Latest news with #BlueOceanTechnologies
Yahoo
6 days ago
- Business
- Yahoo
Sterling launches overnight global trading in US NMS equities
24x5 capability available via Blue Ocean Technologies Chicago , June 04, 2025 (GLOBE NEWSWIRE) -- Sterling Trading Tech (Sterling), a leading global provider of technology in order management, risk and margin, and trading, today announced the launch of 24x5 global trading in US National Market System (NMS) equities. Through Sterling OMS, clients can now trade overnight via Blue Ocean ATS. This marks the latest milestone in Sterling's ongoing global expansion strategy. On the product front, Sterling continues to enhance its OMS, risk, and trading capabilities. These now span multi asset classes, including US and international equities and options, futures, fixed income, mutual funds, FX, and crypto. All Sterling routing venues currently onboarded with Blue Ocean are available for overnight trading. Clients also benefit from market data and direct routing to Blue Ocean ATS. Additionally, Sterling has rolled out enhanced APIs, enabling clients to automate margin rate adjustments to account for overnight trading. Said Jen Nayar, Sterling President & CEO: 'At Sterling, we are committed to providing our clients with global access to trading in US equities, now extending into overnight hours. At the same time, we continue to advance our OMS and intraday risk and margin measurement capabilities. These enhancements enable our clients to confidently navigate today's volatile, unpredictable, and complex global markets.' -END- About Sterling Trading TechSterling Trading Tech (Sterling) is a leading provider of professional trading technology solutions for the global equities, equity options, futures, fixed income, mutual funds, FX and crypto markets. With over 100 clients including leading brokers, clearing firms and prop groups in over 20 countries, Sterling provides solutions tailored to clients' needs. Sterling is committed to providing fast, stable technology along with outstanding customer service. For more information, please visit Media Contact: Magdalena Mayer (312) 346-9600 CONTACT: Media Contact: Magdalena Mayer (312) 346-9600
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Korea Herald
19-02-2025
- Business
- Korea Herald
[Exclusive] 'Blue Ocean's service resumption delayed by lack of transparency'
US alternative trading system Blue Ocean and former partner firm Fundamental Interactions trade blame over massive system outage in August US alternative stock trading platform Blue Ocean has been unable to resume its trading service in South Korea for months with no clear explanation. The main reason could be its lack of transparency in dealing with last August's server outage, according to the CEO of a former partner company that is currently engaged in a lawsuit with the system's operator, Blue Ocean Technologies. Fundamental Interactions, a developer of enterprise market center technology platforms, previously provided its systems to power the Blue Ocean Alternative Trading System, including when a massive server outage occurred last year on the afternoon of Aug. 5. Investors in Korea saw orders worth 630 billion won ($437 million) canceled as a result. Blue Ocean Technologies explained that its matching engine failed to handle the surge in trade volume triggered by a global stock market sell-off over fears of a US recession. Fundamental Interactions CEO and co-founder Shawn Sloves argues, however, that Blue Ocean's 'repeated negligence' in not upgrading its infrastructure led to the 'preventable system failure.' 'Fundamental Interactions repeatedly recommended capacity upgrades to Blue Ocean in response to the sharp increase in transaction volume, but Blue Ocean ignored these requests,' Sloves said in an email interview with The Korea Herald. Following the system failure, Blue Ocean ATS migrated to a new technology platform, MEMX, explaining the move had already been planned. It also promised that another failure would not happen with the new system. Fundamental Interactions claimed that Blue Ocean Technologies misrepresented the situation and misled the industry into believing Fundamental Interactions' software was at fault, affecting its market reputation. The company filed a lawsuit against Blue Ocean in September in the New York Supreme Court, which is currently reviewing the case. Sloves further suggested, "The allegations against Blue Ocean Technologies could significantly impact South Korean authorities' decision to allow brokerage firms to resume trading with Blue Ocean Technologies." "Its public statements misrepresented the true cause of the outages, eroding market confidence and regulatory trust." Since the system crash in August, local brokerage firms have halted trading through Blue Ocean ATS. The standstill has left Korean investors unable to respond to market changes outside of regular US market hours because all brokerage houses here provided trading of US shares during Korea's daylight hours through Blue Ocean Technologies since it first built ties with Samsung Securities in 2022. With Korea as its biggest market prior to the outage, accounting for 65 percent of its trading volume, Blue Ocean Technologies has been working to resume service with local brokers. Its top executives, including CEO Brian Hyndman, visited Seoul earlier this month to meet with counterparts at local brokerage firms and the Korea Financial Investment Association, which represents the firms and has been seeking the regulatory nod. Blue Ocean even set up a Seoul office to better communicate with the local market. Yet the service remains stalled for no clear reason. While officials from local brokerage houses said the country's top regulator, the Financial Supervisory Service, has to approve any resumption, Sloves said the real problem is Blue Ocean Technologies' unwillingness to take responsibility for the outage. "Given the importance of market stability and compliance, South Korean regulators may hesitate or delay approval until Blue Ocean Technologies demonstrates substantial improvements in infrastructure, risk management and transparency,' Sloves said. Meanwhile, Blue Ocean Technologies responded that the lawsuit by Fundamental Interactions is 'frivolous and without merit.' 'We are actively engaged with our legal counsel and working on a motion to dismiss these charges,' said Silvia Davi, the firm's spokesperson.
