Electronic Trading Briefs
Gottex Brokers will become the first member of Swapstream -- a trading platform for swap and OTC derivatives -- to take advantage of the Swapstream-SwapsWire-link-up for straight through processing. Gottex -- a European OTC derivatives brokerage -- will confirm brokered swap transactions in Euros and Swiss Francs between SwapsWire participant banks by using the link-up between the Swapstream e-trading-systems and the SwapsWire electronic-processing-network.
Harborside+ has linked its service for matching large-block-equity indications of interest (IOIs) to Nasdaq's Liquidity Tracker. In an attempt to increase fill rates for both sets of customers, Harborside+'s interface to Liquidity Tracker enables traders using Harborside+ to receive IOIs related to Liquidity Tracker orders and provides Liquidity Tracker users with access to Harborside's liquidity pool.
Fimat Group appointed Thomas Kloet as chief operating officer of Fimat, USA, Inc. Kloet will oversee Fimat USA operations, finance, IT, credit and risk. He assumes the role performed by Cynthia Zeltwanger, who was named president and chief executive officer of Fimat USA in March. Kloet will report directly to Zeltwanger.
Investment Technology Group (ITG) reports that U.S. trading volume was 1.2 billion shares for the month ended April 25, 2003, (averaging 62 million shares per day), as compared with 1.5 billion shares (73.4 million per day) in March 2003 and 1.9 billion shares (95.3 million per day) in April 2002. For the month ending April 25, U.S. trading volumes for POSIT were 338 million shares; 619 million shares for Client-Site Trading Products and 222 million shares for the Electronic Trading Desk.
The Pacific Exchange (PCX) rolled out enhancements to POETS, its electronic options trading system. Among the enhancements, the PCX now offers partial automated executions for orders routed through POETS when the order exceeds the maximum size guarantees for AutoEx. In addition, orders from broker/dealers and other professional traders are now eligible for automated execution in selected issues and series when the PCX market is locked with the national best bid and offer (NBBO).