Marex Spectron Begins Internal Data Distribution Overhaul with MDX Technology Rollout

Commodities broker Marex Spectron has rolled out the MDXT Connect data connectivity platform from UK-based data technology provider MDX Technology across its global broking operations, as the first stage of a strategic initiative to better share, capture and distribute real-time market data across the organization.

The broker deployed MDXT Connect within the past fortnight on its trading desks in Vancouver, New York, London, Hong Kong, Singapore and Oslo. Individual brokers and desks in these locations can now share real-time price and transaction data on all markets in which Marex Spectron is active, including natural gas, metals, agricultural products and oil products.

"They are using our technology to share data between brokers, either across the same desk or office or across offices globally, to serve clients' execution requirements," says MDX chief executive Paul Watmough. In addition, MDX has implemented other sharing capabilities, including whiteboard technology that enables brokers across Marex Spectron to post comments, prices or indications of interest on a virtual whiteboard, which other colleagues worldwide can view and edit, Watmough says.

Previously, Marex Spectron used a combination of proprietary technology, spreadsheets and voice communication to share market prices, though Watmough adds that MDX has integrated Connect with this existing infrastructure rather than replacing it. For example, the implementation required MDX to access spreadsheets used by the broker so that price data could be captured and shared between individuals and desks.

Watmough adds that MDX's deal with Marex Spectron is likely to grow over the coming months as the broker embarks on the next stages of a multi-phase project to improve the efficiency of its market data operations and execution activities. "The first phase allows for better sharing of data, while the next phase is about capturing [data] -- then they will look at distribution, and we are a core piece of technology in that overall strategy," he says.