Colt Technology Services has announced the successful completion of a three-month Proof of Concept incorporating Singapore Exchange (SGX Group)'s Derivatives data into its Market Data in the Cloud service. This move marks a significant step in harnessing the full potential of cloud migration within one of Asia's key capital markets.
The integration of SGX Group's derivatives data into Colt's Cloud service assists both buy-side and sell-side firms trading on the Singapore market. The service limits their exposure to hardware procurement risks, substantially reducing costs, and enhancing time-to-market from several months to just a few weeks. High-frequency trading (HFT) firms, who are more latency-dependent, can now swiftly access real-time multicast raw market data for back testing and developing algorithms.
Colt's Market Data in the Cloud service has been globally available since July 2023. It aids various market participants, including exchanges, prime brokers, trading firms, market data vendors, and technology providers in navigating the complex challenges associated with hosting and distributing multicast raw market data.
The traditional approaches involved converting multicast data to unicast via middleware or software layers, which was both expensive and time-consuming, or deploying costly physical infrastructure. These posed significant barriers to entry, especially for overseas investors who were geographically distant from the markets.
The new service provided by Colt fully manages all connectivity from SGX Group's co-location site. By transporting data to and from the closest access point to the AWS cloud via PrizmNet, Colt's specialist financial extranet, the service effectively eliminates the need for middleware or any data conversion, ensuring seamless integration.
Furthermore, Colt's comprehensive cloud offering benefits from its dedicated Market Data Monitoring Service (MMS), which provides customers with crucial visibility, traceability, and advance warning in the event of packet loss.
Russell Toop, Team Leader, Capital Markets Solutions Asia Sales of Colt Technology Services, commented on the development, "We are delighted to showcase at a higher level how Colt Market Data in the Cloud is a game-changer for Capital Markets."
"By facilitating the movement of multicast market data from SGX Group to the AWS cloud, we are opening up the availability of Singapore's Derivatives data to traders around the world. We remain fully committed to bringing further transformation and innovation to Capital Markets."
Yasutaka Mizutani, President, APAC of Colt Technology Services, added, "Our Multicast Data Service is being broadly accepted by capital market customers in Asia, thanks to the great support of exchanges such as SGX Group. Our successful POC with SGX shows how we can guarantee best-of-breed services for our customers."