The SEC’s proposed Regulation SCI is intended to protect market technology from outages and technical glitches. But industry commentators contend the rule doesn’t include all market participants and underestimates the implementation costs. Here are five areas that market participants would like to change.
Customer demand is fueling changes in delivery of statements from financial institutions. Business intelligence (BI) technology can help banks seize the high ground in this new era of "consumerization" within personal finance.
As electronic trading in OTC derivatives takes place on swap execution facilities, market participants will increasingly rely on technologies like smart order routing, algorithmic trading, market making order management, and DMA, writes SunGard Front Arena's Tim Dodd.
To what type of DMA/algorithms does your firm have access?
How many traders do you employ and what is their experience?
Does your firm have deal flow? Are IOIs value-added?
Does your firm provide pre- and post-trade analysis?
Detail your order management and execution technology.
What value-added services does your firm provide?
What types of relationships do you have with other brokers?
Agency-only broker-dealer that provides real-time execution and settlement of institutional orders through a proprietary partnership of local brokers in more than 110 different countries worldwide.
AXES is a provider of global, institutional agency brokerage services to more than 100 developed, emerging and frontier markets through its exclusive worldwide broker partner network.
BNY ConvergEx Group provides global agency trading and investment technology solutions to institutional clients. Its three key business lines (Liquidity and Execution Management, Investment Technologies, and Intermediary and Clearing Services) deliver an integrated platform of performance-driven trading capabilities in equities, fixed income and options.
Since 1977, CAPIS has provided global agency trading, commission-management solutions and independent research to institutional investors.
CastleOak Securities is a minority-owned investment bank engaged in sales and trading, capital markets and financial advisory services.
Instinet is a global securities firm providing fund managers with the necessary trading tools, ATS platforms and global agency liquidity to achieve trade execution in more than 80 securities markets around world.
Online broker offering direct access to stocks, options, futures, forex, bonds and commodities at low cost.
Investment Technology Group is a specialized agency brokerage and technology firm that partners with clients globally to provide solutions spanning the entire investment process.
Ivy Securities is a minority-owned institutional equity brokerage firm that can help meet the minority-brokerage manlastModifieds of buy-side organizations.
Knight, through its EdgeTrade and Direct Trading Institutional (DTI) subsidiaries, offers Knight Direct EMS -- a broker-neutral, multi-asset class execution platform -- and agency-only algorithms for empowering traders to efficiently and cost-effectively access fragmented liquidity and achieve best execution.
Lime Brokerage is an agency broker for high-frequency traders. Our electronic execution technology provides seamless support for even the most complex, automated, high-volume and electronic trading strategies.
Loop Capital Markets is one of the nation's fastest growing investment banks and broker-dealers. We serve clients in public and corporate finance, taxable, tax-exempt and equity securities sales and trading.
Luke Securities offers a flexible execution broking service. Experienced and proactive dealers provide a premium service to professional traders. With our office based in London, we have particular expertise in servicing clients with an international asset base.
MAGNA is a minority/woman-owned global, institutional broker-dealer established in 1993 to provide execution and commission management services. Our objective is to bring value-added execution strategies that are client-specific.
NeoNet provides best execution with dual access to the international marketplace via our trading desk or our global trading system, covering Europe, Asia and North America.
Northern Trust Securities is a wholly owned subsidiary of The Northern Trust Corp. Northern Trust Securities (NTSI) serves more than 60,000 Northern Trust institutional and private clients. Covering the full spectrum of equity and fixed income markets, NTSI provides execution in all major global markets and currencies.
Agency trading firm utilizing our Special Handling Desk, and proprietary smart order router -- STING -- to access dark liquidity pools. This hybrid trading philosophy ensures best execution while minimizing market impact.
Since 1979 Rosenblatt has been helping institutions navigate an increasingly complex and fragmented equity marketplace. Rosenblatt's thought leadership includes market structure analysis, TCA and portfolio construction issues, such as 130/30 implementation.
No-conflict, agency-only equity brokerage for institutions.
Client-oriented, agency-only, serving hedge and pension fund clients. Using DMA and algorithms to execute equities and derivatives. Experienced brokers specialize in best execution techniques.
UNX is an independent trading technology firm and brokerage specializing in advanced trade execution tools and services. UNX's clients consist of institutional investors and sell-side firms demanding innovative technology.
