Colt has launched Colt PrizmNet in the US, connecting providers of financial content – including market data, research and trading services – to capital markets firms, improving trade execution and accelerating global market connectivity.
This financial extranet addresses increased client demand for greater transparency and reliable access to new and existing markets, as well as the move to fully electronic traded asset classes including swaps, FX and fixed income.
Colt is a private company owned by Fidelity, and operates across Europe, Asia and North America. The launch of Colt PrizmNet in the US supports its growing presence in North America, giving customers the ability to quickly and seamlessly tap into global markets and liquidity centres across Europe and Asia. Content providers and exchanges already signed up to distribute content via Colt’s extranet service include IEX, Moscow Exchange, Nasdaq, Aquis Exchange, TraderServe and CME Group.
In a recent study into capital markets firms, commissioned by Colt, 52 per cent of US respondents reported it could take as long as a month to connect to new clients, with over 40 per cent noting the time to implement connections to new sources of liquidity could take well over a month. Consequences of these long implementation times have included missed trading opportunities (55 per cent), the inability to enter new markets (50 per cent) and a negative impact on revenue (41 per cent).
“We have worked closely with our customers to understand their expectations of an extranet service,” explains John Loveland (pictured), VP Capital Markets at Colt. “Accessing new markets quickly, ensuring reliable, transparent and stable connections to existing markets, and the flexibility to change whenever trading strategy dictates, are all high priorities. Colt PrizmNet will help address the need to accelerate access to new markets. This service has been designed to help mitigate risk and deliver the critical information that underpins the execution of millions of trades daily.”