Marketcetera

Marketcetera

Type	Trading platform
Industry	Financial services Trading Hedge funds
Founded	2006
Headquarters	San Francisco, CA, USA
Key people	Graham Miller (CEO), Toli Kuznets (CTO), Roy Agostino (CMO), Yoram Talmor (VP of Engineering), Brian Roberti (VP of Sales)
Products	Marketcetera trading platform & support
Website	www.marketcetera.com

Marketcetera is a financial software company that has developed the Marketcetera open source trading platform, linking financial exchanges to users through broker services—essentially itself acting as a meta-broker—allowing the development of automated trading systems. The Marketcetera platform uses the ACTIV Financial data steam services for a real-time low-latency equity data feed. The open platform uses the open source library QuickFIX to implement the standardized FIX communication protocol. Marketcetera has offices in San Francisco and New York.

History

Marketcetera was founded in 2006 in San Francisco by Stanford computer scientists CEO Graham Miller and CTO Toli Kuznets. Early in 2008, the firm managed to raise $4M through investors Shasta Ventures and Jack Selby, managing director of Clarium Capital.^[1] After a period of testing, version 1.0 of the software was released on 14 January 2009 for windows. On 17 February, with the release of v1.1, Marketcetera became additionally compatible with Linux, increasing its potential market reach.

In March 2009, Marketcetera appointed W. Brennan Carley to its board of directors. Carley was the founder of BT Radianz, and has held C-level positions at such financial institutions as Reuters and Instinet^[2], as well as serving on the board of firms such as Yipes^[3].

As of June 2009, Marketcetera are in partnership with NYSE Technologies (the commercial technology division of NYSE Euronext) to provide a 'Software-as-a-Service' (SaaS) Trading Platform on NYSE Technologies’ SFTI (Secure Financial Transaction Infrastructure) Network.^[4]

Current and future usage

The aim of Marketcetera is to be used by traders, hedge funds and financial services firms. Marketcetera currently has over 10,000 software downloads^[5], and some hedge funds have commented encouragingly on the prospects of open source platforms in this area^[6]. Given that Marketecetra is open source software, the company generate revenue primarily through data and support services, and currently has over 20 active support contracts^[5].

Marketcetera may in future be able to get regulatory approval as a certified broker, and as a result earn extra commission on its trades.^[7] Future versions of the software are likely to include tools for trading currencies and commodities.^[8]

Competitors

There are proprietary competitors such as Flextrade and Portware, in addition to ultra-low-latency trading systems such as Bloomberg and Reuters .

Further reading

• "Marketcetera goes gold". ZDNet. January 14, 2009. http://blogs.zdnet.com/open-source/?p=3281. Retrieved 2009-03-31. 

References

1. ^ VentureBeat reporting on Marketcetera funding
2. ^ "Marketcetera Appoints Financial Technology Pioneer to Board of Directors". Thomson Reuters. March 23, 2009. http://www.reuters.com/article/pressRelease/idUS176871+23-Mar-2009+MW20090323. Retrieved 2009-04-09. 
3. ^ http://www.relianceglobalcom.com/pdf/2006/Yipes-Names-Technology-Finance-Veteran.pdf
4. ^ "NYSE Technologies and Marketcetera Launch New Era “Software-as-a-Service” Trading Platform on SFTI® Network". NYSE Euronext. June 25, 2009. http://www.nyse.com/press/1245924443893.html. Retrieved 2009-12-14. 
5. ^ ^{a b} Official Homepage for Marketcetera
6. ^ "my bet is that we will see a slow and steady uptake of open-source platforms by trading firms as automation and computer science thinking finds a stronger place on Wall Street", Astro Teller, CEO of Cerebellum Capital, "Open-Source Technology May Gain as Wall Street Cuts Back". Securities Industry News. January 19, 2009. http://www.securitiesindustry.com/issues/19_86/23134-1.html. Retrieved 2009-04-15. 
7. ^ Article on CNET
8. ^ Vance, Ashlee (January 14, 2009). "Bringing Open Source Software to Trading Desks". New York Times. http://bits.blogs.nytimes.com/2009/01/14/bringing-open-source-software-to-trading-desks/. Retrieved 2009-03-31. 

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External links

• Main site
• Product site

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