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Aegis Software Inc. |
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Apama |
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Banc of America Securities |
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Barclays Capital |
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BNY ConvergEx Group |
BNY ConvergEx
Joseph Cangemi, Electronic Trading Sales - US markets: (212) 468-7522 William Capuzzi, Global Electronic Trading - Non-US markets: (212) 237-0487
www.bnybrokerage.com
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Bear Stearns |
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Bloomberg Tradebook LLC |
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Centauris Group |
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Citigroup Global Markets, Inc. |
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ClariFI® |
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Credit Suisse |
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Deustche Bank |
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EdgeTrade Inc. |
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Electronic Specialist LLC |
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EZX, Inc. |
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FlexTrade Systems Inc. |
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Fidelity Capital Markets Services |
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Fidessa |
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4th Story |
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Goldman Sachs |
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HUBB Automated Trading Solutions |
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InfoReach Inc |
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Instinet |
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Investment Technology Group |
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JPMorgan |
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Lehman Brothers |
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Merrill Lynch |
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Morgan Stanley |
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Nomura Research Institute, Ltd. |
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NYFIX |
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Orc Software |
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Pipeline trading systems |
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Portware |
Portware Enterprise, Portware FX, Portware Strategy Server, Portware HA
Sales212.425.5233
www.portware.com
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Rosenblatt Securities Inc. (RSI) |
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RTS Realtime Systems Group |
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Software Options and Associates |
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Spooz, Inc. |
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StreamBase Systems |
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Susquehanna Financial Group LLLP |
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TradeOMS |
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TradeTrek Securities, LLC |
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Tethys Technology, Inc. |
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UBS |
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Weeden & Co |
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Description of services
Company ownership
Which algorithms does your firm provide?
Approx. category breakdown of clients
Through which OMSs do you connect?
What direct-access tech. do you provide?
What type of orders are offered around your algorithms?
Do you offer other modules/interfaces/functions?
What other services do you offer?
Future direction of service
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 AthenaTrader, a licensable software product, is a 100% Broker Neutral Trading Platform designed to support global equities, futures, options, and foreign exchange. Within a highly adaptive GUI, different type of instruments and multiple currencies can be viewed concurrently in the same portfolio or blotter. This high performance, flexible platform is designed to support diverse trading requirements, from buy-side quantitative funds and hedge funds engaged in algorithmic and statistical-arbitrage to sell-side firms engaged in program, principal, agency, equity derivatives and proprietary trading. Designed from inception to support algorithmic trading, AthenaTrader goes beyond normal single-stock, basket/list and wave trading. It offers wide array of advanced order types and trading based on arbitrage or custom algorithms. |  Apama provides a comprehensive platform for creation, testing, deployment and management of algorithmic trading applications. Unlike packaged "black box" algorithms, Apama enables both sell-side and buy-side firm to rapidly develop unique trading strategies, leveraging Apama's graphical development environment - an environment that puts creation of strategies in the hands of the trader. Apama offers unparallel execution performance with an architecture that delivers sub-millisecond responsiveness in deployments that can support thousands of unique strategies. Traders can view algorithmic strategies with a sophisticated, graphically intuitive dashboards, that can be tailored to specific requirments. Apama offers integration with a wide variety of market data sources, databases and messaging transports and provides backtesting support with real market data, using its Research Studio module. |  Banc of America Securities' innovative Electronic Trading Services (ETS(TM)) platform provides institutional investors with automated access to diverse, leading-edge liquidity systems and venues. Whatever your trading objective, our electronic trading products can meet virtually any need, including single stock, block options, direct market access and program trading. ETS turns smart trading ideas into simple trading solutions that are easy to access and use. |  BARX provides sophisticated, flexible algorithmic trading across multiple asset classes. You can use them to trade in Equities, Futures, Fixed Income and FX on the BARX platform, 3rd party EMS vendors and via FIX. |  BNY ConvergEx Group provides an array of enhanced global algorithmic trading strategies that provide advanced, sophisticated tools to help traders improve performance. Our broad suite of algorithms offers traders more control over how their trades get done. Several unique functions, such as the "I would" feature, allow traders to do more to develop and express trading strategies at the beginning of the trading process. Other advanced, high-performance algorithms track market sensitivity, enabling the trader to closely monitor marketplace changes and nuances, dynamically optimize performance and minimize market impact. |  E.A.S.T. is comprised of quantitative researchers, technologists and traders, all focused on providing an execution platform that allows users to implement complex trading strategies, minimize transaction costs and access multiple pools of liquidity while maintaining anonymity in the market. |  Bloomberg Tradebook AlphaPro is a suite of algorithmic trading strategies that seeks to add alpha or value to every trade possible. We seek to leverage our style of value-added stealth trading, all of our trading tools (Reserve, Pegging, Discretion, Relative Pricing, etc.), our sophisticated routing (Bang) algorithms, our agnostic view of liquidity and our anonymous, unconflicted, unbiased pure agency execution model to minimize impact and seek out alpha with every trade. In short Bloomberg Tradebook AlphaPro doesn't just provide the trading desk with an "extra set of hands," it adds another "SmartTrader." Combined with our EMS platform, it enables the desk to seamlessly add-value to programs, rebalance orders and lists of stocks. |  We provide custom programming services to users and providers of financial services worldwide. Our customers include Hedge funds, brokerages, market analysts, individual and institutional investors. Our services include the design and