WJB is an agency broker-dealer providing equity and derivative trading and execution services and corporate access for institutional investment managers in all domestic and most international markets.
Equities: Emerging Markets, Developed Markets, International, Domestic. Fixed Income: International.
Equities: Emerging Markets, Developed Markets, International, Domestic. Foreign Exchange.
Equities: Emerging and Developed Markets, International, Domestic. Fixed Income: International, Corporate, High-Yield, Municipals, Asset-Backed, Mortgage-Backed, Investment-Grade Corporate, U.S. Agency, U.S. Treasury. Futures/Options. Foreign Exchange.
Equities: International, Domestic. Fixed Income: International, Corporate, High-Yield, Municipals, Asset-Backed, Mortgage-Backed, Investment-Grade Corporate, U.S. Agency, U.S. Treasury. Futures/Options.
Equities: Emerging Markets, Developed Markets, International, Domestic. Fixed Income: Corporate, Municipals, Asset-Backed, Mortgage-Backed, Investment Grade Corporate, U.S. Agency, U.S. Treasury.
Equities: Emerging Markets, Developed Markets, International, Domestic.
Equities: Emerging Markets, Developed Markets, International, Domestic. Fixed Income: International, U.S. Treasury. Futures/Options. Foreign Exchange.
Equities: International, Domestic. Fixed Income: U.S. Treasury. Futures/Options. Foreign Exchange.
Equities: Emerging Markets, Developed Markets, International, Domestic.
Equities: Developed Markets, International, Domestic. Fixed Income: Corporate, High-Yield, Municipals, Asset-Backed, Mortgage-Backed, Investment Grade Corporate, U.S. Agency, U.S. Treasury. Futures/Options. Foreign Exchange.
Equities: Domestic. Futures/Options.
Equities: Emerging Markets, Developed Markets, International, Domestic. Fixed Income: Corporate, High-Yield, Municipals, Asset-Backed, Mortgage-Backed, Investment Grade Corporate, U.S. Agency, U.S. Treasury. Futures/Options.
Equities: Emerging Markets, Developed Markets, International, Domestic. Futures/Options.
AXES provides execution and post-execution services in more than 100 countries in the developed, emerging and frontier markets, representing more than 250 equities and equities derivatives exchanges worldwide.
In the U.S., BNY ConvergEx Group has access to the NYSE, Nasdaq and AMEX, as well as the regional exchanges, ATSs and ECNs. ConvergEx also trades in more than 90 markets around the world.
CAPIS has electronic access to virtually all market venues, including numerous dark pools.
Our trading infrastructure is Regulation NMS-compliant, providing access to all market centers and a variety of dark pools.
Instinet provides access to every major trading venue worldwide, including more than 80 markets (exchanges, ECNs and dark pools) in 37 counties.
IB offers global direct electronic access to more than 70 market centers. IB also offers its own forex ECN, engaging 11 contributing quote vendors.
ITG connects to more than 350 brokers, exchanges, ECNs and ATSs, including POSIT, our premier dark pool. ITG offers scheduled, continuous and indications-based crossing. ITG also offers numerous single-stock, list and dark algorithms.
All major exchanges, ARCA, INET, DOT, various dark pools, etc.
Global liquidity destinations.
We have access to all major U.S. equity market centers.
Loop Capital's equity trading desk has access to various trading venues, including traditional exchanges and ECNs, and a number of alternative trading systems, such as dark pools and crossing networks.
All domestic equity and option venues, as well as off-floor liquidity providers.
We are members of all major displayed markets, including the NYSE, Nasdaq, Arca, BATS, DirectEdge, the ISE, Bloomberg Tradebook and LavaFlow. In addition, we are members of all major dark liquidity pools, including Posit, NYFIX Millennium, Pipeline, Liquidnet H2O, BIDS Trading, LeveL, Instinet's CBX, SigmaX and ISE MidpointMatch.
All types of electronic venues for accessing the domestic equity markets, including ECNs, crossing systems, dark pools and algorithms.
Primary and regional exchanges, ECNs, dark pools and algorithms.
All major and regional U.S. exchanges, ECNs and ATSs, as well as a number of dark pools and algorithms.
All U.S. Exchanges and ECNs. Most dark pools permissioned to the sell side. More than 20 European markets, Asia, Canada, South America and Australia.
DMA to local brokers via client FIX vendors or Bloomberg client access.
