Market Data Technology

SuperBook

Consolidated View of Markets
Following the trends experienced in the US for increased market fragmentation, the post-MiFID environment promises increased competition with a greater possibility for growth and potential revenue opportunities across Europe. As fragmentation increases globally, maintaining transparency across markets becomes more of a challenge. This has made a complete view of liquidity for fungible instruments essential for cross-market trading.

NYSE Technologies’ flagship liquidity aggregation product is SuperBook, an order book aggregator that produces a consolidated view of available liquidity across all relevant trading venues.

Building upon the existing suite of supported feed handlers, SuperBook provides consolidation across all key US and European exchanges, Alternative Trading Venues and ECN’s/MTFs. As such, SuperBook is the technology behind some of the top smart order routing systems used around the world. Available today are 160+ direct and aggregated low latency feeds providing complete market coverage of the US market, all MiFID exchanges including; NYSE Euronext, BATS, Turquoise, Eurex, Chi-X, Virt-x, London Stock Exchange (LSE), NASDAQ OMX Group and Borsa Italiana and a growing list of Asian markets.

Delivered in real-time, and at full market depth, SuperBook provides the transparency across venues necessary to effectively compete in the evolving marketplace, enabling customers to react quickly in increasingly efficient markets.

The complete list of NYSE Technologies Feed Handlers, including the range of NYSE Euronext data feeds supported, is available on www.nyse.com/feedhandler.

Expanding the Platform
As markets continue to fragment and additional liquidity pools become available, it is critical for consumers of market data to seamlessly add new trading venues to the platform with minimal disruption and maximum impact.

With SuperBook, feeds for new venues are added with no impact on end clients. Data for the new feed simply becomes available in the consolidated book via the Middleware Agnostic
Market Data API (MAMDA).

Clients are insulated from the diversity of symbologies used across venues where differing
identifiers are used to represent the same instrument. Sophisticated symbology mapping within SuperBook, and on the platform, provides end users with a common and consistent language for registering interest in the consolidated orderbook for a given instrument.

For existing customers, SuperBook presents a standard interface, both in terms of administration and end client platform interaction. Administrators are provided with a wadmin interface with real-time consolidated orderbook processing by MAMDA.

Using Duplication to your Advantage
In addition to consolidating orderbook data for instruments from multiple venues, SuperBook can also manage redundant overlapping data sources where available.

When a duplicate source of data exists (such as an aggregate data feed), SuperBook can be
configured to use this as a redundant backup, seamlessly transitioning in the event of the primary source becoming unreliable or unavailable. With this feature, the risk of being out of the market due to unforeseen compromised data integrity or exchange connectivity is minimised.

Features

• Aggregation of order books across multiple liquidity centers
• Aggregated Top-Of-Book (BBO) available
• Reuse duplicated data from separate data sources
• Multiple currency support
• Real-time switching between individual participants from any data source
• Support for order and quote driven markets
• Aggregation available with millisecond latency
• Flexible control over exchange symbology (ISIN, CUSPID subscriptions supported)
• Dynamic subscription management
• Full administrative control via wadmin
• Built on the Market Data Platform
• Available on all supported middlewares