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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared UPDATE 1-Volcanic ash relentless as tremors rock Iceland 18 Apr 2010 Iceland volcano sends new tremors, lower ash cloud 12:34pm EDT EU ministers strike deal to restart flights | Video 4:29pm EDT U.S. considers options to curb Iran's nuclear program 18 Apr 2010 TAKE-A-LOOK-Goldman Sachs faces fraud charges 3:27pm EDT Day care sends sick kids home unnecessarily: study 11:51am EDT EU ministers strike deal to restart flights | Video 4:29pm EDT Majority of Americans distrust the government 9:51am EDT UPDATE 1-Volcanic ash relentless as tremors rock Iceland 18 Apr 2010 Factbox: European airports and airspace closed by ash cloud 11:32am EDT Startup ALGO claims trading software nears speed of light Jane Baird LONDON Mon Apr 19, 2010 11:46am EDT Related News UPDATE 2-U.S. SEC plans IDs for fast traders, option fee caps Wed, Apr 14 2010 UPDATE 1-LSE, NYSE offer US equity trading in European time Wed, Apr 14 2010 Startups fuel growth in super-fast trading Wed, Apr 7 2010 Mexico's stock exchange set for DMA, eyes IPOs Mon, Apr 5 2010 Under pressure, exchanges moving out of element Thu, Apr 1 2010 Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange April 19, 2010. Credit: Reuters/Remote/Michael Leckel LONDON (Reuters) - New software by startup company ALGO Technologies offers to cut trade execution time to levels close to the speed of light, giving exchange clients an edge in the high-frequency trading arms race. Technology The system takes 16 microseconds, or millionths of a second, per round-trip for a trade from outside an exchange's firewall, compared with 250 microseconds on Nasdaq OMX, 270 microseconds on BATS Europe and 400 microseconds on Chi-X Europe, according to measurements by independent firm Corvil, based on volumes of 300,000 messages per second. The speed required to execute a trade is known as latency. Increasing demand for high-speed trading is driving Europe's exchanges and stock trading platforms to invest in reducing latency and those which cannot keep up may fall by the wayside. "We believe that we have killed the latency debate," because the physical limit of the speed of light means that no competitor could produce a system significantly faster, said Hirander Misra, ALGO chief executive and co-founder. Misra is a former chief operating officer of Chi-X Europe, which within three years grew to be the third largest pan-European cash equity trading platform. He said ALGO expected to sign its first licensing contract with a European exchange in early June and would follow up this year with a second exchange, which has already tested the system, and with a large full-service brokerage. Next year he expected to add three additional clients. LOWER LATENCY Tradititional stock exchanges have lost market share to new trading platforms such as Chi-X and BATS over the past two years, partly because they could offer lower latency to high-frequency traders and other players. "Now there is the potential for a second wave, like the 'Empire Strikes Back' by exchanges," which can use the ALGO system to recapture market share, Misra said. Herbie Skeete, managing director of research firm Mondo Visione, did not necessarily agree ALGO will end the latency debate, even acknowledging the laws of physics. "How far can reducing latency go? ... So long as there is money to be made through temporal arbitrage, there will be a continuous battle to be the fastest platform in the North, East, South and West," Skeete said. But Skeete did see the advantages of the new software. "ALGO Technologies ... has set the benchmark which other trading technology providers will be seeking to surpass," he said. Misra said ALGO was able to achieve much lower latency, because even the fastest systems in use today are based on design principles dating to 1997, which have since been "bandaided and plastered over the years in ways that slows the engine down." The company went back to scratch to develop software code to be as efficient as possible and paired that with the best hardware available. ALGO is willing to provide clients with full access to the software code after ensuring it had intellectual property protections, Misra said. (Editing by David Holmes) Technology Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters Air traffic bans boost video conferencing: Cisco OSLO/LONDON (Reuters) - The videoconferencing industry is getting a boost in demand from the disruption to business travel across Europe caused by a volcano in Iceland, Cisco Systems said. Startup ALGO claims trading software nears speed of light Publishing venture bets on iPhone short stories Lenovo looks to mobile Internet for growth Palm slides after losing key exec, RadioShack Facebook investor DST takes stake in Groupon » More Top News SEC VS. Goldman Sachs: How bad can it get for Goldman? Goldman Sachs faces fraud charges for the first time in its history, setting the stage for the Wall Street powerhouse's biggest-ever showdown with the government. Full Article Goldman faces rising pressure Felix Salmon: Time for contrition Goldman says charges are unfounded Corporate Crime Goldman and the genius investor On Wall Street, reputations are built up and tarnished as quickly as fortunes are made and lost. Just ask the soft-spoken hedge fund manager John Paulson. Full Article Goldman clients: Victims or fools? Goldman fraud case hits stocks Goldman clients stay loyal for now Goldman Sachs © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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