Axiom Feed provides flexible market data delivery to innovative ‘smart market’ ATS
St. Louis, New York – April 4, 2023 – Exegy Inc.’s partnership with OneChronos to power the US equities ATS with reliable real-time market data is an example of how the two companies are seeking to expand market access, officials from both firms said.
The venue uses Exegy’s Axiom Feed, a market data-as-a-service offering.
OneChronos is a “smart market” that uses periodic auctions to match counterparties through mathematical optimization. The company’s Head of Engineering, Iris McAtee, said the ATS’s randomized auctions, which take place approximately 10 times a second, deliver differentiated execution quality by prioritizing the best match of buyer and seller, rather than the first order to market.
“Numerous brokers have analyzed our execution quality, citing us as one of the best for quote stability and low markouts among US equity venues,” McAtee said.
OneChronos’s innovative matching method presented them with a challenge – one they brought to Exegy.
“Our approach takes time out of the equation, but ironically, to achieve this, the quality of market data and precision timestamping are extremely important,” McAtee said. “It’s really key that we have a reliable, stable source of data.”
Upon evaluating OneChronos’s requirements, Exegy recommended Axiom Feed, the company’s market data as-a-service solution, as the right fit. Built on the high-performant Exegy Ticker Plant, it provides high-quality normalized market data from global markets with no hardware or infrastructure build required.
Exegy CEO David Taylor said the feed’s strengths were a great match with OneChronos’s needs. “Axiom is the perfect solution for venues requiring rock-solid consistency and resilience in their market data.”
Taylor noted that Exegy and OneChronos both are seeking to expand market access to firms without requiring them to invest in and maintain expensive market data infrastructure.
“We’re impressed by OneChronos’s unique approach to market access and share their goal of making markets work better for all participants, regardless of their latency requirements,” Taylor said. “We’re very excited to be helping them innovate in this way.”
The result has been a successful partnership for Exegy and OneChronos.
“We’re pleased with the stability and precision of Axiom,” McAtee said, noting that the venture could eventually extend to further markets. “While we have no imminent plans, we’re definitely looking to expand well beyond the US as well as beyond equities.”
About Exegy Inc.
Exegy Inc. is a global leader in intelligent market data, advanced trading and execution systems, and future-proof technology and infrastructure. Backed by Marlin Equity Partners, Exegy serves as a strategic partner to the complete capital markets ecosystem of the buy side, sell side, exchanges, and ISV/technology firms around the globe.
Headquartered in St. Louis with regional offices in North America, the UK/Europe and Asia Pacific, Exegy has the global footprint to deliver world-class support and managed services to its customer base.
About One Chronos
OneChronos Markets LLC is a wholly owned broker-dealer subsidiary of OCX Group, Inc. OneChronos is an independent, venture-backed company using cutting-edge technological paradigms to enable the next generation of electronic trading.
The founders and management of the Company have substantial experience in building innovative marketplaces, quantitative trading, and technology leadership in global equities and fixed income. OneChronos is headquartered in New York.