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Pipeline Hires TCA Expert from Rival ITG

Hans Heidle joins Pipeline as director of execution management consulting to run its TCA program.

Pipeline Trading Systems hired Hans Heidle, Ph.D. from its rival ITG to run Pipeline’s transaction cost analysis (TCA) program.

The move reflects the heated competition among institutional agency brokers to provide the buy-side with sophisticated execution analysis and metrics tailored to their trading styles.

Heidle joins Pipeline as director, execution management consulting. He is responsible for Pipeline’s TCA Program and will work directly with clients to help them increase alpha capture and improve execution qualify using Pipeline’s Alpha Pro system.

Heidle was the former VP of research in ITG’s Financial Engineering Group, said Pipeline in today’s announcement. Heidle is a microstructure expert, developer of several pre-trade and post-trade transaction cost models, ad co-inventor of ITGs post-trade ACE— Agency Cost Estimator.

“Pipeline’s Alpha Pro provides traders a complete customized trading solution to optimize alpha capture and I am thrilled to help Pipeline’s customers take full advantage of it,” comments Heidle in the release. According to Fred Federspiel, Pipeline’s CEO, who also commented in the release, “ Alpha Pro has been adopted more rapidly than any other product we’ve ever launched, because it offers unique, tailored opportunities to increase alpha capture.

From January through April this year, Pipeline’s Alpha Pro clients experienced an average shortfall of about 15bps per share vs. expected cost of about 31bps per share as estimated by Bloomberg, according to Pipeline’s Director of Research, Henri Waelbroeck. “TCA is at the heart of Alpha Pro, and we’re fortunate to have Hans join us to help us unlock the value of it for our customers,” said Waelbroeck in the release. Heidle will join Pipeline’s Alpha Science research team in the firm’s New York office.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

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