Reporter Kristina Peterson explains InfoReach’s Universal Test Symbol Initiative and presents industry commentary on the need for a single, universal set of test symbols in this Dow Jones Newswire exclusive posted 1.14.2011.
Excerpts:
Traders or brokers setting up connections to a new stock exchange, new client or testing a new algorithm currently have access to test symbols offered by each of the biggest exchanges. But no universal ticker exists…
InfoReach is preparing to propose two new test symbols that would work across all exchanges and be easy to remember: OOOO and 0000.
“You don’t want to start sending real money into the market just to see how it works,” said Allen Zaydlin, chief executive of InfoReach, which frequently sets up new trading systems for clients.
If exchanges or brokers added a universally-accepted test symbol to their systems, most firms would welcome the chance to test out connections.
