Showing posts with label trade execution. Show all posts
Showing posts with label trade execution. Show all posts
Friday, 3 October 2008
Knight Capital Group
Knight Capital Group, Inc. (NASDAQ:NITE) is a leading financial services firm that provides electronic and voice access to the capital markets across multiple asset classes for buy-side, sell-side and corporate clients. In Global Markets, we provide market access and trade execution services in nearly every U.S. equity security and a large number of international securities, futures, options, foreign exchange and fixed income. In Asset Management, Knight owns a 51 percent stake in Deephaven Holdings with Deephaven Partners controlling the remaining 49 percent as of February 1, 2008. Deephaven (www.deephavenfunds.com) is a global, multi-strategy alternative investment manager serving institutions and private clients. More information about Knight can be found at www.knight.com.
Monday, 15 September 2008
Trading Metrics
The Trading Metrics software tracks all trades conducted through TORA Compass(TM) and measures the order receipt, order processing and exchange execution times with microsecond accuracy. Analysis, reports and alerts are automatically generated in real-time by the software and provided to Tora customers using TORA Compass. Over US$25 billion in transactions are processed each month through TORA Compass, including over 25% of all electronic trading on the Tokyo Stock Exchange.
"Deploying Trading Metrics software provides us with the means to track trades processed by TORA Compass on an 'end to end' basis," said Eric Sun, CTO of Tora. "Tora and our clients will benefit from the capability to analyze and report on the time each order is received, the speed at which each trade is processed by the broker, and the partial or complete execution speed of each exchange."
"Our software allows brokers to separate and report on exchange delays versus order handling or brokerage delays," said Jeff Drew, CEO Trading Metrics. "Execution Management Service providers and Agency Brokers want to establish quality of service levels in order to compete for order flows. To do this, they must measure and report trade execution speed while identifying delays that occur at the exchange, outside of the brokers' or EMS application's control," continued Drew.
"Most of our clients have the ability to trade with different brokers in any one market. In Asia, there can be considerable performance differences across different Broker DMA environments as well as performance differences across the exchanges themselves. With Trading Metrics software we are able to compare, in real time, how fast our clients' orders are processed across different brokers and exchanges. We believe this will give our clients and our brokers meaningful information which will influence their trading strategies," observed Sun.
"Deploying Trading Metrics software provides us with the means to track trades processed by TORA Compass on an 'end to end' basis," said Eric Sun, CTO of Tora. "Tora and our clients will benefit from the capability to analyze and report on the time each order is received, the speed at which each trade is processed by the broker, and the partial or complete execution speed of each exchange."
"Our software allows brokers to separate and report on exchange delays versus order handling or brokerage delays," said Jeff Drew, CEO Trading Metrics. "Execution Management Service providers and Agency Brokers want to establish quality of service levels in order to compete for order flows. To do this, they must measure and report trade execution speed while identifying delays that occur at the exchange, outside of the brokers' or EMS application's control," continued Drew.
"Most of our clients have the ability to trade with different brokers in any one market. In Asia, there can be considerable performance differences across different Broker DMA environments as well as performance differences across the exchanges themselves. With Trading Metrics software we are able to compare, in real time, how fast our clients' orders are processed across different brokers and exchanges. We believe this will give our clients and our brokers meaningful information which will influence their trading strategies," observed Sun.
Wednesday, 10 September 2008
Instinet Europe Best Execution Policy Review
Instinet Europe Limited, the European agency brokerage subsidiary of electronic trading and agency-only brokerage services leader Instinet Incorporated, today published the key findings of its Best Execution Policy Review, conducted in accordance with MiFID regulations. The review covers Instinet Europe’s trading performance from 1 May 2008 through to 31 July 2008 (months 7-9 of MiFID) and follows the firm’s published findings of its execution quality from MiFID’s first six months in June.
The key findings are as follows:
• Instinet Europe’s SmartRouter™ has been enhanced to interact with new trading venues as they have been introduced. The average price improvement(1) when trading on new venues was 5.32 bps for the three month measurement period, and consistently improved month over month, rising to 6.43 bps in July 2008 compared with an initial 1.73 bps in November 2007, when MiFID was introduced.