implementation of custom automated trading systems, integration of broker's API and FIX protocol implementation with various trading software and asset management using mechanical trading strategies. |  Citigroup offers a global algorithmic trading platform to institutional clients. In addition, to benchmark defined trading strategies; Citigroup provides dynamic trading algorithms directly to our clients. |  ClariFI®, a Standard & Poor's Capital IQ business, provides software and services focused exclusively on helping quantitative portfolio managers and researchers decrease the time it takes to research, test, and put into production their alpha generating strategies. ClariFI counts four of the top five largest investment managers in the world, hedge funds of all sizes, and proprietary trading desks at leading brokerage firms and banks as its clients. ClariFI's clients experience reduced operational risk, decreased time-to-market for their strategies, and a significant competitive advantage. |  AES is Credit Suisse's sophisticated suite of algorithmic trading strategies, tools, and analytics for global securities trading. |  Deutsche Bank's Autobahn Equity algorithms provide a sophisticated, flexible suite of global algorithmic execution options. Our unique conditional strategy parameters allow for advanced order management and increased control. |  EdgeTrade is an independent, agency-only broker and developer of smart order execution strategies, benchmark and participation algorithms, and DMA tools. The company is recognized for its expertise in the microstructure of the market. EdgeTrade has more than 220 buy-side and sell-side clients in North America, Europe and the Far East. Besides facilitating anonymous, agency-only trading and best execution, clients turn to EdgeTrade for its quantitative services encompassing conflict-free collaboration on the development of trader customized algorithmic strategies. |  ESP'S EARN Portal provides a central point of access to over 100 algorithms and advanced trading strategies from the leading sell-side brokerage firms. The EARN Portal is embedded in 23 Order Management (OMS) and Execution Management (EMS) Systems, and can also be accessed directly via the FIX Protocol. Executions via ESP's EARN Portal are aggregated and then delivered/allocated via ESP's Central Counterparty Clearing TM service, thereby reducing the total volume of trade tickets when utilizing multiple executing brokers for the same security. |  EZX's iServer (Integration Server) plugs into a firms existing infrastructure. Our clients have used it to do Pairs, VWAP and various stat arb type trading. Can be used with any proprietary black box and includes tools for simulation and testing of automated trading systems. |  At FlexTrade Systems, we maintain that having access to a sophisticated and integrated array of resources, including innovative and flexible trading technology, gives traders the edge to perform optimally on every trade and achieve best execution. We develop cutting edge functionality and workflows that support traders who want to lead and not follow, originate rather than copy, and optimize returns for their clients and firm without exception. |  Take advantage of best execution when you utilize the sophisticated trading tools and algorithms available from Fidelity Capital Markets Services' electronic brokerage team. |  Fidessa BlueBox is the only algorithmic trading system that is integrated with a full service Order Management System. BlueBox offers traders both a suite of industry acknowledged models (VWAP, TWAP, Arrival Price, % of Volume) and a comprehensive framework to design and deploy proprietary algorithms. Unlike traditional algorithmic engines, BlueBox allows traders to control and monitor their algorithmic orders from their existing order management screens. Traders can then quickly build confidence in their models, resulting in increased productivity and order flow. Traders can make instant adjustments to active slices and model parameters, allowing them to overlay their trading skill and take advantage of potential market opportunities as they arise. |  4S.Everglades' is a platform for real-time alpha and execution trading strategy operation. It includes operational workflow, FIX connectivity, trading blotters with P&L and real time visibility into the strategy's decision making process. |  Multi-product global trading strategies for single stock and portfolio level executions, supported by a suite of analytics.All strategies take advantage of the aggregated dark pools of liquidity via SIGMA X, available in REDIPlus. |  HUBB Automated Trading Solutions offers the most dynamic black-box development solution to traders who depend on high performance direct-market access. From standard features like order entry and data retrieval, to the speed benefits of co-location and a character-delimited protocol, HUBB has redefined the technology behind the algorithmic trading. |  INFOREACH TMS combines order entry, rule-based trading, order management and FIX connectivity in a single broker-neutral trading platform. Product capabilities include trading of various security types (Equities, Options, Futures, FX) as single instruments or baskets, order routing, pre and post-trade allocations, automation of execution algorithms, and real-time position monitoring. While the product offers a broad range of functionality, it can also be easily configured to deliver just a subset of required features. Implemented in Java and it can be deployed on a variety of operating systems. |  Instinet's algorithms leverage the firm's core strengths, including global market access, upstairs liquidity and pure agency trading. All algorithmic strategies are available through our proprietary front ends, Instinet Trading Portal and Newport, as well as from third-party systems through FIX, and can be used in any market that supports incorporated order types. |  ITG Algorithms are trading models that integrate ITG pre-trade analysis and post-trade measurements to generate executions aimed at reducing market impact, maximizing execution quality, and improving trading productivity and performance. ITG's comprehensive approach delivers all the productivity benefits of automation, but builds in the control needed to achieve best execution. ITG Algorithms offer access to rich liquidity pools, including POSIT, other ATSs, ECNs, and exchanges. |  JPMorgan's Electronic Client Solutions team provides a comprehensive suite of electronic execution products to institutional clients, including direct market and algorithmic access, pre and post trade analytics as well as a variety of algorithmic trading tools and services. |  LMX(tm) is Lehman Brothers' suite of model-driven order execution strategies operating in 19 countries. In addition to supporting a broad range of algorithms for different trading styles and objectives, we have developed a customization framework that enables us to rapidly deliver highly-tailored solutions to our clients. |  Full suite of global electronic products encompassing high, low and no touch products |  Electronic Trading Services US, EU, Asia Equities, Options, Futures |  "Trading Meister" includes an algorithm engine and a customer interface, which enables efficient development of algorithms and screens. We provide all of the functions needed for an automatic trading system in a package, which allows you to concentrate on those operations that directly relate to your business, such as development of trading expertise and new algorithms. We also provide some template algorithms such as VWAP, TWAP, Arrival Price, Short Sell, and so on. New algorithms can be easily recorded by adding components and changing component combinations. |  NEXAS, a suite of algorithmic trading solutions offered by NYFIX Transaction Services, provides traders with both customized and off the shelf trading strategies. NEXAS provides Broker/Dealers and Institutional Investors with an unprecedented combination of performance, neutrality and anonymity. |  Orc's advanced algorithmic trading solution enables firms to create unique on-the-fly execution scenarios for capturing latest market opportunities and performing 100's of complex custom trading strategies, via native