Hirander Misra, the founder and former COO Chi-X Europe, is the newly appointed CEO of ALGO Technologies, a newly launched algorithmic trading, execution and market data services provider.
Misra stepped down from Chi-X in February 2010, two months after the appointment of Alasdair Haynes as CEO of Chi-X Europe. Misra previously told the Financial Times he wished to be considered for the CEO role.
The former COO has wasted no time in getting back in founding another venture. Co-founders of the firm include Rami Habib and Alexei Lebedev of Algo engineering, both of whom have been appointed as directors. Howard Morgan, president of Arca Group, has also been appointed as non executive Chairman.
ALGO Technologies aims to provide near-zero latency market data, trading and matching solutions and is developing an extensive dark fibre network to provide high speed market data and connectivity across all major international market centres, in multiple data centre locations.
We see enormous potential for our breakthrough technologies in international markets, and we are very pleased to announce the formation of ALGO Technologies and we are particularly pleased that this will be led by Hirander Misra as CEO commented Morgan.
Hirander Misra added, We believe that there is increasing demand for ultra low latency trading software and services. Most vendor solutions do not adequately meet this need and are far too expensive. ALGO Technologies will roll out products that create a sea change in speed and automation for the trading community. We will shortly be announcing differentiated low cost solutions for significantly faster market data, direct market access, smart order routing and cutting edge execution technology.
ALGO Technologies is owned by the co-founders and ALGO Engineering, a US trading and technology development firm specialising in algorithmic trading activity.
Specific products, solutions and trading platform developments from ALGO Technologies will be announced shortly.