Nasdaq and Pico, a provider of multi-asset electronic trading technologies, today announced that Pico will provide market data infrastructure to its clients to access Nasdaq Futures, Inc. (NFX), the exchange group's U.S.-based designated contract market (DCM). Through NFX, Nasdaq will expand its commodities business with futures and options on key energy benchmarks including oil, natural gas and U.S. power, which will launch in mid-2015.
"Nasdaq is bringing choice to the marketplace by offering transparency and alternatives to the futures market and we are happy to provide our clients with access to NFX," said Bruce Boytim, Chief Operating Officer at Pico. "Pico is looking forward to enhancing its current market data offering by providing its broad client base with access to NFX."
Under the terms of the arrangement, Pico will broaden Nasdaq's distribution by providing access to real-time market raw data feeds to its diverse client base. Pico provides infrastructure, integration management and software solutions to a diverse financial services client base. Their "trading infrastructure-as-a-service" delivers a fully managed solution including hosting, multi-asset class market data, connectivity and regulatory reporting. Pico has significant experience in implementing infrastructure and integrating best-of-breed technology to produce the optimal client solution.
"The addition of Pico to the NFX platform will offer market participants greater access to real-time NFX data, allowing them to enhance their trading strategies while ultimately reducing costs," said Magnus Haglind, Vice President of Global Transaction and Market Services and Head of U.S. Commodities. "Pico has a great reputation for providing superior technology services and we are fortunate to have them signed on to provide access to the NFX platform."
Nasdaq's Global Commodities business offers trading and clearing solutions for assets including power, natural gas and carbon emission markets, tanker and dry cargo freight, fuel oil, seafood derivatives, iron ore, electricity certificates and clearing services. With competitive fees and a range of liquidity providers, Nasdaq provides a cost-effective, transparent and efficient marketplace that appeals to all types of trading entities.