AXES offers a full suite of electronic trading products to the global markets, including DMA/algorithmic trading tactics. AXES Global Execution Management System is fully scalable and integratable with all technology channels and platforms.
ConvergEx Global Algorithmic Suite and TactEx, a suite of DMA order types that allows traders to access both dark and displayed liquidity simultaneously. Global equity algos include VWAP, POV, Initiation Price, TWAP, Scaling, Dark Probe, Closing Price and Tailor. Options algos include Piranha and Angler. (Full details available online.)
DMA access is provided to all ECNs. Algorithms include VWAP, TWAP, implementation shortfall, arrival price, dark pool and aggressive adaptive tactics. Algos are integrated in major OMSs and several EMSs and can be customized.
Trading desk employs customizable algorithms, including VWAP and Arrival Price, as well as pairs, market-neutral and dollar-neutral strategies. All algos are customizable and offered to clients via the Brokereach network.
Instinet offers a global suite of dynamic liquidity aggregation, intelligent access and portfolio-optimization algorithms that are customizable based on client need and can be integrated into all major OMS platforms. Additionally, Instinet can offer access to most major sell-side algorithms.
Three equity algorithms and three option algorithms. Both types can be customized and integrated to OMSs.
ITG traders have direct market access to all major global exchanges, ECNs and ATSs, as well as ITG Algorithms, which include proprietary single-stock, list and dark algorithms. ITG Algorithms are integrated in ITG's front-end trading applications along with algorithms of other brokers. (Full details available online.)
Algos derived by ITG and NYFIX.
Knight provides a portfolio of agency-only smart order executions algorithms, benchmark and participation strategies, each customizable to meet a trader's objectives. Integrated with leading OMS providers.
We offer GSAT and TOR Brokerage algorithms.
Loop Capital's trading desk has access to a full suite of algorithms as well as custom-designed algos from various third-party providers, all of which can be integrated into clients' OMSs.
Our services not only include DMA/algorithms, but telephone access to U.K. market makers and POSIT. We also offer our clients a bespoke service.
DMA routing via our trading desk throughout Europe, Asia/Pacific, the U.S. and Canada. Algorithms: Benchmark Algos, Advanced Algos, Portfolio Algos -- they are integrated into our OMS systems and can be customized.
NeoNet offers DMA across Europe, the U.S. and Canada, and Asia. We have proprietary algos across Europe and the U.S., along with third-party algos in Asia and Europe. All DMA and algo capability can be integrated via FIX into a client OMS.
VWAP, TWAP, Arrival Price, Implementation Shortfall, Peg, Fades, liquidity-seekers, dark market sweeps, smart route, among others. They can be customized by our traders. We can provide direct access to the buy side for certain algos.
STING is our DMA routing network. On Point possesses a proprietary smart router for equities and options. STING as an ex destination can be integrated into any OMS. Customization is available based on a business requirement/development cost proposal.
We offer sponsored DMA trading to all major displayed market centers, as well as most of the major non-displayed markets (i.e., dark pools). Algorithms: VWAP, TWAP, Implementation Shortfall, Percent of Volume, Dynamic Participation, Defined Participation, and Liquidity Seeker are our core set of algos -- currently accessible over Bloomberg, but we can work with clients seeking access via other systems.
DMA through the LAVA system. Algorithms through various sponsoring brokerage firms.
Archipelago, Nasdaq, Direct Edge, NYFIX Millennium, BATS, DOT and ATD. Algos: Credit Suisse and BofA. OMS can reach via FIX connections using NYFIX on our end. Bloomberg also is available.
We offer fully customizable proprietary algorithms and tactics as well as access to selected third party algorithms. Access to these algorithms can be integrated into the client's OMS.
Several DMA platforms that can be integrated into our OMS.
17 traders with an average of 14 years of experience.
Six traders, averaging 18 years of industry experience.
Approximately 100, with an average of 10 years of trading experience.
20 full-time traders with an average of 13 years of experience.
10 full-time traders with an average of 15 years of industry experience.
Nearly 200 highly experienced traders at 14 trading desks around the world.
All trading is done electronically.
ITG and its affiliates have more than 50 experienced traders in New York, Boston, London, Toronto and Hong Kong.
Three full-time traders with 16 years of average experience.
Two full-time traders. The vast majority of trades are executed electronically.
Lime's clients generally direct orders to individual market centers using low-latency connections through Lime.
Three full-time traders with average experience of 10 years.
