19 July 2016, Sydney: Metamako, the Australian provider of the world’s fastest, deterministic, ultra- low latency devices for the trading community, exchanges and telecommunications providers, today announced that its technology has been selected by the Australian Securities Exchange (ASX) for monitoring the exchange’s new trading system.
Metamako’s devices will be at the heart of the ASX’s trading system, providing information that will be used to determine, in real-time, the health of the exchange’s systems as well as to record the timing of market events like orders and trades.
Dr. Dave Snowdon, founder and CTO of Metamako, commented: "We've sold our devices around the world, but it's a real thrill to help build the next generation Australian exchange. The ASX is doing a great job in ensuring that it really understands the inner workings of its systems in a very detailed way, which is absolutely critical not only for the reliability of the exchange, but also for ensuring that the system is scrupulously fair.”
On its decision to use Metamako’s technology, Nicholas Rakebrandt, Manager, Connectivity Development at the Australian Securities Exchange, said: “We’re excited to work with Metamako on the development of our monitoring solution. We looked at a variety of products, but decided on Metamako as it provides the most accurate and reliable network monitoring technology on the market.”
Snowdon adds: “You can think of our devices like a stopwatch that records exactly when everything happens, with incredible precision, but without slowing anything down. Our devices are so accurate that they can measure the delay on a 50cm piece of fibre cable; knowing when everything happens is crucial if you're going to ensure the exchange operates in a way that is expected and predictable."
Based in Sydney, Metamako was founded in 2013 by three Australian technologists. Metamako has brought its cutting-edge switching technology to the world, earning a spot in KPMG’s Fintech 100, and helping to propel Australian fintech to the forefront of market innovation. In less than three years Metamako has built a global client roster and opened offices on two other continents. The success story is continuing, with 2016 already proving to be a record year. The company is headquartered in the fintech hub Stone & Chalk in Sydney, which helps foster and accelerate the development of world-leading start-ups, and has rapidly become the centre of Australia’s fintech eco-system.
“It’s an Australian success story. These are cutting-edge devices, designed in our offices in the Sydney CBD, manufactured in Sydney, and shipped to customers in Chicago, New York, London and Europe,” says Snowdon.
“Metamako was one of the founding companies at Stone and Chalk and it’s wonderful to see Australian Fintech being used by the Australian Securities Exchange, along with financial institutions around the world,” commented Alex Scandurra, CEO of Stone & Chalk. “Metamako builds hardware, which has so many flow-on effects in Australian manufacturing, design, and more. They are an incredible Australian advanced manufacturing story. They design and prototype in their lab at S&C, manufacture in Western Sydney and export around the world.”