Orc connectivity to 100+ markets worldwide. Firms choose Orc Trading to instantly detect market opportunities and deploy low latency, 'under a millisecond', execution strategies. |  New York City-based Pipeline Trading Systems LLC operates the Pipeline Alternative Trading System (ATS) that enables institutions and brokerage firms to quickly and efficiently trade blocks of NYSE - listed companies, NASDAQ stocks, ADRs, and Exchange Traded Funds (ETFs). Pipeline empowers firms to execute block trades in single executions. Pipeline maintains a hidden book of large, executable limit orders with strict price time priority. Pipeline facilitates interaction between traders, enabling all real buyers and sellers to find each other anonymously and get trades done while minimizing gaming. |  Portware offers a centralized, multi-asset, global execution platform and algorithmic engine used to build, test and deploy proprietary and third-party trading strategies and algorithms. Users can access broker-supplied algorithms, out-of-box Portware algorithms or build their own from scratch. Coupled with an extensive feature set including tools for multiple trading styles, real-time TCA, risk management, reporting and compliance, Portware offers traders a complete electronic trading solution. |  Rosenblatt Securities is an innovative agency-only execution firm providing clients with access to third-party, standard solutions and soon-to-be-released, in-house, second-generation algorithms that give the trader customized solutions and real-time interactivity. In addition, we advise clients on the appropriate type of algorithms to select consistent with their overall investment process through the application of our Rosenblatt Integrated Transaction Analytics (RITA) product. |  RTD Tango is an algorithmic trading system which provides direct market access to more than 85 exchanges worldwide. It enables traders to develop their algorithms in hours and days rather than weeks and months. This is achieved through a simple programming language with many built-in functions which doesn't require extensive programming skills. As a server based solution with a high performance architecture RTD Tango guarantees extremely fast order processing via smart order agents. The system provides protection against self trades and mistrades as well as exchange connectivity losses or logical strategy errors. In addition RTS provides an optional back-testing facility using historic tick data and complete market depth for simulating even complex algorithms in a few seconds for each recorded day. |  Alpha Edge is a high performance trading system for multi exchange and multi asset class instruments. It is server based, spread-centric, and highly customizable. The system was architected with a focus on fast execution speeds and rapid trading system develoment. The system boasts a number of advantages. * Server based. The server can be optimally located for fast exchange connectivity. * Rapid Deployment. Highly configurable gray box solution out of the box, can be easily adapted as a black box trading system. The real advantage of the system is it's ability to quickly add proprietary behavior. * Customizable Auto-Spreader. The generic behavior of the auto-spreader can be easily customized for proprietary spread trading. * Fast Execution. Our low-latency auto-spreader delivers sub millisecond submission of outrights on both active and reactive legs. * Cost Reduction. Rapid trading systems development signifigantly cuts software development costs for custom systems. * Broker and network neutral. * API availability. Signifigantly increase productivity of in-house software development by allowing developers to focus on algorithm development. * Small Trading Firms can completely outsource their trading systems development. |  SpoozToolz is a unique high-performance trading middleware that utilizes Microsoft(R) Excel(R) as your Graphical User Interface (GUI). This proprietary breakthrough technology enables Microsoft Excel to perform robust and complex analysis, monitoring and electronic trade execution functions using live streaming and high speed ladder style order entry decks. |  StreamBase provides an end-to-end platform for building, testing, deploying, and easily managing algorithmic trading applications. Our platform includes a graphical integrated development environment that allows analysts or programmers to quickly prototype new applications and strategies, backtest on historical data--and deploy production-ready applications within as little as days. We also provide a high-performance run-time server capable of processing data at rates of up to hundreds of thousands of messages/second with sub-millisecond latency, and we offer a library of adapters to connect to common market data feeds and exchanges, messaging systems, and enterprise databases. |  Susquehanna Financial Group LLLP's suite of algorithmic execution solutions, named aXe, helps institutional investors satisfy strategic, timing, price and liquidity demands. All executions are handled on an Agency basis. |  A simple, economical, Excel-based solution to automated trading. |  TradeTrek Securities is an agency-only broker; and a leading provider of quantitative execution trading services for institutional investors. We are pioneers in applying algorithmic order presentation and execution to the full spectrum of capitalization and investment styles. Clients are offered an extensive menu of trading algorithms for individual orders and baskets that provide a consistent level of execution quality. Our on-going research & development effort helps to maintain our leadership in algorithm-based best execution practices. |  Tethys Technology?s Execta Platform is a powerful and flexible broker-neutral electronic trading and portfolio management solution. The Platform facilitates strategy simulation, optimal trade execution, trade opportunity detection and portfolio and risk management. Execta supports US and Global Equities, Options, Futures and F/X. Our clients include long-only investment managers, hedge funds and broker dealers. Clients use the platform for DMA and broker-assisted execution, automated execution using Tethys Algorithms, route orders to broker algorithmic trading desks and develop and test their own proprietary algorithms. Execta pre-trade, real-time and post-trade analytics allow users to make informed decisions, manage risk in real time, monitor the quality of executions and to refine execution strategies. IN addition we offer comprehensive pre-trade, real-time and post-trade TCA tools. |  UBS-DSA's proprietary strategy tools seek out our natural liquidity while actively executing orders in markets across the globe. Our algorithms have been optimized to interact with the UBS Liquidity Network, resulting in extraordinary natural crossing opportunities. Using sophisticated quantitative models, our algorithms dynamically react to real-time market events to help achieve best execution. Customizable strategies are tailored to each market center and include benchmark-driven algorithms (implementation shortfall), participation algorithms (volume inline) and liquidity-seeking algorithms (PIN complete). Our autonomous direct execution desk continually ensures the high performance of our algorithms and provides feedback directly to clients. |  Pragma@Weeden is the result of a partnership between Pragma Financial Systems, a leading developer of trading algorithms, and Weeden & Co., a premier institutional equity brokerage firm. Pragma@Weeden provides clients with a powerful algorithmic trading platform that delivers superior execution. Our advantage comes from our mathematically rigorous estimation and optimization of execution cost and risk, including consideration of alpha decay, use of a clean covariance matrix for portfolio level correlative effects, and use of intra-day volume and volatility patterns. By optimizing the tradeoff between risk and cost, Pragma@Weeden algorithms are a natural extension of your stock selection process. Although sophisticated, Pragma@Weeden is easy to use and is deployable in an unhosted broker-neutral configuration. | |