We provide our clients with a bespoke service -- our account executives and dealers have in excess of 12 years of direct market experience.
Seven equity traders with 10 years of average experience and three fixed-income traders with three years of average experience.
European desk is 10 traders strong, all based in Europe; 4 U.S. traders; 5 traders covering Asia. We are a 24-hour desk with several years of experience from each trader.
13 full-time traders averaging 15 years of experience, as well as a sales trading staff of six.
Eight traders with 14 years of average experience.
15 full-time traders who on average have more than a dozen years of experience each.
3 traders averaging more than a decade of agency trading experience.
2 traders with an average of 15 years of experience.
Five traders with an average of over ten years of experience.
More than 30 traders and sales traders with average industry experience of more than 12 years.
Yes, and yes.
AXES has a full-service trading desk and electronic platform that integrates all trading techniques across the global markets.
ConvergEx does not have deal flow. N/A
CAPIS does not have deal flow. We provide IOIs through various systems.
Instinet does not offer IPO or other deal flow. The ability to send and receive natural IOIs is included within both of Instinet's trading front-ends.
IOIs are value-added.
We provide our clients access to various IPO and secondary offerings. IOIs are value-added.
Yes, we have a deal flow and access to IOIs.
MAGNA does not currently have deal flow, but we have regulatory permission to engage in corporate underwriting. MAGNA makes extensive use of IOIs due to our enormous order flow.
We are a best-execution-only agency broker. As such, we will only advertise flow IF the client explicitly tells us to do so.
We are a large transition management and corporate buy-back broker. We also trade for hundreds of money managers. As a result we are willing to take IOIs to look for potential crosses within our order flow.
On Point does not currently support deal flow in which IOIs drive the execution event.
No deal flow. We do not utilize blast IOIs.
Our firm is an agency-only trading firm that does not issue IPOs or other securities.
No deal flow of IPOs.
Pre- and post-trade analysis currently is in development.
ConvergEx provides pre-trade, intra-trade and post-trade analysis through Perform-Ex, our Web-based performance measurement, monitoring and management platform.
Yes, based on customer request.
Instinet provides pre-, post- and real-time analytics capabilities.
IB uses TAG statistics to independently audit trades.
ITG offers pre- and post-trade analytics. (Full details available online.)
We provide both pre- and post-trade analysis for our clients, customized to reflect various benchmarks of our clients' choosing.
We do not carry out independent research; however, our independence gives us access to all other research produced by major banks.
Yes, MAGNA has proprietary architecture for pre-, intra- and post-trade analysis. We provide such analysis for U.S. equity, non-U.S. equity and fixed-income.
NeoNet offers program trading capability via our trading desk or directly to the client from our NeoNet Trader system, both with pre- and post-trade analysis.
On Point possesses the logic to perform "Best Ex," as well as "price improvement" analysis. A combined analytic also is available.
Our suite of products is called Rosenblatt Integrated Transaction Analytics (RITA) and is available without charge to all customers. Our approach to TCA integrates trading with the investment process. We also work as a value-added adviser to help clients improve performance on their entire universe of trades.
Post trade analysis is available for all orders.
AXES Global Execution Management System (GEMS) is a multi-currency, multi-asset platform supporting global electronic trading via a single FIX connection. GEMS supports STP of orders and post-trade integration with custodians and clearing agents.
We offer the Eze OMS, a real-time, multi-asset, multi-strategy OMS. DerivatEx (EMS): options EMS. Sonic (EMS): EMS offering DMA to all major market destinations, algorithmic tools, access to block-crossing networks, seamless OMS integration and advanced order routing.
CAPIS currently utilizes a proprietary OMS. We are in the process of implementing the Fidessa Trader Work-station OMS. We are connected to every major order routing network and can connect to any FIX-enabled system.
Our equity desk utilizes InfoReach TMS as its EMS. InfoReach includes a FIX engine that supports FIX protocol 4.0 and above; as well as FIXML; and cross referencing of global securities using CUSIP, SEDOL and ISIN identifiers.
Instinet offers two EMSs, both of which provide access to Instinet's suite of algorithms, crossing networks and more than 80 markets around the world. (Full details available online.)
IB offers its customers a software product referred to as "Smart" order routing. Smart Routing software continually scans competing markets and automatically routes orders directly to the best ECN or market center. (Full details available online.)