Korea Herald
08-02-2025
- Business
- Korea Herald
US overnight trading platform gears up to make comeback in Korea
US alternative trading system Blue Ocean ATS hopes to resume trading service for Korean investors soon, following a six-month halt sparked by its system crash in August. Operated by Blue Ocean Technologies, the ATS provides overnight trading of US stocks, enabling Korean investors to trade during their daytime hours. 'We have invested in Korea with our technology, support and compliance. I believe we are close (to recommence the service),' Blue Ocean Technologies CEO and President Brian Hyndman said in an interview held with The Korea Herald at a hotel in Yeouido, western Seoul, Thursday. In August, Blue Ocean shut down its matching engine due to a surge in trade volume, resulting in the cancellation of orders worth 630 billion won ($435 million) across 90,000 accounts here. Since then, local securities firms have suspended the service. As the brokerage houses requested Blue Ocean Technologies to set up measures to prevent relapse, the company has completed the immigration to a new server and set up a new accommodation policy for investor protection. Though the compensation dispute over the outage was not the key reason that stopped the trading, Blue Ocean Technologies recently worked out a new accommodation policy, which includes financial compensation of up to $250,000 per month. At the time of the incident, the company did not have the rules for compensation. It is not the standard for an ATS to have a compensation policy in the US, according to Hyndman. "But I wanted to do that (come up with a compensation policy) for Korea going forward to give (the investors) a level of comfort," he said. For a better local presence, the company has set up an office in Seoul, appointing former representative director of LSEG Korea Kim Suk-joon as vice president and head of the north Asia-Pacific region. 'We fully demonstrated in the proof that we are ready to accommodate any businesses from Korea and most of the Korean customers are eager to resume businesses with us anytime," Kim said while joining the interview. According to Kim, Korean brokerage firms have shown a willingness to resume trading with Blue Ocean. "(The brokers) are waiting for the signal from the Financial Supervisory Service and Korea Financial Investment Association (Kofia)," Kim assessed, explaining Blue Ocean relies on the association to communicate with the financial regulator. Kofia is a representative body of the local brokerage firms. "The association is likely to poll the brokers to make sure that everybody is comfortable trading soon," Hyndman said, projecting the statement of the market inclination will help resume the business. While Korea had accounted for 65 percent of Blue Ocean ATS' share volume prior to the outage, the business has been growing strong even without the country, according to Hyndman. 'A lot is going on in the US equity markets with the new president's tariffs, Deepseek, and AI stocks. We had three record days in the past month -- record national volume being traded on Blue Ocean even without Korea,' Hyndman said. Despite the stable growth, Blue Ocean Technology wants Korea back on the table. 'Korea is a big part of our business. We want to get it back and we want to give the customers the offering that they are used to,' Hyndman said. While the daytime trading of US stocks for Korean investors had been exclusively offered by Blue Ocean, the market competition is likely to grow. More US exchanges are gearing up to expand their trading hours into the night hours, such as Moon ATS and 24X Exchange. Though Blue Ocean enjoyed its exclusivity in Korea, Hyndman welcomes the new competition. 'If we have a couple of competitors trading in the overnight space, the market is going to get bigger,' Hyndman said. 'Do I want to do 100 percent of 50 million shares or do I want to do 40 percent of half a billion shares, right?'