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 Independent technology company |  Independent technology company |  Agency brokerage |  Agency brokerage |  Agency brokerage |  Brokerage firm. |  Agency brokerage |  Independent technology company |  Broker-dealer |  Independent technology company |  Broker-dealer |  Broker-dealer |  Agency brokerage |  Agency brokerage |  Independent technology company |  Independent technology company. |  Agency brokerage |  Independent technology company |  Independent technology company |  Broker-dealer |  Broker-dealer |  Independent technology company |  Agency brokerage |  Agency brokerage |  Brokerage firm. |  Broker-dealer |  Broker-dealer |  Broker-dealer |  Independent technology company |  Agency brokerage |  Independent technology company |  Agency brokerage |  Independent technology company. |  Agency brokerage |  Independent technology company |  Independent technology company |  Independent technology company |  Independent technology company |  Agency brokerage |  Independent technology company |  Agency brokerage |  Independent technology company |  Broker-dealer |  Broker-dealer | |
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 Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  As an algorithmic trading platform, Apama provides tools for incorporating any kind of algorithm within a trading strategy., Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Small Order, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Spread (Pairs) Trading, Slicer, Cap/Floor Price, Pegging, TWAP, VWAP |  Close, Discretion, Pegging, Scaling, Percent of Volume, Arrival Price, Order Staging Model, TWAP, VWAP |  Spread (Pairs) Trading, Slicer, Cap/Floor Price, Pegging, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, TVOL, TWAP, VWAP |  User customized algorithms, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Scaling, Small Order, Percent of Volume, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Darkpool access, Close, Crossing, Slicer, Pegging, Small Order, Percent of Volume, Arrival Price, TVOL, TWAP, VWAP |  We provide a quantitative software platform where many of the above items can be utilized. |  Signal Reduction Strategies, Close, Spread (Pairs) Trading, Crossing, Slicer, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Arrival Price, TWAP, VWAP |  Percent of Volume, Arrival Price, VWAP |  FAN, Covert, Sumo, 10b-18, Volume Tracker, Liquidity Paced, Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Arrival Price, Order Staging Model, TVOL, TWAP, VWAP |  Customizable Strategies from Brokers based upon specific Buy-Side client requests, Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Custom Designed by firms., Spread (Pairs) Trading, Slicer, Long/Short, Statistical Arbitrage, TVOL, TWAP, VWAP |  Auto FX Hedging, Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  ATS Aggregator, Crossing, Percent of Volume, Arrival Price, TVOL, TWAP, VWAP |  Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Percent of Volume, Risk Arbitrage, Statistical Arbitrage, Arrival Price, TVOL, TWAP, VWAP |  Custom Designed by firms. Spread (Pairs) Trading, Slicer, Long/Short, Statistical Arbitrage, TWAP, VWAP |  Available via REDIPlus platform, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Sensitivity, TWAP, VWAP |  Each automated trader accessing the market via HUBB gets the same low latency, reliable connection to allow the most control in tailoring an algorithm to best fit a trading strategy. |  Close, Spread (Pairs) Trading, Crossing, Slicer, Pegging, Delta Hedge, Gamma Hedge, Scaling, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, TVOL, TWAP, VWAP |  Spread (Pairs) Trading, Crossing, Slicer, Discretion, Pegging, Small Order, Percent of Volume, Risk Arbitrage, Arrival Price, TVOL, TWAP, VWAP |  Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Scaling, Small Order, Percent of Volume, Long/Short, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Portfolio Optimization (TAO), Implementation Shortfall, Percent of Volume, TWAP, VWAP, Smart Order Routing/Sweeping. |  Advanced Strategy Toolkit (our algorithm customization framework), Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Scaling, Small Order, Percent of Volume, Risk Arbitrage, Statistical Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Close, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Scaling, Small Order, Percent of Volume, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Close, Spread (Pairs) Trading, Crossing, Slicer, Discretion, Pegging, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Short Sell, Contingent, Close, Spread (Pairs) Trading, Slicer, Pegging, Percent of Volume, Statistical Arbitrage, Arrival Price, TVOL, TWAP, VWAP |  Crossing, Slicer, Pegging, Small Order, Percent of Volume, TVOL, TWAP, VWAP |  Orc Liquidator does not come with pre-packaged algorithms. It is a development environment that gives trading firms the ability implement proprietary algorithms with short time to mark. |  Crossing, Pegging, Long/Short, Arrival Price |  Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  VWAP, TWAP, TVOL, arrival price, percent of volume. |  Strategies are proprietary to the customer. Together with the software RTD Tango comes with some example algorithms. |  Custom Algorithm Development, Spread (Pairs) Trading, Statistical Arbitrage, Index Arbitrage |  custom, synthetics|Close|Spread (Pairs) Trading|Crossing|Slicer|Cap/Floor Price|Discretion|Pegging|Delta Hedge|Gamma Hedge|Scaling|Small Order|Percent of Volume|Long/Short|Risk Arbitrage|Statistical Arbitrage|Index Arbitrage|Arrival Price|Order Staging Model|Sensitivity|TVOL|TWAP|VWAP |  A variety of algorithms are included or can be readily built via StreamBase , Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  TEMPO-Portfolio Trading Strategy, Percent of Volume, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Custom, Broker Provided, Spread (Pairs) Trading, Slicer, Pegging, Small Order, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Order Staging Model, TVOL, TWAP, VWAP |  Spread (Pairs) Trading, Slicer, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, TVOL, TWAP, VWAP |  EBEST, EMINI, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  PIN Complete, Close, Spread (Pairs) Trading, Crossing, Slicer, Cap/Floor Price, Discretion, Pegging, Delta Hedge, Gamma Hedge, Scaling, Small Order, Percent of Volume, Long/Short, Risk Arbitrage, Statistical Arbitrage, Index Arbitrage, Arrival Price, Order Staging Model, Sensitivity, TVOL, TWAP, VWAP |  Close, Spread (Pairs) Trading, Small Order, Percent of Volume, Long/Short, Arrival Price, TVOL, TWAP, VWAP | |
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 50% hedge funds, 20% mutual funds, 30% sell side. Please call us for a client list and case studies. |  40% Hedge Funds, 10% Mutual Funds, 50% Sell-Side Firms; Clients include: JP Morgan Deutsche Bank ABN AMRO Aspect Capital - Please contact Progress, since the clients are updated on a regular basis. |  80% hedge funds, 0% mutual funds, 20% other |  60% hedge funds, 20% mutual funds, 20% other |  10% hedge funds, 20% mutual funds, 70% other |  E.A.S.T is utilized by a wide variety of client types including hedge funds, mutual funds, investment advisors and broker-dealers. |  N/A |  30% hedge funds, 10% mutual funds, 60% Individual traders; Clients include: Merrill Lynch Rosenthal Collins Traders Studio Genesis Financial Technology Chicago Trading Services BLOX Capital Peregrine Financial Group cporesearch.com |  30% hedge funds, 70% mutual funds. |  Proprietary Trading Desk 10%, Mutual funds 60%, Hedge funds 30% |  40% hedge funds, 40% mutual funds, 20% other. AES helps over a thousand institutions and hedge funds reduce market impact, improve performance, and add consistency to their trading process. |  N/A |  Hedge Funds: 50%; Broker-Dealers: 40%; Mutual Funds: 10% |  40% hedge funds, 40% mutual funds, 30% other; More than 80 buy-side institutions |  60% hedge funds, 20% mutual funds, 20% other. Clients include: Western Investments, Brinson Patrick |  20% headge funds, 40% mutual funds, 40% Sellside. |  N/A |  N/A |  70% hedge funds, 30% other. |  N/A |  10% - Hedge funds, 90% - Individual/Corporate. HUBB clients benefit from the most dynamic black-box development solution to traders who depend on high performance direct-market access. Small to mid-size program trading and algorithmic modeling firms can focus on their trading algorithms while HUBB takes care of everything else, from Instant order execution and real-time data, to accounting and compliance services. |  50% hedge funds, 20% mutual funds, 30% Sell-Side Program Desks. Clients include: GMO Abel/Noser Corp UBS Asset Management Geode Capital Management Bank of New York G-Trade |  70% hedge funds, 30% mutual funds |  20% Hedge funds, 40% Mutual funds, 40% Institutional Investors |  N/A |  Hundreds of Lehman Brothers' clients are benefiting from the use of our algorithms, either directly through our Direct to Model access channel, or indirectly through our Execution Services platform. The mix of clients is fairly evenly split among the hedge fund and traditional institutional segments. |  N/A |  70% hedge funds, 30% mutual funds, Buy Side |  0% hedge funds, 0% mutual funds, 0% other |  10% hedge funds, 10% mutual funds, 80% Broker/Dealers |  N/A |  20% hedge funds. 