Our trading desk maintains FIX connectivity with various institutional clients and independent floor brokers, which enables us to receive orders and transmit executions directly to our clients' trading applications.
Knight Direct EMS is broker-neutral, providing buy-side traders with multi-asset functionality across the execution and order-management process, including access to a range of liquidity destination and agency-only algorithms.
Lime's proprietary execution technology includes the Citrius high-speed market data system and Lime Trading System's low-latency market access solution for high-frequency traders.
Loop Capital employs FlexTrade as our primary EMS. Our technology provides a seamless interface with our clients and trading destinations, which enables us to effectively handle basket trades as easily as single-stock trades with an unlimited number of names and notional amounts.
With respect to OMS/EMS, we utilize NYFIX on the U.S. side and Bloomberg for non-U.S. Through these systems we can route to our internal EMSs and also connect to buy-side front-end systems, including but not limited to: Advent, Bloomberg, Bridge, Charles River, ESI Teamtrader, Eze Castle, Flextrade, In-Data, Info-Reach, Longview, MacGregor/Merrin, Neovest, NTS, NYFIX Network, Portware, Sungard and Traderoute.
The NeoNet Trader front end serves as an EMS for many of our clients. We also have many clients connect via a third-party OMS and "stage" orders into the NeoNet Trader. Our execution technology provides a low-latency, reliable system with global access.
We use Bloomberg's sell-side OMS and connect to all major buy-side trading systems via FIX.
Detailed discussions regarding our proprietary execution system can be initiated with a bilateral NDA.
We primarily employ Lava Trading for single-stock executions and Redi for program trading. We also use FlexTrader and RealTick for DMA customers.
Full electronic OMS connectivity, including FIX connections to clients and electronic connections to execution venues.
UNX provides a suite of electronic trading products designed to help traders leverage the power of the UNX Algorithmic Market Access framework. This includes trading via the firm's proprietary execution platform, MetaBook, as well as the UNX Web-based Basket Center, or accessing UNX via FIX.
Lava Color Palette is OMS- and EMS-supported by a broad array of third-party and proprietary technology.
Partnerships with local brokers in 100 markets worldwide provide value-added trading desk and research services. Technology, direct brokerage support, research services.
Liquidity management offering. VortEx: dark pool. ConvergEx Cross: block-crossing technology. Transaction cost reporting, technology, direct brokerage support, research services, and soft-dollar services. (Full details available online.)
CCAs and CSAs, transition management, compliance support, commis-sion-recapture services, transaction cost reporting, technology, direct brokerage support, research services, principal trades, and soft-dollar services.
Actionable trading strategies focused on leveraged buyout and M&A activity impacting the U.S. equity indexes, technology, direct brokerage support, and soft-dollar services.
Transaction cost reporting, technology, direct brokerage support, research services, and soft-dollar services.
Transaction cost reporting, technology, direct brokerage support, research services, and soft-dollar services.
Fulfillment of minority-broker manlastModifieds, technology, and soft-dollar services.
Customization of algorithmic strategies, transaction cost reporting, technology, direct brokerage support, research services, principal trades, and soft-dollar services.
Colocation in Lime Brokerage's data center and disaster recovery data center. Multiple APIs and front-end access, technology, direct brokerage support, and soft-dollar services.
Customization of our services on a client-by-client basis, customized reports, analytical services, DMA, advanced trading color and our leveraged relationships with brokers from both sides of the industry.
Direct brokerage support and principal trades.
Transition management, comission recapture, hedging strategies, transaction cost reporting, technology, direct brokerage support, research services, and soft-dollar services.
Commission sharing, commission recapturing, technology, direct brokerage support, and soft-dollar services.
Smart routing technology that discovers market depth instead of sweeping only top of book, transaction cost reporting, technology, direct brokerage support, and soft-dollar services.
Special Handling Desk to service complex multilegged, delta order flow; transaction cost reporting; technology, and direct brokerage support.
Market structure analysis, transaction cost reporting, technology, direct brokerage support, research services, and soft-dollar services.
Soft-dollar services through CSA's and the Westminster Research network.
Technology and direct brokerage support.
Transaction cost reporting, Technology, Soft dollar services
Commission management,transaction cost reporting, technology, research services, and soft-dollar services.
Clearing, Introducing, Execution.
Clearing, Introducing, Execution.
Clearing via Merrill Lynch Broadcort, global correspondent network, Give-ups, Introducing, Execution.