Harris Associates, a Chicago-based investment management firm with roughly $26.9 billion in assets under management, has selected a trade-order management and FIX connectivity package from MacGregor. The firm plans to deploy the MacGregor Financial Trading Platform in support of more than 50 users in its equity-trading group.
Javelin Technologies, a supplier of front-end trading systems , has launched a new version of its Appia, its FIX-based messaging application. The latest version of Appia supports CMS, an access protocol used by the New York Stock Exchange and American Stock Exchange. Javelin is a subsidiary of NYFIX, a trading-systems vendor that specializes in providing order routing and order management systems to floor-based members of the NYSE.
The Canadian Derivatives Clearing Corp., a wholly owned subsidiary of the Bourse de Montreal, has been assigned an "AA" rating by Standard & Poor's. S&P bestowed the rating on the CDCC, in part, because of the clearinghouse's effecitve risk-management policies. The CDCC guarantees the contractual commitment of the parties involved in every transaction that occurs at the Bourse de Montreal.
Euromoney Magazine has named Archipelago the winner of its Internet Award in its "Best Equities Alternative Trading System" category. Archipelago, which currently runs both an all-electronic stock exchange and an electronic communications network, was cited for its data-intensive web site. The Euromoney Internet Awards will be published in the November 2003 issue of Euromoney.
Gain Capital, an independent software vendor of foreign-exchange-trading systems, recorded trade volume of $32 billion for the month ending October 31, 2002. According to Gain, its October statistics -- which represent a more than two-fold increase from the $15 billion monthly volume recorded by the firm for the month ending May 31, 2002 -- is the largest reported volume of any independent online FX trading firm.