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Replaces SuperDot with NYSE Super Display Book to drive latency into the single
digits.
By Ivy Schmerken July 02, 2009
Tags: New York Stock Exchange, SuperDOT, NYSE Super Display Book, NYSE SDBK,
NYSE Latency, Louis Pastina
The New York Stock Exchange (NYSE) said it has reduced the time it takes to
execute an order to five milliseconds from 105 milliseconds, with the
implementation of the new NYSE Super Display Book system (SDBK) for processing
orders.
As a result, NYSE customers are receiving trade executions and reports within
five milliseconds, as well as order and cancellation acknowledgments in just
two milliseconds, according to the release. To clarify the measurement further,
an exchange spokesman said, "The five milliseconds are measured from the time
the order hits our gateway through the time it sends the execution confirmation
back to the customer. If it's a cancellation or an acknowledgment, that takes
two milliseconds."
NYSE SDBK replaces the well-known SuperDOT order delivery and processing
systems, which has been in place for 33 years and was synonymous with
electronic trading as well as the Post Support System, which routed orders to
the trading floor. NYSE SDBK is a server-based system based on NYSE Arca's
industry leading trading engine, which provides increased throughput,
flexibility and scalability as well as lower operating costs compared with the
mainframe platform that supported SuperDOT.
"We have improved system latency to the single digits today from 350
milliseconds in 2007," stated Louis Pastina, EVP, NYSE Operations. "NYSE
customers can now access our market with greater speed and assurance, and their
orders will be delivered and executed more efficiently than ever," stated
Pastina in the release. "For the first time on NYSE, customers can employ the
benefits of competitive speed and automation in addition to our longstanding
value of high-touch price discovery on the only U.S. exchange equities trading
floor," Pastina further stated.
The NYSE SDBK rollout took three months and completes an ambitious systems
re-architecture project that NYSE initiated just 18 months ago, according to
the release. During this time, NYSE has completely replaced its order entry,
order database and routing systems, market data systems and components of its
post-trade system. To accomplish this infrastructure overhaul, the NYSE has
leveraged leading technologies it gained from recent acquisitions and mergers,
including systems from NYSE Arca, Wombat (now part of NYSE Technologies) and
Euronext.
Additionally, NYSE Amex cash equities will complete their move to NYSE SDBK in
August. Later this year, NYSE Euronext's Universal Trading Platform will be
rolled out to NYSE and NYSE Amex as well as NYSE Arca, bringing additional
gains to transaction speed, the release noted.