NYSE Technologies Tuesday launched a fully-managed, point-to-point order routing service.
The service, called Order Routing Direct, allows 650 broker-dealers and 600 buy-side firms to connect directly with trading counterparties. No central hub is required.
Order Routing Direct uses patent-pending network technology, the technologies arm of NYSE, Euronext, said.
“We recognize that some customers have specific trading requirements that are not fully supported by the traditional hub-and-spoke service model used around the industry,'' said Scott Fitzpatrick, vice president, NYSE Technologies Marketplace.
With the direct order service and its own hub-and-spoke model, NYSE Technologies provides "customers the value of two complementary connectivity services,'' he said.
Order Routing Direct uses the Financial Information Exchange protocol.