Island ECN Selects Kx Systems for Real-Time Trading Platform

27 Jun 2001 | , , , ,
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Miami (27 Jun 2001) – Kx Systems, leader in enabling financial services firms to meet the challenges of acquiring, managing and analyzing massive amounts of business data at extremely high speeds, today announced that The Island ECN has selected Kx to supply the relational database management platform for Island’s new real-time trade reporting system.

Island ECN will use Kdb, the ultra high-performance relational database from Kx, as its platform for creating an on-the-fly system for capturing, analyzing and reporting daily trade information. Included in the Kdb platform are the K programming environment and KSQL, extensions to SQL92 for high-speed, vector-based querying on the time-based data that is critical to trading analytics.

The new real-time trade reporting system will enable Island to manage its growing volumes of trade data. Last year, Island matched over 53 billion shares, accounting for a dollar value of over $3 trillion (US). In the past 12 months trading volumes have doubled. Today Island accounts for approximately one out of every six Nasdaq trades. “With our trading volumes doubling each year, Island needed a faster, more intelligent way to process and report on the day’s activities,” said Gary Lindgren, vice president of software development at Island. “Kdb has by far the best technology and business fit for our needs. Nothing else we saw came close to meeting our requirements for speed and scalability in a no-fail IT environment.”

Island expects the Kdb platform to halve the time it currently takes to collect trade data from Island’s core production systems. Instead of waiting until the completion of the trading day to load Island’s trade reporting system, Island will be able to provide access to this information immediately. Once the data is in Kdb, KSQL will enable Island to increase the variety and complexity of daily reports it generates for management, operations, sales, regulatory agencies and customers-all in real-time. “With Kdb, we will have an immediate view of our business and our customers’ accounts, which we can leverage in a variety of ways,” said Lindgren. “In today’s trading environment, we no longer have the option of shutting down for processing at the end of the day. We have to pull end-of-day into real-time production. Kdb offers the data load speeds and real-time analytics to enable that.”

“After working with leading financial firms since 1993, Kx is pleased to have Island as our first ECN customer,” said Janet Lustgarten, CEO of Kx Systems. “Island has become one of the top ECNs through forward thinking and a clear mission to provide investors with a fully accessible marketplace. Kdb has been benchmarked to handle a million trade updates a second, and we expect it to support Island in meeting the needs of a growing investor community and rapidly increasing trade volumes.” The sale to Island was made by Kx Systems consulting partner Appian Corporation.