Acquire Prepares to Open Tiger Cage
Roseland, NJ-based news aggregator Acquire Media is preparing to roll out a co-located version of its Tiger (Traders Integrated Execution-Ready) low-latency feed of machine-readable news to support the needs of trading firms with news-sensitive trading strategies that host their trading systems within exchange co-location datacenters.
Acquire is putting the service—dubbed Tiger Cage (Co-location to Achieve Greater Efficiency)—through the final stages of beta testing with unnamed clients, ahead of a launch planned for September, when it will reveal pricing details of the service.
The vendor has already deployed news servers in Verizon’s Carteret, NJ datacenter that houses Nasdaq’s matching engine and in Savvis’ Weehawken, NJ datacenter that houses the BATS Exchange, and will expand this to other co-lo centers as needed to meet customer demand, says Acquire chief executive Larry Rafsky.
“This is aimed at any buy-side firm with a low-latency trading strategy, especially quantitative-oriented proprietary trading shops,” Rafsky says. “Since a lot of quantitative strategies depend on the assumption that nothing has changed in the market [between receiving the data that triggers a strategy and the signal that places an order] … news can act as a risk check.”
Rafsky says the vendor always planned to make its Tiger feed of signals mainly derived from company earnings announcements—which it launched three years ago (IMD, June 26, 2009)—available in co-lo facilities to reduce latency for clients by eliminating the need for them to source the feed individually from Acquire into their co-lo servers, which would introduce transmission latency between Acquire and the datacenters. Instead, Acquire leases space directly from the datacenter providers, and allows clients to cross-connect to Cage.
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