Business wire
SpiderRock Connect Launches a Modern and Powerful Trading System and an Options ATS, Designed to Bring Increased Automation, Competition, and Transparency to Global Institutional Options Trading
Drew Mauck
Drew@3ptscomm.com
3Points
SpiderRock Technology Solutions, a premier provider of options trading technology, with a platform that handles approximately 250 billion dollars in notional annually, today unveils the latest version of its flagship platform, SpiderRock Connect. This global trading platform supporting U.S. and E.U. derivative instruments includes several major feature upgrades, runs in next-generation data centers that are proximity-located to exchange matching engines and provides access to an entirely new equity options alternative trading system called SpiderRock ATS.
SpiderRock Connect also introduces MLink, a new web-socket API for sending and receiving live data messages, a variety of re-imagined web-based tools to simplify client workflows and access on- and off-screen liquidity from one application, and upgrades to its popular SRSE API.
As a core feature of SpiderRock Connect, the ATS was designed to support trading in individual option series and option spreads in both exchange-listed and exchange FLEX instruments. This is done through two distinct auction types:
- Flash Auctions – Lasting 100 milliseconds, Flash Auctions allow auction initiators to interact with a network of electronic liquidity providers in an open competitive process, allowing clients to seek price improvement ahead of routing to an exchange order book. These auctions can also be used to support attempts to find liquidity at the NBBO price level, mitigating exchange taker fees and potentially identifying additional liquidity.
- Block Auctions – Lasting up to a few minutes, Block Auctions invite institutional initiators and liquidity providers to directly transact electronically via an efficient auction process, closely mimicking the way large orders are being manually handled today. Subscribers who initiate Block Auctions can access both the SpiderRock network of liquidity providers anonymously, as well as any of their existing trading counterparties, typically in a disclosed fashion.
SpiderRock Founder and CEO, George Papa offered, "From a technical perspective, this platform version accomplishes everything the previous version does, and we now offer an options-only ATS that is already building momentum. I’m pleased with our team’s dedication and teamwork in building the ATS, as it performs incredibly well in one of the most mission-critical and technologically advanced industries; options trading.”
Annabelle Baldwin, Partner and CRO, continued, “This platform update reflects the natural evolution of SpiderRock as a leader in options trading solutions for institutional clients. Many clients supported us in our endeavor to build a feature-rich options ATS that would help bring automation, competition, and transparency to the block trading process. Thanks to an incredible demonstration of technical, design, and business acumen from the SpiderRock team, we are very proud to deliver this modern, elegant, and powerful new platform to an array of institutional clients that increasingly trade options worldwide.”
About SpiderRock:
SpiderRock deploys some of the most innovative execution, risk management, and analytics solutions available for the U.S. equity, options, and futures markets and soon will support foreign derivatives markets, starting with Europe. SpiderRock offers certain financial services through its wholly-owned broker-dealer subsidiary, SpiderRock EXS, LLC (member of FINRA/NFA/SIPC). These services, including SpiderRock ATS, are offered via a trading platform licensed to SpiderRock EXS, LLC by SpiderRock’s subsidiary SpiderRock Platform Services, LLC. SpiderRock also provides market data and analytics services through its subsidiary, SpiderRock Gateway Technologies, LLC.
For more information, please contact Learn@SpiderRock.Net, see SpiderRock.Net, or follow us on X at @SpiderRockChi or our LinkedIn page.
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