• Of the shares traded away from the primary markets on alternative trading venues, Instinet Europe’s clients received price improvement 54.2 percent of the time (by value traded) and executed at the same price or better than found on the primary markets 96.0 percent of the time.
• By value traded, Instinet Europe executions away from the primary markets in UK, French, German and Dutch equities increased to 32.5 percent in July 2008 from 26.4 percent in May 2008. For UK equities alone, Instinet Europe in July 2008 executed 43.5 percent of its volume away from the London Stock Exchange, compared with 37.0 percent in May 2008.
• Instinet Europe has connected to and is successfully trading on both Turquoise and SWX Swiss Block, the two new multi-lateral trading facilities to have launched in August. Instinet Europe also became a direct member of the NYSE Euronext Lisbon Stock Exchange in August. During the review period, Instinet went live with the BlockMatch™ MTF, Instinet’s European block crossing platform, and announced a bilateral agreement with Credit Suisse to provide mutual access to each others’ dark pools. Additionally, Instinet Europe expects to continue to link to new liquidity pools as they become available, including BATS Europe, NASDAQ OMX Europe, NYSE Euronext’s SmartPool.
• Although not within the scope of MiFID, Instinet’s execution performance in US shares remains strong. In Investment Technology Group, Inc.’s (ITG®) recently published ITG Broker Edge™ report, which covered the four-quarter period ended 31 March, 2008, Instinet was ranked first for execution quality in overall US stock trading and #1 in nine out of the 14 ITG Broker Edge trading categories, as measured by value-added.
The key findings are as follows:
• Instinet Europe’s SmartRouter™ has been enhanced to interact with new trading venues as they have been introduced. The average price improvement(1) when trading on new venues was 5.32 bps for the three month measurement period, and consistently improved month over month, rising to 6.43 bps in July 2008 compared with an initial 1.73 bps in November 2007, when MiFID was introduced.
• Of the shares traded away from the primary markets on alternative trading venues, Instinet Europe’s clients received price improvement 54.2 percent of the time (by value traded) and executed at the same price or better than found on the primary markets 96.0 percent of the time.
• By value traded, Instinet Europe executions away from the primary markets in UK, French, German and Dutch equities increased to 32.5 percent in July 2008 from 26.4 percent in May 2008. For UK equities alone, Instinet Europe in July 2008 executed 43.5 percent of its volume away from the London Stock Exchange, compared with 37.0 percent in May 2008.
• Instinet Europe has connected to and is successfully trading on both Turquoise and SWX Swiss Block, the two new multi-lateral trading facilities to have launched in August. Instinet Europe also became a direct member of the NYSE Euronext Lisbon Stock Exchange in August. During the review period, Instinet went live with the BlockMatch™ MTF, Instinet’s European block crossing platform, and announced a bilateral agreement with Credit Suisse to provide mutual access to each others’ dark pools. Additionally, Instinet Europe expects to continue to link to new liquidity pools as they become available, including BATS Europe, NASDAQ OMX Europe, NYSE Euronext’s SmartPool.
• Although not within the scope of MiFID, Instinet’s execution performance in US shares remains strong. In Investment Technology Group, Inc.’s (ITG®) recently published ITG Broker Edge™ report, which covered the four-quarter period ended 31 March, 2008, Instinet was ranked first for execution quality in overall US stock trading and #1 in nine out of the 14 ITG Broker Edge trading categories, as measured by value-added.
Friday, 5 September 2008
BNY ConverEx Group Alliance with Thomson Reuters
BNY ConvergEx Group, LLC, has entered into a strategic alliance with Thomson Reuters,to provide Thomson Reuters clients access to ConvergEx's execution and liquidity management capabilities. As part of the agreement, Thomson Reuters will become a preferred market data provider for ConvergEx clients, and ConvergEx will become a preferred broker for Thomson Reuters clients.
