Nanodrivers

Nanodrivers

BME Inntech leads the way in providing ultra-low latency access to the Spanish market. It offers two access solutions for banks, savings banks, and HFTs (High Frequency Traders): OMS (maximum control) and DMA access (nanoDriver, minimum latency):

  • Access via the Order Management System (OMS): OMS is suitable for retail order collection systems and provides maximum functionality of order management and control. Via a single connection, your entity will be able to access all BME's segments and markets, through the members of your choice.
  • DMA access: the nanoDriver interface is suitable for HFT clients with ultra-low latency needs. This interface verifies the mandatory filters imposed by the market for each order in just 75 nanoseconds. It is the ideal interface for an HFT.

All the systems include a terminal that enables the Member to track their clients' orders and configure the corresponding filters before they enter the market.

Details of DMA access are given below:

DMA access (nanoDriver)

In this type of access, clients are directly connected to the SIBE-Smart Market Gates via an HF Smart Gate interface and their orders do not go through the member's Order Management Systems (which would entail processing latencies) before reaching the market. In its place, the nanoDriver -installed in the Market Gate itself- provides DMA access and includes the filters required for the control of orders by members with ultra-low latency.

DMA filters

The control takes place through the use of the following basic filters:

Trading phaseorders can be rejected depending on the phase of the market
Static Spreadthe price of the order must be within the static spread
Blocked Securityrejection of orders of particular securities
Blocked Trader/Accountrejection of orders of certain broker accounts or codes
Block Order Typerejection of particular types of orders (Market Order, Limit Order, Stop Order, Stop Limit Order, Quote)
Orders/Secondestablishes the maximum number of orders per second.
Max Order Size establishes the maximum amount of the order
Arbitrage Order Typeallows orders with indicator “ExecInst =g”
Max Total Turnoverestablishes the maximum daily amount traded (sum of buy and sell orders)
Max Net Total Turnoverestablishes the maximum net position (purchases – sales)
Blocked Firm Coderejection of orders of a particular firm code

Additional and optional filters (the greater the number of filters the higher the latency):


Max Net Turnover/Securityestablishes the maximum net daily position by security (purchases – sales)
Max Net Turnover/Accountestablishes the maximum net daily position by account (purchases – sales)
Blocked Account Coderejects the orders of a particular account
Price tolerancethe price must be within the limits set by the user (4 limits for aggressive/passive orders and auctions/continuous market)
Relative Max Order Sizeestablishes a maximum amount of the order as a % of the average of the last N sessions
Minimum Order Sizeestablishes a minimum amount per order

Characteristics

  • As centralised applications, DMA and OMS accesses are operated in BME's data centre.
  • Leading platform for access to SIBE SMART (over 16 million orders processed each month).
  • Interface in FIX protocol (from 4.2 to 5.0).
  • Can be deployed in centralised or in-house mode.
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Copyright® BME 2018
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