technology and your choice of technology partner have become the critical weapons in the fiercely competitive world of interdealer broking. Over nearly four years of working with Computershare, they’ve proved to us time and time again that through their strong commitment to innovation they can push the boundaries of what’s possible with electronic matching systems. They have played a key role in our achievement.”