As a leading global agency brokerage, ConvergEx delivers multi-asset class strategies and tools for world-class execution on every major exchange, seamless connectivity to global markets, and anonymous sourcing of deep liquidity. The ConvergEx liquidity and execution management offering includes the VortEx(SM) dark liquidity pool; ConvergEx Cross(SM), a sophisticated block crossing engine; a complete set of performance-enhancing global algorithms; TactEx, which is a comprehensive suite of advanced DMA order types for accessing both displayed and non-displayed liquidity in the US; and Perform-Ex(SM), a web-based transaction cost analysis platform. The alliance will also allow Thomson Reuters clients to draw on ConvergEx's market-leading commission management and research solutions to help them get maximum value from their commission spend.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Thomson Reuters is a recognized leader in providing world-class financial information products to the institutional investor community and we are very excited about the many significant benefits that this partnership is going to bring to our clients."
"Thomson Reuters delivers to customers unparalleled industry expertise, combined with innovative technology -- this is our focus," said Chris Perry, President, Thomson Reuters Americas Markets Division. "ConvergEx, with its leading trading technology solutions, substantially extends our ability to further deliver value to clients through content, analytics and market liquidity solutions."
As a leading global agency brokerage, ConvergEx delivers multi-asset class strategies and tools for world-class execution on every major exchange, seamless connectivity to global markets, and anonymous sourcing of deep liquidity. The ConvergEx liquidity and execution management offering includes the VortEx(SM) dark liquidity pool; ConvergEx Cross(SM), a sophisticated block crossing engine; a complete set of performance-enhancing global algorithms; TactEx, which is a comprehensive suite of advanced DMA order types for accessing both displayed and non-displayed liquidity in the US; and Perform-Ex(SM), a web-based transaction cost analysis platform. The alliance will also allow Thomson Reuters clients to draw on ConvergEx's market-leading commission management and research solutions to help them get maximum value from their commission spend.
Joseph M. Velli, Chairman and Chief Executive Officer of BNY ConvergEx Group, commented, "Thomson Reuters is a recognized leader in providing world-class financial information products to the institutional investor community and we are very excited about the many significant benefits that this partnership is going to bring to our clients."
"Thomson Reuters delivers to customers unparalleled industry expertise, combined with innovative technology -- this is our focus," said Chris Perry, President, Thomson Reuters Americas Markets Division. "ConvergEx, with its leading trading technology solutions, substantially extends our ability to further deliver value to clients through content, analytics and market liquidity solutions."
Finspread Trading Platform
Features on the Finspread trading platform:-
Real time prices on thousands of instruments worldwide.
Instant execution with firm prices up to Our Size. For each spread betting market that we trade, Our Size is the maximum size in which they are prepared to deal at our quoted prices, offering price and execution certainty for trades up to this size.
24 hour trading from 21:30 Sunday to 21:15 Friday (UK time).
Choice of order types to manage your risk – limits, stop losses, guaranteed stop losses, contingent orders, and closing orders.
Auto roll-over on rolling bets - all you need to do is maintain adequate funds in your account
Advanced trade closure – close trades in the same contract in any order, regardless of when they were opened.
Position amalgamation – view trades in the same contract individually or as one complete position.
Interactive charting accessible alongside deal and order tickets within the trading platform
Real time prices on thousands of instruments worldwide.
Instant execution with firm prices up to Our Size. For each spread betting market that we trade, Our Size is the maximum size in which they are prepared to deal at our quoted prices, offering price and execution certainty for trades up to this size.
24 hour trading from 21:30 Sunday to 21:15 Friday (UK time).
Choice of order types to manage your risk – limits, stop losses, guaranteed stop losses, contingent orders, and closing orders.
Auto roll-over on rolling bets - all you need to do is maintain adequate funds in your account
Advanced trade closure – close trades in the same contract in any order, regardless of when they were opened.
Position amalgamation – view trades in the same contract individually or as one complete position.
