New York - BGC Partners has signed an agreement with Thesys Technologies to invest in the creation of high-speed microwave data networks for the financial community.
Starting with a route between Illinois and New Jersey at an estimated latency of under 8.5mS per roundtrip, the network is designed to transmit critical trading data related to the futures, equities, fixed income and other markets, between the CME, NASDAQ, BGC and ELX Futures data centers.
In addition to bandwidth leasing, Epsilon Networks will introduce a Fast Financials Feed ("FFF") which will combine proprietary data delivery techniques with the microwave network route. FFF components will initially include access to BGC's US Treasuries data products and through collaboration with data distributors, CME futures and equities data.
"We are constantly assessing new ways to further our position as one of the world's premier suppliers of real-time, low latency trading solutions," said Philip Norton, Executive Managing Director of E-commerce at BGC Partners. He continued: "Building the fastest high speed microwave information network will offer our customers a more rapid route to price discovery and arm them with the best tools possible to make smart trading decisions."
"Working with Thesys to create the fastest access to critical trading data underscores our commitment as a leading inter-dealer broker to deliver compelling value solutions to our customers," stated Richard Feldman, Director of BGC's Strategic Transactions Group ("STG"). He continued: "The STG group is focused on identifying and evaluating new technologies, business investment and acquisition opportunities for BGC that align with our core markets and our customers' needs while seeking to deliver attractive returns that will contribute to generating long-term value for our shareholders."
Manoj Narang, CEO of Tradeworx, Inc., the parent company of Thesys Technologies, said: "We are delighted to partner with BGC in building the fastest microwave information network between Chicago and New Jersey, paving the way for improved price discovery and trading. We anticipate continued improvements in speed and reliability for the network based on the unique technology advantages that Thesys offers to its clients and partners."
The microwave information network is expected to be operational during the fourth quarter of 2012.