Other BME Products
and Services
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
C. Routing. Visual Trader
The Visual Trader technological platform enables
users to trade securities in the Spanish and interna-
tional markets via a single connection and through
its main products:
• VISUAL TRADER MAX TRADING TERMINAL: Tra-
ding screen with multi-market operations and infor-
mation on prices in real time.
• VISUAL TRADER GATEWAY: Interface of order
routing that enables orders to be channelled to Vi-
sual Trader’s multi-market/multi-broker system.
MAX TRADING TERMINAL:
This terminal is for brokers at trading desks and
enables them through a single screen to manage or-
ders for various markets and international brokers. Or-
ders are managed on an end-to-end basis, including
institutional orders, special orders and algorithmic
trading.
The maX trading terminal is a latest generation
tool. It includes various functions such as Best Execu-
tion and novel charts, as well as significant updating
in the sphere of algorithmic trading: the Personal Al-
gorithmic Trading Spreadsheet (PATS), a simulator of
markets and a new statistical information service and
prediction models.
PATS provides an environment in which traders
with minimum programming knowhow can program-
me trading models. It manages data in real time using
pre-programmed high-performance functions and
can send orders to the markets, manage transactions
and invoke technical and statistical analysis functions
which can be used in models created by users. And
because all of this is done in Excel, it is easy to use
by everyone.
The maX terminal includes information on mar-
ket prices in real time. The ticker plant of Visual
Trader addresses low-latency needs while receiving
market information, aiming to speed up per-second
message processing and improve capacity. Visual Tra-
der has also developed a new protocol called VT Bi-
nary, whose main feature is its high productivity.
VISUAL TRADER GATEWAY INTERFACE:
VISUAL TRADER GATEWAY is the point-to-point
connection to the multi-market and multi-broker sys-
tem of Visual Trader through a single interface. It is
ideal for banks, savings banks, online trading net-
works and in general systems for routing retail orders,
which want to channel their orders to the world’s
main markers via brokers of their choice and receive
confirmation of executions, all in real time and via
FIX protocol.
Visual Trader provides direct connection to the
Spanish markets, NYSE Euronext, Deutsche Borse and
the Italian stock market LSE; and via other networks
and international brokers to almost all the world’s
markets.
The improvements in the routing order systems,
particularly to the Spanish market, are aimed at achie-
ving lower latency and greater productivity. The ob-
jective is to provide the quickest access to the Spanish
market. The new Nanodriver service has enabled Vi-
sual Trader to reduce equity market access latency to
less than 100 nanoseconds.
Visual Trader also enables issuers of warrants
to connect their price-generating systems for issuing
warrants in SIBE and NYSE Euronext.
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