AccelorTM - Meeting the Needs of the Algorithmic Trading Community
Accelor is the next-generation foreign exchange ECN for all market participants, developed to meet the needs of the most demanding institutional market participants. It combines anonymous ECN functionality with advanced technical architecture and comprehensive market data. Accelor's diverse community of participants ensures deep liquidity and consistent pricing under all market conditions. Banks, hedge funds and asset managers all participate on the platform, ensuring high levels of natural interest and the deepest liquidity. This is supported by FXall's independent status which attracts liquidity from a wide range of sources. Accelor adds to FXall's extensive range of trading and posttrade services - including forwards, swaps, NDFs and trade splits and rolls - offering users a complete solution for FX trading and workflow.
Fairness and Transparency
FXall has created the new benchmark for transparency in FX trading with Accelor, providing clients with the highest level of market information required for effective trading decisions and execution. No participant has privileged access on the system and orders are processed according to transparent business rules ensuring equal access for all. Price/time priority, whereby the order entered earliest gets executed first, is always honored.
FXall does not act as principal in the market so does not compete with participants for liquidity. This neutrality guarantees a level playing field, allowing participants to be confident they are using a fair and efficient platform. AccelorateTM, FXall's proprietary market data interface, goes beyond what has been available until now. It provides the most comprehensive market data available in the marketincluding:
- Full order book data detailing every order that is placed and removed from the book
- The length of time that orders have been in the system, thereby enabling participants to separate them by time horizon (low, medium or high)
- The size of each order and its position within the book (Knowing the position of an order at a particular price is important for participants who value being at the front of the line for execution)
- Time and sales information for completed trades
Reduced Trading Risk from Low Latency
Accelor was designed for minimal latency at every stage of the trading process. Higher processing speeds are achievable in Accelor since centralization rather than regional sy nchronization methods are employed. The matching process is continuous, rather than at pre-set intervals between cycles ensuring that the market risk between time slices is eliminated. Accelor's advanced technical architecture is supported by the most up-to-date software and a robust trading infrastructure which has been rigorously tested to handle large trading volumes with minimal latency. It is enabled for multi-threading - or parallel processing - so that the core servers can run a number of processes simultaneously. It is also bandwidth efficient using a TCP/IP messaging connection. Wherever possible, components that intercommunicate are placed on the same physical network node to minimize latency. Fiber or high speed backplane-based network interfaces are used to decrease network latency and increase throughput. There are also separate networks for backup and management traffic.
The Accelorate market data distribution system has been designed to provide participants with a timely and complete view of activity in Accelor's order book. All market data is s nt and received immediately, which consistently ensures an accurate representation of the current state of the market. Data is sent in small message sizes so that more updates can be processed in the same amount of time and bandwidth as a standard FIX protocol message format. Market data is cached in memory which allows for processing in sub-millisecond time. Accelorate's speed and completeness gives its market participants an advantage by
letting them see the complete picture.
Fairness to GUI Traders
GUI (Graphical User Interface) users, who traditionally react to market movements after seeing them visually, are being impacted as the speed of the market surpasses their reaction time. Accelor increases their chances for success by offering a variety of order types that allow them to work their interests safely within a neutral limit order book. This is in marked contrast to systems where orders are stored locally and away from where the matching process occurs.
As the industry's leading independent provider of FX trading services, FXall is a trusted partner for hundreds of market participants around the world. Our unique and diverse trading community is comprised of more than 700 institutional customers including banks, broker-dealers, asset managers, active traders and corporations. This means that a significant proportion of trading on Accelor is real-interest business, delivering more non-correlated flow, deeper liquidity and consistent pricing for all currency pairs and tenors under all market conditions.
Low Participation Costs & Efficient Credit Intermediation Accelor is a cost-effective model for market participants implementing both aggressive and passive trading strategies. Accelor operates a competitive rate of pricing for all volumes executed in any given month with participants receiving a structured discount for higher trading volumes. Once monthly trading volumes from a participant exceed a benchmark level, all trades become eligible for the higher volume discounted pricing structure rather than only those in the higher volume tier.
Fees for passive orders are reduced to reward participants for adding liquidity to Accelor.
FXall supports the industry-standard FIX protocol so participants can leverage existing investments in standardized solutions to keep costs low. We do not require physical infrastructure at the client site so there is no need for the client to budget for the cost of housing, monitoring and maintaining the system within his/her environment. Accelor's model supports either bilateral credit or credit intermediation provided by the world's premier prime brokers and broker dealers. This system gives participants flexibility to use the most efficient mechanism for their needs and supports the growing trend to use a combination of alternatives to reduce clearing and settlement costs while accessing the broadest set of liquidity.
At FXall we continue to retain our focus on delivering appropriate and leading-edge products, technology and information to our clients, all within the best-practice principles. Electronic trading is recognized as a key component in achieving best practice in FX trading as well as facilitating compliance with corporate governance, reporting and accounting regulations such as Sarbanes Oxley and IAS 39 and regulations such as MiFID.
A Stable Environment in All Market Conditions
Accelor's advanced technical architecture delivers a robust trading infrastructure and has been rigorously tested to manage large trading volumes. This provides to a stable trading environment in all market conditions. If issues were to arise, Accelor users have global access to a dedicated 24x7 worldwide customer service team which operates on a follow-the-sun basis across key locations and time zones. The service provides access to qualified personnel for all technical user queries and fault resolution.
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