50% mutual funds, 30% other. |  60% hedge funds. 10% mutual funds, 30% sellside firms. Clients include: AG Edwards LaBranche Piper Jaffray Royal Bank of Canada Trust Company of the West |  N/A |  20% hedge funds, 80% Proprietary/sales trading |  20% hedge funds, 80% other |  Active Traders, propriatory traders |  Bridgewater, Millenium, and most of top Sell-Side firms. Please contact us for additional information. Hedge Funds: 30%; Sell-Side: 50%; Mutual Funds: 20% |  50% hedge funds, 50% mutual funds |  80% hedge funds, 20% other |  40% hedge funds, 50% mutual funds, 10% other. Many of our clients are early adopters of electronic trading recognizing the transaction/implementation cost benefits of algorithmic trading. |  60% hedge funds, 40% mutual funds, 20% other. Clients include XTF, Forthill, Laurion, ACOS, Qunitet, Agraria |  N/A |  N/A | |
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 Trade Factory, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, OM (US) Inc., Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  Apama's Integrated Adapter Framework makes it possible to connect with any OMS., Trade Factory, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, OM (US) Inc., Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Advent/Moxy |  Portware, Charles River, Bloomberg |  Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Macgregor, LongView, Indata, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  Bon Trade, Sterling, TradingScreen, Reuters Bridge, Portware, Neovest, Macgregor, LongView, FlexTrade, Charles River, Bloomberg |  UMA, Macgregor, LongView, Latent Zero, Indata, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  Trade Factory, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, OM (US) Inc., Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, FlexTrade, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  N/A |  integrated into 50+ OMS's globally, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, FlexTrade, Eze Castle, Charles River, Bloomberg |  ESP, Fidessa, Mixit, NYFIX, thinkorswim, Tradeware, Sungard Investment Mgt. Systems/Decalog, Neovest, Macgregor, LongView, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  23 OMS, EMS, and proprietary systems, Portware, Neovest, FlexTrade, Eze Castle, Bloomberg |  EZoms and TradeOMS |  Macgregor, LongView, Lava Trading, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Advent/Moxy |  Neovest, Eze Castle, Charles River |  Fidessa |  4th Story connects via FIX as well as custom adapters |  Trade Factory, SunGard BRASS, Reuters IOE, Reuters Bridge, Portware, Neovest, Macgregor, LongView, Latent Zero, FlexTrade, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  HUBB's own proprietary OMS |  GL Trade, Patsystems, Trading Technologies, Lava Trading, FlexTrade, Bloomberg, Advent/Moxy |  Reuters IOE, Latent Zero, Charles River, Bloomberg |  Portware, OM (US) Inc., Neovest, Macgregor, LongView, Latent Zero, Indata, FlexTrade, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  JPMorgan algorithms are available through its proprietary front-end system, Neovest. In addition they are also available through all major buy-side OMS and EMS systems, including Reuters IOE, Portware, Macgregor, Latent Zero, Moxy, EzeCastle, LongView, FlexTrade, Charles River, Bloomberg. We continually are pursuing expansion of our partner list in this space. |  FIXML Flyer, FutureTrade, InfoReach, RealTick, Trading Screen, CyberTrader, RoyalBlue, NYFIX FIX Trader, Tethys, SunGard BRASS, Reuters IOE, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, FlexTrade, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  Reuters IOE, Reuters Bridge, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  SunGard BRASS, Reuters IOE, Portware, Neovest, Macgregor, LongView, Latent Zero, Indata, FlexTrade, Eze Castle, Charles River, Bloomberg |  Technically any OMSs can be connected. Contact us for more information. |  NYFIX FixTrader, NYFIX Rennessaince, NYFIX Fusion, RealTick, Multiple proprietary OMS's and any FIX compliant OMS/EMS, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  Rather than connecting to different OMS systems Liquidator supports direct connectiviey, including market data, to 120+ exchanges globally through the exchange provided APIs. Liquidator can also send orders through a generic FIX adapter |  Trade Factory, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Portware, Neovest, Macgregor,LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  Portware connects with any FIX-compliant destination and can integrate with any OMS, either third-party or proprietary. |  Bloomberg, FlexTrade, NYFIX and others upon request. |  Proprietary direct market access. Other OMS' could be connected via API. |  Dapter framework allows for seamless connectivity to any exchange (DMA), FIX engine, OMS, or client API |  N/A |  APIs enable connectivity to all industy-leading OMS's, Trade Factory, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, OM (US) Inc., Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy |  Trading Screens - Inforeach, Reuters IOE, Reuters Bridge, Portware, Neovest, LongView, Lava Trading, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  EZoms, TradeOMS |  Sungard Investment Mgt. Systems/Decalog, Portware, Neovest, Macgregor, Eze Castle, Charles River, Bloomberg, Advent/Moxy |  N/A |  Trade Factory, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Advent/Moxy |  Trade Factory, Broker Direct U2, UMA, SunGard BRASS, Sungard Investment Mgt. Systems/Decalog, Reuters IOE, Reuters Bridge, Portware, OM (US) Inc., Neovest, Macgregor, LongView, Lava Trading, Latent Zero, Indata, FlexTrade, Eze Castle, DST International, Charles River, Bloomberg, Arrowhead, Advent/Moxy | |
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 Athena Gateway Server, UNX Electronic Agency Brokerage, TradeStation, Townsend Analytics RealTick, Sungard Trading/Broker Direct U2, REDIPlus, Royalblue Fidessa, Portware, NexTrend, Neovest, MBT Institutional, Lime Execution Platform, Lava Trading Floor, Lava ColorBook, ITG Triton, ITG Radical, Instinet Direct Market Access, FlexDMA, EdgeTrade EMS, DEx |  Apama's Integrated Adapter Framework provides tools to connect with a wide variety of direct access products., UNX Electronic Agency Brokerage, TradeStation, Townsend Analytics RealTick, Sungard Trading/Broker Direct U2, REDIPlus, Royalblue Fidessa, Portware, NexTrend, Neovest, MBT Institutional, Lime Execution Platform, Lava Trading Floor, Lava ColorBook, ITG Triton, ITG Radical, Instinet Direct Market Access, FlexDMA, EdgeTrade EMS, DEx |  N/A |  N/A |  DEx |  Orders are executed through Bear Stearns' direct-market-access platform. |  Bloomberg Tradebook |  UNX Electronic Agency Brokerage, TradeStation, Townsend Analytics RealTick, Sungard Trading/Broker Direct U2, REDIPlus, Royalblue Fidessa, Portware, NexTrend, Neovest, MBT Institutional, Lime Execution Platform, Lava Trading Floor, Lava ColorBook, ITG Triton, ITG Radical, Instinet Direct Market Access, FlexDMA, EdgeTrade EMS, DEx |  Lava Trading Floor, Lava ColorBook |  N/A |  N/A |  Deutsche Bank |  EdgeTrade EMS |  Specific to each broker who runs the respective algorithm |  We connect directly thourgh FIX to most brokers