New York, US, July 17, 2024: Today, backed by its majority owner STG, Alveo, a leading provider of cloud-based market data management software, announces the completion of its merger with Gresham Technologies (“Gresham”). The combination creates a market leading provider for data automation and optimization of mission-critical data, post-trade processes, and external reporting.

Both companies specialise in data management software and combined will create significant scale. Clients will benefit from a comprehensive range of data automation and process integration solutions that simplify operating models and reduce total cost of ownership (TCO).

Gresham is a market leader in transaction control and reconciliations, data aggregation, connectivity solutions and regulatory reporting. Alveo is a market leader in enterprise data management for market, reference and ESG data. The combination creates a market leader in data automation solutions for mission-critical processes that require high quality and trusted data to be easily integrated into business workflows.

The new business will be known as Gresham and will be headquartered in London with operations around the world, including a significant presence in North America. Ian Manocha, formerly CEO of Gresham Technologies, will be the CEO of the combined business and Mark Hepsworth, formerly CEO of Alveo, will be Chair of the board.

Ian Manocha, CEO, said: “The combination of the two firms accelerates our journey to bring digital integrity, agility, operational efficiency and data confidence to financial markets globally. It creates a comprehensive set of solutions for data automation, operational efficiency, data management, analytics and risk mitigation for financial and corporate clients globally.”

Commenting on the merger, Mark Hepsworth, Chairman said “Improving data management efficiency is a major requirement for clients who need to process increasing volumes of data. We can now offer clients greater scale and a wider range of solutions that will simplify their operations and enable them to manage data more effectively. I am delighted to be working with Ian and our new team and to enable clients to benefit from this exciting new combination.”

About Gresham
Gresham Technologies is a leading fintech company specialising in providing real-time data integrity and control solutions. With a proven track record of delivering innovative solutions to financial institutions worldwide, Gresham is committed to empowering clients with robust technologies that drive operational excellence and regulatory compliance.

About Alveo
Alveo is the leader in market data integration and analytics solutions for financial services. Focused on optimizing data flows for business user self-service, we provide cloud-native data aggregation and data quality management that enables clients to easily access trusted data while maximizing their data ROI. Through our managed services, we ensure that clients can smoothly onboard, prepare, and validate data for use in operations, trading, investment management, pricing, risk, reporting, and machine learning.

We service a global client base and our award-winning technology provides easy integration into business user workflows and a proven platform for advanced analytics. Through combining deep domain expertise with the latest open-source technologies, we help financial institutions ensure high-quality data, optimize market data cost, and maximize productivity.

About STG
STG is a private equity partner to market-leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market-winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG’s expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.STG.com.

The new benchmark for trade execution latency of up to 13.9 nanoseconds is less time than it takes light to travel through 3 meters of optical fiber

27 June 2024: Exegy, a leading developer of high-performance trading solutions for capital markets, in collaboration with AMD, today announced a record-breaking actionable latency of up to 13.9 ns for the execution of a trade in the latest STAC T0 report. For the first time ever, this was achieved using an off-the-shelf solution with an asynchronous implementation for the critical path of the algorithm and network stack.

With up to a 49% latency reduction, this is the lowest tick-to-trade (the time it takes for an order to be sent to the exchange in response to a market data update) latency performance of any published STAC-T0 benchmark.

Exegy is the only capital markets technology provider offering a comprehensive FPGA development framework, specifically designed for ultra-low latency financial applications. This is achieved through providing the standardization needed to build an FPGA-based trading platform, enabling developers to focus on optimizing their core business logic. Exegy is unique in offering a combination of reference designs, expertise, and support, allowing firms to reduce time-to-production when developing ultra-low latency trading systems.

nxFramework – Exegy’s production-proven FPGA development framework – provides clients with reference designs to create and manage a large portfolio of applications, such as pre-trade risk check gateways and tick-to-trade electronic trading platforms. The Exegy and AMD collaboration combines innovative hardware with production-tested applications to produce groundbreaking performance with an off-the-shelf solution, giving clients the lowest latency in the easiest way possible.

Olivier Cousin, Director FPGA Solutions of Exegy, says: “Bringing such a significant latency reduction in tick-to-trade execution is an important boost to the industry. It underscores the success of our collaboration with AMD, which began last year, and highlights the benefits of Exegy’s ongoing dedication to reducing latency. Even more important is that we’ve created a blueprint for how FPGA development can and should be done – with no compromise on speed or flexibility.” He continues: “Our clients can now focus on their strategies with the knowledge that the rest of the AMD Alveo™ UL3524 accelerator card implementation, is fully optimized for low-latency trading.”

The AMD and Exegy collaboration combines hardware acceleration, FPGA flexibility, and low- latency networking to ensure high performance and determinism. The testing measurements are precise as the Exegy team managed to reduce the jitter to 200 picoseconds or up to 10x lower than in previous benchmarks. This ensures the accuracy of the STAC-T0 results. The benchmark is designed to use industry-standard hardware and is therefore fully transparent and reproducible. As part of their subscription, existing Exegy customers received the update to the IP cores which enabled this latency record.

“In ultra-low latency trading, a nanosecond can determine the difference between a profitable or losing trade,” said Girish Malipeddi, Director of Product Marketing – AECG-Data Center, AMD. Adding, “This benchmark shows independently quantified, verified, real-world results showcasing how AMD and Exegy continue to push the boundaries and possibilities in high-speed trading and financial technologies as a whole.”

STAC benchmarks are the industry standard for testing solutions that enable high-speed analytics on time-series tick data. The STAC-T0 benchmark evaluates tick-to-trade network-I/O latency. The previous lowest benchmark speed of 24.2ns also came from utilizing AMD accelerators.

To learn more about the benchmark, please see the results of the STAC-T0 survey here.

*Source: Latency in optical fiber systems, Joseph Coffrey, 2017.

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About Exegy

Exegy is a global leader in intelligent market data, advanced trading and execution systems, and future-proof technology and infrastructure. Backed by Marlin Equity Partners, Exegy serves as a strategic partner to the complete ecosystem of the buy-side, sell-side, exchanges, and ISV/technology firms around the globe.

For more information, please visit www.exegy.com