MILA powered by Rapid Addition's technology

First Published 15th June 2011

Bolsa de Valores de Colombia implements Rapid Addition solution for MILA network

Kevin Houstoun, chairman at Rapid Addition and CTC co-chair, FIX Protocol Limited

Kevin Houstoun, chairman at Rapid Addition and CTC co-chair, FIX Protocol Limited

"MILA was an exciting project for us to be involved in and has firmly cemented our place as a dominant player in providing flexible and quality offerings to the world's top financial institutions."

Rapid Addition, the provider of trading technology solutions to buy- and sell-side financial institutions, has announced that Bolsa de Valores de Colombia (BVC), operator of the country's main securities exchange, has implemented the firm's solutions as part of a major regional integration project along Latin America's Pacific Coast.

The Latin American Integrated Market or MILA (Mercado Intergado LatinoAmericano in Spanish), a FIX-based messaging routing network linking BVC, Bolsa de Valores de Lima (Peru) and Bolsa de Comercio de Santiago (Chile), aims to produce additional liquidity making it easier for domestic traders to buy and sell equities across the entire region. In turn this will make one of America's fastest growing economies even more attractive to overseas investors. The project currently provides access to the three markets with a combined capitalisation of US$600bn.

The system was built using a .NET version of GRHubTM, Rapid Addition's FIX Order Routing product which routes market data, orders and executions between national and international brokers and the three exchange platforms. Furthermore, pre-trade risk filters will allow brokers to control their risk on sponsored access connections. The product is constructed from the firm's Generation Zero™ technology and RA-CheetahTM, the low latency FIX engine.

Rapid Addition provided further project support in the form of u-Trader™, the firm's lightweight trading front-end (OMS) which supports the configuration of risk parameters for all three of the markets.

Kevin Houstoun, chairman at Rapid Addition and CTC co-chair of FIX Protocol Limited, commented: "Rapid Addition's GRHubTM was one of the few products that could cope with the message volumes required and the client's requirement to guarantee that no message could ever be lost. The system launched on the 30th May and represents a tremendous achievement for the exchanges involved." He continued: "MILA was an exciting project for us to be involved in and has firmly cemented our place as a dominant player in providing flexible and quality offerings to the world's top financial institutions."

Jitendra Puri, CIO of Bolsa de Valores de Colombia, added: "Rapid Addition's FIX engine and u-Trader™ are part of BVC's strategic trading architecture in high availability configuration. This enables us to offer our Colombian and international customers low latency order routing with pre-trade risk control and MILA market data."

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