Thesys Technologies

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Thesys Technologies, LLC
Thesys technologies.jpeg
Founded 2009
Headquarters New York, NY
Key People Mike Beller, CEO
Website ThesysTech.com

Thesys Technologies is a market access technology provider with expertise in high frequency trading. Thesys is a subsidiary of Tradeworx, a proprietary trading firm.

Thesys Technologies' has a subsidiary, Thesys CAT LLC, which was created to develop, implement and manage the Securities Exchange Commission's (SEC) Consolidated Audit Trail.

History

Thesys Technologies was spun out of Tradeworx in 2009. Over the course of the 2000s, Tradeworx expenditures on developing its own trading technology continued to grow. Thesys Technologies represents Tradeworx's effort to monetize that technological spend. The initial offering from Thesys was trading APIs for HFTs.

Thesys' first big deal was with Bank of America Merill Lynch in 2011 when the company inked a deal to provide market access and risk control technologies.[1] Through that partnership Thesys' technologies touch some 6 percent of daily equities trades in the U.S. and 15 percent of daily equity trades in Canada.[2]

In 2012, the firm built the SEC's Market Information Data Analytics System (MIDAS), an important experience for Thesys when it went into the bidding process for the CAT, as MIDAS represented a similar big data issue and involved the SEC. MIDAS allows users to analyze and view an individual equity's order book by aggregating multiple exchange data feeds.[3][4]

Thesys then branched into exchange technology, building matching engines for Level ATS in 2013 and Convergex in 2014.[1]

The CAT

The SEC's CAT is a byproduct of 2010's flash crash as regulators realized they needed a way to monitor and track all trading activity. It was left to the relevant exchanges, referred to as self-regulatory organizations (SROs) in CAT documentation, to come up with the general plan. By the end of 2014 a plan was in place and Thesys, along with 30 other companies, entered the bidding process.

Thesys was a thought leader during the bidding process, insisting the CAT have three essential pillars: ensure CAT is easy to report into; incorporate the best analytical tools and bring its security to the next level.[2]

Thesys won the right to build and implement the CAT in May 2017, beating out the likes of FIS, FINRA and Thomson Reuters.

Products and Services

Thesys provides ultra low latency quotes, market access technology, co-located trading, and a host of business services.

Key People

References

  1. 1.0 1.1 Thesys Technologies Signs Consolidated Audit Trail Contract With Self-Regulatory Organizations For SEC Auditing and Tracking System. PRNewswire.
  2. 2.0 2.1 Thesys vs. Goliath: That’s One Big CAT. John Lothian News.
  3. Thesys About Us. Thesys Technologies.
  4. MIDAS - What is MIDAS. SEC.
  5. Thesys Technologies Management Team. Thesys Technologies.