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CFN Services Announces FiberSource® Advisor for Trading Firms

Thursday, June 25th, 2009

Herndon, VA (PRWeb) June 25, 2009, 2009 No longer can a trader meet their low latency requirements by just collocating in the same facility as the exchanges. The exchanges are spread out now, and so is the market data essential to successful execution of trading strategies. Traders need to find the optimal combination of space and network configuration that is central to the market data feeds and the exchanges they are trading on. That is why CFN Services is extending FiberSource Advisor® to include a Financial Services specific practice. Working with CFN Services FiberSource Advisor® to help meet low latency requirements allows Trading Firms the ability to focus resources on the trading environment, platform, messaging, algorithms and other essential key areas.  FiberSource Advisor® provides the trading firm a roadmap to optimize their network; helping plan and configure the optimal collocation sites, lowest latency networking solutions, and peace of mind achieved with full disclosure of all options available.
CFN Services is a leading ultra low latency and custom fiber optic network integrator in the financial industry; offering specific Ultra Low Latency solutions for the trading areas in a growing number of financial centers globally including Toronto, Chicago, New York/New Jersey Metro, Washington, DC, London, and Frankfurt.  CFN Services sets themselves apart from other transport vendors by offering: carrier neutrality, FiberSource Advisor® professional services, fully managed services, and the ability to design custom fiber networks.
CFN Services specializes in designing, implementing and managing high performance, low latency fiber networks. CFN is a custom fiber network provider, not simply a supplier of circuits. This is a unique advantage to a trading firm, because CFN and their FiberSource Advisor® professional services, can assist in the overall plan and development of the financial network to ensure optimization based on each firm’s unique priorities for market data delivery, trade execution, clearing data, and internal IT operations. CFN Service’s FiberSource Advisor® offering provides sophisticated financial trading firms with multiple network configuration options that fully leverage their existing network investments while providing a growth path and simultaneously lowering latency.
As a spin off of CSX Corporation, CFN Services carries on a 20-year legacy in fiber network deployment and management. CFN Services’ proprietary FiberSource® knowledge-based platform delivers access to over 500 carrier networks globally including more than 100 submarine systems; providing direct visibility into all available dark and lit fiber options, collocation facilities, and metro fiber rings for optimal deployment to any global financial center worldwide. Through FiberSource Advisor® CFN Services’ combines its vast telecom knowledge base with extensive experience in lit and dark fiber network design and implementation to provide trading firms with an edge on all aspects of MAN and WAN network deployment. CFN’s engineers articulate and provide recommendations on optimal transport architectures across technologies including WDM, SONET, Ethernet, IP, and MPLS.  FiberSource Advisor® will help traders lower latency on their existing routes, while optimizing the overall transport network inclusive of future growth plans.
As David Conrad, VP of Sales at CFN Services has observed, “ Partnering with CFN Services and utilizing FiberSource Advisor® provides trading firms the confidence and assurance that they are getting the best network solutions to meet their unique needs. With a view to all available fiber, including that of Utilities, Carriers and Dark Fiber providers; we enable our clients to rapidly sift through a typically daunting array of network options and providers to get to the optimal solution based on their specific requirements. Working with CFN as an integrator ensures carrier neutrality and eliminates the typical network operator’s bias for their own, often sub-optimal, end-to-end solutions.”
For more information about CFN Services and FiberSource Advisor® www.cfnservices.com

About CFN Services
CFN Services is a managed telecom infrastructure services company providing network services for the Enterprise, Public Sector and Carrier Markets. Specializing in network planning, deployment, and managed services, including local access transport, low latency networking, and mobile backhaul optimization, CFN Services leverages the company’s flagship FiberSource® network planning and optimization platform. CFN Services has provided network planning and deployment services to some of the leading wireless and wireline network operators including Verizon, AT&T, Level 3 and Sprint.  For more information please see http://www.cfnservices.com.
Contact: Judy May  – 703-788-6633; Judy.May@cfnservices.com

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Nasdaq dark pool unveils new features

Wednesday, May 13th, 2009

NEURO Dark, a new European dark pool to be launched on 11 May by multilateral trading facility Nasdaq OMX Europe, will offer IOI functionality, smart routing and new ‘internalisation’ order types.

Users of NEURO Dark’s smart order routing functionality, which sends any orders not filled in the pool to other non-displayed venues, will also be able to interact with indications of interest (IOIs) sent to the platform by its routing partners.

“The IOIs will contain rudimentary information on stock and side, and our routing partners will only be able to send us IOIs that can be executed against,” Todd Golub, executive director of European markets development, Nasdaq OMX Europe, told theTRADEnews.com.”

Owned by global exchange group Nasdaq OMX, NEURO Dark will offer smart order routing after its initial launch to both independent dark pools and brokers’ internal crossing engines. Routing to displayed venues is not planned until further clarification of dark-lit venue interaction from regulators.

NEURO Dark will also offer an internalised order type called SELF, which is designed for market participants that do not have their own internalisation processes. This will allow users to match orders against their own internal flow within NEURO Dark, and gives them the option to match against their own flow before opening orders up to liquidity from other clients on the platform.

“With the current focus on cost-cutting, people can use a proven platform to perform the internalisation function,” said Golub. “We are planning to integrate this with the routing service in the future.”

The charge for trades completed using the SELF order type will be 0.05 basis points per side. All other executions will be charged at 0.1bps. By comparison, Chi-Delta, the dark pool offering from rival MTF Chi-X Europe due to launch in Q2, will charge 0.3bps per execution.

NEURO Dark will run independently from the Nasdaq OMX Europe and will trade around 800 of the most actively traded European blue-chip stocks. Like its lit counterpart, it will be powered by INET technology.

The platform will use the reference price pre-trade transparency waiver under MiFID to exempt it from publishing bids and offers. Under this waiver, prices in the pool are pegged to the mid-point price of a “widely published and reliable source” – typically the prices on the relevant primary exchange. Using this waiver allows NEURO Dark to accept dark orders of any size, unlike the large-in-scale waiver, which requires orders in the pool to be a specific size relative to the stock’s average daily turnover and market capitalisation.

The arrival of NEURO Dark comes at a time of heightened activity in the European dark pool market. As well as the imminent arrival of Chi-Delta, NYSE Euronext launched its SmartPool dark MTF in February, while Baikal, the London Stock Exchange’s non-displayed trading platform, is set to start trading in June.

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