European Best Bid Offer (EBBO)

Vela’s EBBO market data solution provides clients with a single, high availability, continuous consolidated order book for an instrument, providing full transparency into an instrument's liquidity across multiple markets.

The composite book calculates both top of book and market depth in real time and updates with each underlying tick.

Find Out More

  • Client Challenges
  • Technology Features
  • Deployment Options
  • Feeds Coverage
Client Challenges

Best Execution

MiFID II will introduce regulations which obligate investment firms to take all sufficient steps to ensure the best possible result for their clients when executing orders.

Price is the leading factor in ensuring best execution and so it is essential for firms to source market data from multiple exchanges trading the same instrument to discover the best price.

The fragmented marketplace increases the number of venues where an instrument may be traded. Therefore, consolidating this view where possible helps to streamline execution.

Simplicity

Firms are striving to simplify market data architectures to reduce the cost of infrastructure and to reduce the resourcing required for maintenance while also maintaining and improving latency and throughput to cope with increasing data volumes.

EDC Management

Exchanges frequently and without warning change their market data feed protocols, which can result in anything from a minor change to a complete rewrite of code across multiple layers of a market data platform which is extremely resource intensive.

Technology Features

The service includes a range of features that makes it ideal for use within a client’s application or their electronic trading stack including smart order routers and dark pools and ensures the solution can be configured to align with client’s best execution policies.

  • Fully managed solution, hosted in Equinix LD5, Slough, UK
  • Supports pre-trade transparency and best execution obligations under MiFID II
  • Supports composite feeds for top of book and market depth
  • Offers dynamic, intra-day control of the primary exchanges and MTFs contributing to the consolidated book
  • Supports distribution over either multicast or TCP
  • Full set of recovery options in the event of data loss at the feed or client level
  • Supports value added functionality including auction specific rules, and composite calculations
Deployment Options

Vela’s EBBO is offered as a fully-managed service in Equinix LD5 and is operated by Vela’s experienced and award-winning Managed Services team. This has multiple benefits including:

  • No proprietary infrastructure required; clients simply connect directly to the environment
  • Market data requirements are facilitated by Vela – including the provision of data and exchange reporting
  • Exchange Driven Changes (EDC) are managed by Vela
  • Solution is fully resilient; hardware is configured with fault tolerance to protect against failure

 

Clients can connect directly by cross connect, or use a supported extranet to connect from other locations.

 

Additionally, the EBBO solution can be deployed within a client’s own environment either as software only or as a managed service.

Feeds Coverage

The standard EBBO solution includes the below primary exchanges and MTFs. However clients can customize these based on their best execution policy and coverage.

Primary Exchanges

  • Borsa Italiana
  • Bolsa de Madrid
  • Deutsche Börse Xetra
  • Euronext Cash
  • London Stock Exchange
  • Irish Stock Exchange
  • Nasdaq Nordic
  • Olso Børs
  • SIX Swiss Exchange
  • Weiner Börse

MTFs

  • Aquis Exchange
  • Bats Europe (includes Chi-X Europe)
  • Turquoise

What is it?

A market data aggregation solution which aggregates data from exchanges and MTFs across European trading venues.

Who is it for?

Financial market participants who require a consolidated view of market data orders across multiple venues to meet their best execution obligations.

What does it provide?

A high availability, continuous consolidated order book for an instrument, providing full transparency into an instrument's liquidity across multiple markets.

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