and exchanges, Lime Execution Platform |  FlexDMA |  Townsend Analytics RealTick, Neovest, Lava Trading Floor |  Royalblue Fidessa |  N/A |  REDIPlus |  Orders are executed through HUBB's high speed DMA platform |  InfoReach |  Instinet Direct Market Access |  ITG Channel, ITG Triton, ITG Radical |  ECS employs a specialized, proprietary limit order model which dynamically interacts with the current market environment in order to manage market impact and urgency levels. |  Townsend Analytics RealTick |  Townsend Analytics RealTick, REDIPlus, Royalblue Fidessa, Portware, Neovest, Lava Trading Floor, Lava ColorBook, ITG Triton, ITG Radical, Instinet Direct Market Access, FlexDMA |  N/A |  N/A |  NYFIX Routing Network |  Orc DMA |  REDIPlus, Royalblue Fidessa, Portware, Neovest, Lava Trading Floor, Lava ColorBook, ITG Triton, Instinet Direct Market Access, FlexDMA |  Portware connects to virtually any detination worldwide, including brokers, ECNs, Exchanges, Crossing Networks and DMA platforms. |  N/A |  Proprietary direct market access. |  Adapter framework allows for seamless connectivity to any exchange (DMA), FIX engine, OMS, or client API |  Trading Technologies FIX Gateway |  Townsend Analytics RealTick, REDIPlus, Portware, Lime Execution Platform |  Portware, Neovest, Lava ColorBook |  Work w/Any Broker Provided Solution, as well as our proprietary stand alone applications. |  Multiple |  Tethys Technology, MIXIT, Townsend Analytics RealTick |  Trading Screens, UBS Equity Trader, Tethys Technologies, UNX Electronic Agency Brokerage, Townsend Analytics RealTick, Royalblue Fidessa, Portware, Neovest, Lava Trading Floor, FlexDMA |  proprietary | |
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 Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Trailing stop, Stop limit, Stop market, Market on close, Market on open, Baskets, Pegging, Constraints, Market order, Limit order |  Probing, Reserve, Market on close, Market on open, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Reserve, Market on close, Market on open, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  N/A |  Probing, Trailing stop, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Constraints, Market order, Limit order |  Single-stock, Constraints, Market order, Limit order |  Probing, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Stop limit, Stop market, Reserve, Market on close, Market on open, Pegging, Discretion, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Market on close, Market on open, Single-stock, Pegging, Market order, Limit order |  Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Market order, Limit order |  Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Limit order, Market order, Single-stock, Market on open, Market on close, Reserve, SMART/ROUTED |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Reserve, Market on close, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Limit order |  Probing, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  ECS supports all major order types. |  relative limit pricing, average limit pricing, volume limit, 'get it done' level, Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Constraints, Market order, Limit order |  Probing, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Multi conditional orders, Stop limit, Stop market, Market on close, Market on open, Baskets, Single-stock, Constraints, Market order, Limit order |  List trading, Baskets, Single-stock, Pegging, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Limit order, market order, constraints, list trading, single-stock, discretion, baskets, MOO, MOC. |  Trailing stop, Stop limit, Stop market, Market on close, Market on open, Baskets, Single-stock, Pegging, Market order, Limit order |  Trailing stop, Stop limit, Stop market, Market on close, Market on open, Baskets, Single-stock, Constraints, Market order, Limit order |  Custom|Probing|Trailing stop|Stop limit|Stop market|Reserve|Market on close|Market on open|List trading|Baskets|Single-stock|Pegging|Discretion|Constraints|Market order|Limit order |  N/A |  List trading, Baskets, Single-stock, Constraints, Market order, Limit order |  Conditional, Iceberg, Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Probing, Trailing stop, Stop limit, Stop market, Reserve, Market on close, Market on open, List trading, Baskets, Single-stock, Pegging, Discretion, Constraints, Market order, Limit order |  Market on close, List trading, Baskets, Single-stock, Discretion, Constraints, Market order, Limit order | |
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 Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Aggregation, FIX interface, API |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Market Data, FIX interface |  Program Trading, Risk Management, Market Data, Order routing, Blotter, FIX interface, API |  FIX interface |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, FIX interface |  TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Trade Allocation systems integration, Options Trading, Order routing, FIX interface, API |  Charting |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Order routing, Aggregation, FIX interface |  TOM integration, Order routing, FIX interface |  Trade Allocation systems integration, TOM integration, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Trade Allocation systems integration, Options Trading, Basket Trading, Order routing, Aggregation, FIX interface, API |  Trade Allocation systems integration, Options Trading, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Programmable Smart Router, Trade Allocation systems integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Program Trading, Order routing, FIX interface |  Trade Allocation systems integration|TOM integration, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Program Trading, Risk Management, Position Management, Order routing, Blotter, FIX interface, API |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Aggregation, Order routing, Market Data, Position Management, Risk Management, Charting |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Program Trading |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Neovest is a lightweight ASP global and cross-product trading product. It can run with a variety of hardware and network configurations. Please contact your JPMorgan ECS representative for more information. |  Full complement of pre- and post-trade analysis tools, available via LehmanLive(R), TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Market Data, Order routing, Blotter, Aggregation, FIX interface |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface |  Trade Allocation systems integration, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Algorithm definition interface, Charting, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Blotter, FIX interface, API |  FIX interface |  Options Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Program Trading, Basket Trading, Market Data, FIX interface |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  N/A |  Trade Allocation systems integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, FIX interface, API |  Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Custom|Trade Allocation systems integration|TOM integration|Charting|Options Trading|Program Trading|Basket Trading|Risk Management|Position Management|Market Data|Order routing|Blotter|Aggregation|FIX interface|API |  Program Trading, Position Management, FIX interface, API |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Trade Allocation systems integration, Options Trading, Program Trading, Basket Trading, Risk Management, Order routing, Blotter, Aggregation, FIX interface, API |  Trade Allocation systems integration, Program Trading, Basket Trading, FIX interface |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Trade Allocation systems integration, TOM integration, Charting, Options Trading, Program Trading, Basket Trading, Risk Management, Position Management, Market Data, Order routing, Blotter, Aggregation, FIX interface, API |  Program Trading, Basket Trading, Market Data, Blotter, FIX interface | |
