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The transatlantic exchange decided to create a single platform for all its
The UTP will replace four separate platforms by the end of 2009: the Nouveau Système de Cotation (NSC) for Euronext, Liffe Connect for the derivative Liffe market, Arca in the
Once completed, customers will need only one connection through Nyse Euronext's SFTI global network to access all its cash and derivatives markets in the
On Monday the first stage of the migration saw the exchange move 2889 fixed-income products from the NSC platform, involving approximately 120 European customers.
Based on existing systems and incorporating new technology, the platform will see European cash customers experience reduced latency from 1.5 milliseconds a roundtrip to 150-400 microseconds, with capacity trebling, from 30,000 orders a second to 100,000 orders a second.
Anthony Attia, executive director and head of the Universal Trading Platform programme, says: "In an increasingly competitive environment, particularly in Europe, the Universal Trading Platform puts us ahead of the competition and not only meets the needs of our customers today but will also meet their future needs for greater speed and capacity as well as sophisticated functionality."
Stanley Young, co-global CIO, Nyse Euronext, adds: "At the time of the Nyse Euronext merger we committed to introduce one single trading platform for all our markets, to significantly reduce costs and create IT synergies. Since then, our IT teams on both sides of the
Nyse Euronext is not alone in revamping it technology platform, as traditional exchanges looks to realise IT synergies from consolidation and face off competition from modern automated platforms.
Deutsche Börse - which earlier this week said that talks with Nyse Euronext about a potential mega merger had fizzled out - has committed to a rise in costs of EUR1.35 billion for next year as it invests in the development of a single global trading system, initially for ISE, as the nucleus of its IT platform strategy.
Euronext press release