The Australian Securities Exchange (ASX) will use Metamako for real-time monitoring of its new trading platform and for time-stamping and time synchronization of its internal network traffic.
“We evaluated a number of solutions, but in the end, the accuracy and performance of Metamako’s devices made them the obvious choice,” said Nicholas Rakebrandt, manager of connectivity development at ASX. ” Metamako’s solutions are simpler than other devices, and perform exceptionally well; we are already seeing the benefits of using the company’s technology. It’s an additional bonus that Metamako is an Australian fintech company, which has very quickly captured a share of the global market.”
Dr. Dave Snowdon, founder and CTO of Metamako, said ASX is the first major exchange to publicly announce its use of Metamako.
“To be at the heart of ASX’s network is a real recognition of the excellence of our devices. We have customers in the US, Asia and Europe, across HFT, automated trading, banking and ISVs. The ASX win is a very significant development for us and underlines the need for accurate monitoring, not just for banks and trading houses, but for exchanges as well.”
Network monitoring is a hot topic at the moment, with the MIFID II RTS-25 requirements bringing a global focus on timing technology. As a result, exchanges and trading firms alike are looking to build robust monitoring. In the U.S. the SEC recently issued new rules that would, among other things, require self-regulating organization and their members to synchronize their business clocks and record any reportable events in millisecond or finer increments.
“High-precision monitoring of the timing of network messages is a critical part of the puzzle for all types of finance firms – exchanges are no different,” added Snowdon. “All these institutions need to ensure that their systems are not just working correctly, but performing as predicted, with a high degree of determinism, to optimize the behavior of trading-related activities.”