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Former Chi-X Europe chief raises stakes in trading speed battle

New software firm targets high-frequency traders as exchanges upgrade systems

Algo Technologies, a software firm co-founded by Chi-X Europe's former chief operating officer Hirander Misra, is set to launch a system that will slash the time it takes for equity deals to be conducted, in a bid to take advantage of the increasing number of high-frequency in Europe's financial markets.

Algo Technologies yesterday revealed that its new trade matching software, Algo M2, will have a round-trip latency - the time it takes for a customer to send an order and receive an acknowledgement of the transaction - of 16 microseconds.

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