To continue extending the reach of its globally comprehensive technology solutions, the financial technology provider Pico has formed a wholly foreign-owned enterprise (WFOE), called British Commercial Pico Information Technology Co. Ltd.
Through its new entity, which is based in Shanghai, Pico can support firms seeking to access this important liquidity location. As China’s markets continue to open up to foreign institutional investors, many top global banks, funds, and trading firms are seeking to increase their presence in the region that is home to some of the largest exchanges in the world.
Located within proximity to the Shanghai Stock Exchange (SSE) data center and alternative trading locations in Shanghai, Pico’s operation is supported by local engineering and data centre management expertise. Initially, Pico will provide proximity hosting and fulfillment services in Shanghai and Shenzhen for non-exchange members, as well as market data via its colocation facility in the Hong Kong Exchanges and Clearing Limited (HKEX) data centre. Pico has already built out and is operating network and infrastructure in Shanghai and Shenzhen for one of the select numbers of foreign investors allowed to trade within the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) colocations.
“We are excited to embark on this important phase in our growth. Launching in China marks a significant milestone for Pico, further extending our capabilities to support clients accessing the Chinese market,” comments Roland Hamann, Chief Technology Officer and Head of APAC at Pico. “Pico has invested heavily in building a comprehensive global offering and we look forward to replicating our success in China supporting clients to rapidly access these markets and liquidity sources.”
Pico has established comprehensive connectivity and venue presence across APAC serving electronic trading participants, all supported by local teams. Pico grew its APAC footprint in 2020 with new colocations in Taiwan and the Republic of Korea and expanded further in Japan, offering ultra-low latency access to the JPX colocation ecosystem. Pico also added market data from Shanghai Stock Exchange and Shenzhen Stock Exchange to its market coverage.
Pico’s 47-strong data centre presence traverses all key global market centres in the Americas, Europe, and Asia along with mission-critical exchange connectivity. Its resilient proprietary network, PicoNetTM is a globally comprehensive, low-latency, and fully redundant network interconnecting all major financial data centres around the world with access to major public cloud providers. The combination of Pico’s global infrastructure and data services with its analytics and machine intelligence solution Corvil Analytics, ensures clients are equipped with cutting-edge solutions to meet ever-changing market conditions.