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 Athena Gateway Server, a scalable, high-performance, connectivity solution that facilitates fast, easy and reliable communications between financial services firms, including trading partners and execution venues. Aegis also provides several testing solutions, including Exchange Simulator, Client Simulator, the T3 Regression Test Suite, and FCS (FIX Certification Service). Check out our web site for information an all of these unique products. |  Training -Implementation Services -Technical Support -Development of customer specific integration to market data sources. -Proofs of Concept |  N/A |  Multi-asset class electronic trading in Fixed Income, FX, Futures, Equities, Commodities and Structured Products. |  N/A |  Direct-Market-Access, Single Stock and Portfolio Level Pre and Post-trade Analysis, Trade Cost Analysis, Risk Models, Market Impact, BearTrade(R) Trading System |  Global Options, Futures and FX. Commission Management Services. Execution Management (EMS). |  N/A |  DMA via LavaX, Transaction Cost Analysis, Opions DMA, Block Trading, Program Trading, Derivatives, & Prime Brokerage Services |  ClariFI's Professional Services team provides the expertise, experience, and resources to help you realize maximum value from your investment in ModelStation. These professionals understand that every financial institution is different and a critical factor in the success of any system implementation is how well the solution can be configured to meet your unique workflow requirements. Members of ClariFI's Professional Services team all have deep experience in computer science, mathematics, and finance, enabling them to answer your full spectrum of questions. The services provided by these professionals include: Customization, Integration, Training. |  AES is at the forefront of stealth trading, offering numerous ways to trade with no information leakage. |  Deutsche Bank provides global direct market access in addition to its algorithmic trading capabilities. |  Agency-only, anonymous executions. High-performance Execution Management System(TM). |  N/A |  Broker Simulator. FIX Engine. FIX Support Services. |  Customized strategy development IOI management Portfolio Optimization Risk Management Transaction Quality Management |  FCMS' electronic brokerage offers advanced algorithmic trading strategies, a sophisticated and anonymous crossing network, and automated execution services for institutional money managers, hedge funds, and broker/dealers. |  Fidessa is a world-leading solution for multi-asset trading, market data and global connectivity. Available as a simple workstation or as an integrated application suite, Fidessa is built on the vision of providing the richest trading functionality, market coverage, order management and execution capabilities to all tiers of the buy-side and sell-side communities. Head-quartered in London and with offices in New York, Tokyo, Hong Kong, Paris and Toronto, Fidessa serves over 10,000 users at around 320 clients, and is used by over 85% of global, tier-one equity brokers around the world. Fidessa's global FIX network provides connectivity to over 200 brokers, 82 exchanges and around 1,000 buy-sides worldwide. |  A series of products for developing, optimizating, stress testing and operating alpha and execution strategies. |  One platform to trade all small orders, block orders, and algorithmic orders while interacting with hidden liquity in the marketplace. |  HUBB provides 14 hours of trade support every day to every account, including dedicated technology and a financial management teams. HUBB provides a suite of software tools to help facilitate your trade monitoring, accounting, and market knowledge HUBB compliance and risk, given today's challenging regulatory environment, HUBB strives to maintain all risk and compliance checks with an emphasis on keeping latency to a minimum. HUBB allows you to apply limits to your account, such as maximum daily loss/gain, daily shares traded, number of shares and/or positions held. |  FIX Engine |  In addition to algorithms, Instinet offers Direct Market Access to over 40 worldwide markets as well smart routing for all order flow. |  Investment Technology Group, Inc. (NYSE:ITG), is a specialized agency brokerage and technology firm that partners with clients globally to provide innovative solutions spanning the entire investment process. A pioneer in electronic trading, ITG has a unique approach that combines pre-trade analysis, order management, trade execution, and post-trade evaluation to provide clients with continuous improvements in trading and cost efficiency. The firm is headquartered in New York with offices in North America, Europe and the Asia Pacific regions. |  In addition to real time, pre and post trade analytics, ECS has just launched a product called AlgoAlert which provides our clients with realtime feedback on the algorithmic orders. It also provides a trader will customized graphs charting the performance of an order in order to react in the most proactive manner, optimizing execution performance. |  We currently offer a range of price-sensitive, index-sensitive, and liquidity-sensitive strategies that allow users to achieve an unprecedented degree of control over their trades. Users can predefine the algorithm's response to key real-time market events to adapt these algorithms to a specific style or objective. We have also rolled out a patent-pending framework for building completely customized algorithms that can be deployed rapidly and in a highly scalable fashion. |  Merrill Lynch offers clients a complete range of high touch, low touch, and no touch equity trading services, providing excellence in each segment. We provide expertise in Cash Trading, Capital Commitment, Portfolio Trading, crossing, and innovative joint ventures including Block Alert with ITG. We differentiate our low-touch product offering with a focus on data, using stock specific data to fuel our algorithms, along with superior pre- and intra-trade analytics, algorithmic suitability scores, and quantitative market alerts delivered to the client desktop via X-Sight. Please call the X-ACT Sales team at 212-449-6090 or your Merrill Lynch representative to learn more. |  FIX to all asset classes Algorithmic Futures trading Asset classes on global basis SWAP Trading |  Transaction Cost Analysis Service, "Trading-alpha" , aims to maximize performance by considering transaction cost, thereby realizing the truly optimal execution. We also offer a back-office and middle-office system, so-called an "I-STAR" system, the most securities comapanies use for their business in Japan. We are the best partner of a financial business in Japan. For more information, please check out our web site, or contact us via an e-mail. |  Suite of DMA solutions inlcuding direct access to Nasdaq, INET, ARCAex, NYSE & AMEX. Also provider of giveup NYSE/AMEX access as well as NYFIX Millennium Alternative Trading System (ATS), a non-displayed crossing network. |  Orc Software is a leading global provider of technology for advanced derivatives trading and connectivity. Orc Trading is a leading proprietary trading solution firms rely on to handle high trading volumes for fast execution and risk management. Delivering end-to-end automated trading functionality, from reliable manual and semi-automated to on-the-fly algorithmic, Orc Trading offers electronic access to 100+ markets worldwide. Market Makers, Arbitrage and Derivatives traders gain competitive market advantage by using Orc Trading for maximum trading control, on any listed instrument and across all asset classes. Orc Connect is an end-to-end solution providing complete connectivity infrastructure for all your trading and brokerage requirements. Use Connect for fast and reliable native market connectivity to 100+ liquidity pools, or for individual client connections. Flexible and easy to integrate, Orc Connect provides high performance capabilities both for exchange member and non-member firms, for execution, trade reporting, reference data and market data. Orc offers firms additional market advantage with the FIX protocol (Financial Information eXchange) -- and the leading CameronFIX and CameronFAST applications |  N/A |  Portware acts as a central trade portal for users to conduct a comprehensive range of