Interactive charting accessible alongside deal and order tickets within the trading platform
Friday, 28 March 2008
Quod ASOR Extended
Quod Financial, the leading provider of advanced execution technology for the global capital markets, today unveiled its solution for buy-side execution management. Capitalising on the experience and innovative technology of their established sell-side Advanced Smart-Order Router (Quod ASOR), Quod Financial empowers the buy-side by offering a new decision making and order routing technology.
As the European capital markets continue to change dramatically under MiFID, buy-side institutions aim to repatriate in-house the execution intelligence of the sell-side. This translates into having the technology which enables the buy-side to:
- Decide on the execution brokers based on dynamic analysis of quality and performance
- Dynamically decide on the type and quality of broker-based algorithms
- Build a smart-order routing capability to select the final exchanges, MTFs and dark pools. With the advent of liquidity decentralisation and the obsolescence of DMA, this is an increasingly necessary tool
Quod Financial's buy-side ASOR leverages its existing sell-side class technology and algorithms, and brings a new level of dynamic decision making and routing capability to the buy-side community. In addition, it provides the possibility to have a comprehensive multi-asset execution strategy which mirrors the cross-asset investment strategy.
"This is the next step in the evolution of the European capital markets," states Ali Pichvai, CEO and co-founder of Quod Financial.
"Having successfully gained momentum in the post-MiFID sell-side advanced smart order routing space, we have been invited by leading buy-side institutions to reutilise our technology to meet a number of challenges; implementing their complex execution strategies, proactively measuring the quality and performance of their brokers and their algorithms, as well as addressing liquidity fragmentation. We are confident we can meet this challenge, assisting our clients in gaining full independence."
Built on a low latency, high performance infrastructure, Quod ASOR's combination of algorithms and trading-specific Complex Event Processing (CEP) dynamically adjusts the execution pattern of an order against the client's individual best execution criteria. The ASOR is uniquely positioned to provide adaptive decision making and routing, and liquidity management. Quod ASOR is already live and proven with a number of leading international brokers, and is one of a number of advanced execution modules built upon the Quod Advanced Execution platform.
"Our underlying technologies have enabled us to create a smart-order router that is not only well adapted for the sell-side, but is now a viable solution for the buy-side. Our R&D effort continues to position us at the forefront of innovation in this fast-moving field", concludes Pichvai.
As the European capital markets continue to change dramatically under MiFID, buy-side institutions aim to repatriate in-house the execution intelligence of the sell-side. This translates into having the technology which enables the buy-side to:
- Decide on the execution brokers based on dynamic analysis of quality and performance
- Dynamically decide on the type and quality of broker-based algorithms
- Build a smart-order routing capability to select the final exchanges, MTFs and dark pools. With the advent of liquidity decentralisation and the obsolescence of DMA, this is an increasingly necessary tool
Quod Financial's buy-side ASOR leverages its existing sell-side class technology and algorithms, and brings a new level of dynamic decision making and routing capability to the buy-side community. In addition, it provides the possibility to have a comprehensive multi-asset execution strategy which mirrors the cross-asset investment strategy.
"This is the next step in the evolution of the European capital markets," states Ali Pichvai, CEO and co-founder of Quod Financial.
"Having successfully gained momentum in the post-MiFID sell-side advanced smart order routing space, we have been invited by leading buy-side institutions to reutilise our technology to meet a number of challenges; implementing their complex execution strategies, proactively measuring the quality and performance of their brokers and their algorithms, as well as addressing liquidity fragmentation. We are confident we can meet this challenge, assisting our clients in gaining full independence."
Built on a low latency, high performance infrastructure, Quod ASOR's combination of algorithms and trading-specific Complex Event Processing (CEP) dynamically adjusts the execution pattern of an order against the client's individual best execution criteria. The ASOR is uniquely positioned to provide adaptive decision making and routing, and liquidity management. Quod ASOR is already live and proven with a number of leading international brokers, and is one of a number of advanced execution modules built upon the Quod Advanced Execution platform.
"Our underlying technologies have enabled us to create a smart-order router that is not only well adapted for the sell-side, but is now a viable solution for the buy-side. Our R&D effort continues to position us at the forefront of innovation in this fast-moving field", concludes Pichvai.
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