BB&T Capital Markets and Galway Securities Corporation have signed deals to use ASP -- a modular institutional and retail order management and routing system marketed and developed by Stockholm, Sweden-based OM. ASP enables brokerage firms, such as the NYSE-floor broker Galway, to receive orders from institutional clients via either the Internet or the FIX messaging protocol. After the orders are received, brokers can then use ASP to route trades to a wide array of execution destinations, including the NYSE, Electronic Communications Networks, regional exchanges and select market makers.
BrokerTec Clearing Company, the clearing affiliate of BrokerTec Futures Exchange, has appointed a new chairman and vice chairman. Frank Perrone, director of operations at Deutsche Bank Futures, has been named chairman. Ronald Filler, senior vice president and director of institutional-futures administration at Lehman Brothers, has been appointed vice chairman.
Trade Information Exchange, JPMorgan Treasury Services' browser-based trade-finance product, is now available to institutions. The system, which provides firms with the ability to streamline and automate their trading cycles, was previously only available to corporations.
Interactive Brokers, a direct-access brokerage firm, is now offering clients of its Traders' Toolbox system access to eSignal and Medved Quote Tracker -- a pair of vendors specializing in streaming real-time charts and news. Separately, IB has also announced that as a result of the Chicago Board of Trade waiving all fourth quarter exchange fees for Dow stock index products, IB's mini-sized Dow futures commission is now $1.26 per contract. That commission rate, which became effective October 1, will run through December 31, 2002.