Ian McIntyre (Pico Trading) Episode 40

David Anderson - Talking Market Data

https://www.linkedin.com/in/imcintyre/
https://www.pico.net/
Summary
In this conversation, David Anderson interviews Ian McIntyre from Pico Trading, exploring the multifaceted world of market data and trading technology. They discuss Ian's extensive background in the industry, the diverse services offered by Pico Trading, and the importance of low latency in market data. The conversation delves into the nuances of direct connectivity versus aggregated data vendors, the role of colocation, and the impact of emerging trends in fixed income markets. Ian shares insights on telecommunications, the significance of network observability through Corval, and the evolving landscape of cloud and AI in market data. The discussion also touches on operational resilience and regulatory compliance, highlighting the challenges and opportunities within the industry.
Takeaways
Ian McIntyre has over 20 years of experience in market data.
Pico Trading offers diverse services including hosting, connectivity, and trading technology.
Low latency is a critical factor in market data and trading.
Direct connectivity can reduce costs for clients compared to aggregated vendors.
Colocation provides efficiency and cost-effectiveness for trading firms.
Pico is not a member of exchanges but facilitates client access to them.
The fixed income market is seeing increased demand for low latency solutions.
Corval enhances network observability and troubleshooting for clients.
Cloud technology is beneficial for historical data but poses challenges for low latency.
Regulatory compliance, such as DORA, is becoming increasingly important for market participants.
Chapters
00:00 Introduction to Ian McIntyre and Pico Trading
03:51 Overview of Pico Trading's Services
08:12 Understanding Low Latency in Market Data
12:35 Direct Connectivity vs. Aggregated Data Vendors
18:20 Role of Colocation in Trading
18:53 Pico's Position in Exchange Membership
21:48 Trends in Market Data and Trading Technology
23:12 Emergence of Low Latency in Fixed Income Markets
29:10 Telecommunications and Direct Connectivity
30:11 Pico's Network and Extranet Solutions
33:46 Redline and Its Role in Market Data
39:03 Corval: Network Observability and Monitoring
42:47 Cloud and AI in Market Data
55:40 Operational Resilience and Regulatory Compliance

DAVID ANDERSON -- https://www.linkedin.com/in/atradia/