trade activity. A full suite of trading tools, including pre- and post-trade TCA, complete algorithmic functionality, DMA, compliance tracking, risk and position management, are available through this central portal. Dedicated modules for FX, Single Stock, Index and Pairs Trading are also available. |  The firm represents customers in the listed and OTC markets both through its trading desk and via direct access to the NYSE floor, a service that it pioneered in the late 1980s, as well as offering a menu of DMA services. We firmly believe that as an agent our responsibility lies not only in executing orders that are entrusted with us, but also helping our clients identify the best tools for when they are trading themselves and advising how to best use the tools selected. The ever-increasing complexity of the technology choices in the market has heightened the need for us to serve as quasi-consultants to our clients on this front. Similarly, the revolutionary market structure changes that have been proposed over the past year are something that we spend a lot of time studying and we use the expertise we have developed in this area to advise our clients how the changes are likely to impact their trading strategies. |  RTD, a professional multi-asset and multi-exchange trading system. eRTD, an internet based trading solution. mRTD, a market place system which allows the creation of individual internal markets. RTD Connect, allows trading on exchanges without membership. RTD API/FIX API, application programming interface for order routing. |  Custom Algorithm Development. DMA. Customizable Auto-Spreader. |  N/A |  N/A |  Options Algorithmic Execution, Transaction Cost Analysis, Portfolio Algorithms, Research, and Direct Market Access. |  Custom, Professional Development |  TCAR the first performance measurement tool to effectively measure a trader's execution consistency. TCAR is designed for a new generation of market realities that include increases in systemic executions. |  N/A |  UBS's investment banking and securities business is among the select bracket of major global houses, providing clients with expert advice, superb execution and comprehensive access to the world's capital markets. Our equity trading offerings include Algorithms, Direct Market Access, Program Trading, Block Trading, Front-End tools and Analytics, Transaction Cost Research and Consulting. |  N/A | |
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 Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Current product supports foundation for all the above with many clients doing so. In planning stage are support of genetic and dynamci tuning of algorithms., Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Pre-Trade Cost Analysis, Transaction Cost Analysis, Support multi-classes |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges |  E.A.S.T. continually monitors all algorithmic trades to ensure that the applied research and combined heuristics provided by our traders and clients enhance the algorithms performance., Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  We currently provide all the above services. Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Portfolio Optimization, Develop customized algorithms, Support multi-classes |  Performance analytics and reporting, Pre-Trade Cost Analysis,Transaction Cost Analysis, Portfolio Optimization, Support multi-classes |  AES is fully global, offering 24 hour a day service from Monday morning in Tokyo until Friday evening in NY., Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Deutsche Bank currently provides alogrithmic trading capability in most major international markets. |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis , Transaction Cost Analysis, Implementation shortfall, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Interfaces with other third party products to integrate with other risk management and compliance systems., Transaction Cost Analysis, Support multi-classes |  FlexTrade now offers integrated optimal portfolio slicing with access to multiple micro-execution strategies., Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Develop customized algorithms, Support multi-classes |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Support multi-classes (equities, options, futures, foreign exchange etc.), Connectivity to international exchanges, Develop customized algorithms, Portfolio Optimization, Transaction Cost Analysis, Performance analytics and reporting |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization |  Pre-Trade Cost Analysis, Portfolio Optimization |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  ECS is strongly emphasizing quality of algorithmic execution and customer service, as well as performance-enhancing tools such as analytics, before and after the trade as well as in real-time. In addition, ECS is doing extensive work on optimization of liquidity access with increased fragmentation in the marketplace. Most recently, ECS has announced the release of two new dark book strategies optimized for liquid and illiquid securities, Aqua and Arid respectively. |  Block Trading, Portfolio Optimization, Develop customized algorithms, Support multi-classes |  Portfolio Optimization is currently in development; all other items are currently in production, Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  All of these are currently available, Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Crossing Engine, Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Develop customized algorithms |  Block Trading, Develop customized algorithms |  The future direction of Liquidator is to make the strategy development environemnt even more flexible to support highly complex algorithms. Orc will also connect to more exchanges and continue to focus on speed and scalability. |  Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization |  Other enhancements include further integration with broker offerings (research, TCA, algos, etc.), advanced single stock capabilities, enhanced portfolio management tools and support for fixed income. , Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Develop customized algorithms, pre-trade cost analysis, block trading, integration with forecasted alpha, interactive algorithms. |  Develop customized algorithms, Connectivity to international exchanges |  Customizable Spread-Centric system. Sub millisecond submission of outrights into market. Custom Algorithm Development. Rapid Trading Systems Development. Multiple Asset Classes. Cross Exchange Trading, Performance analytics and reporting, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Custom pricing synthetic symbols|Performance analytics and reporting|Block Trading|Pre-Trade Cost Analysis |Transaction Cost Analysis|Implementation shortfall|Portfolio Optimization|Develop customized algorithms|Connectivity to international exchanges|Support multi-classes |  Block Trading, Pre-Trade Cost Analysis , Transaction Cost Analysis, Implementation shortfall, Develop customized algorithms, Support multi-classes |  SFG has recently added several new algorithms to our suite. They include AlphaTrader, StrikeTrader and Adjusted StrikeTrader., Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  As much of our work is custom for our clients, it depends on their needs., Connectivity to international exchanges, Support multi-classes |  Continue enhancement of pre-trade analytical tools and customized algorithms incorporating TradeTrek developed acceleration and historical measures., Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Support multi-classes |  Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  UBS has been developing algorithms designed to access illiquid stocks and hidden liquidity. In addition, UBS has plans to offer options and futures algorithms and to expand our TCA offerings. , Performance analytics and reporting, Block Trading, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes |  Performance analytics and reporting, Pre-Trade Cost Analysis, Transaction Cost Analysis, Implementation shortfall, Portfolio Optimization, Develop customized algorithms, Connectivity to international exchanges, Support multi-classes | |
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