Goldman Sachs has expanded the functionality of its REDIPlus direct-market-access trading platform. Release 5.0 adds foreign exchange trading, options spread trades, complex option order types and futures algorithms.
The firm also enhanced The Guide, a visual tool within REDIPlus, to allow users to do more pre- and post-trade analytics and see how a trade is executing with volume weighted average price (VWAP) in real time.
Additionally, in response to the new short-sale rule, Regulation SHO, REDIPlus 5.0 introduces E-locate, a tool that can be used by hedge funds to locate short sales on stocks. "We want to make it easier for those who use our prime brokerage to locate short sales, load a list of stocks, request locales on them and manage the inventory through the system," says Greg Tusar, managing director, product development, at Goldman Sachs Global Execution and Clearing, which is the new brand name for Spear Leeds & Kellogg.
In foreign exchange, REDIPlus 5.0 provides buy- and sell-side traders with access to 60 currency pairs, with request-for-quote liquidity offered by Goldman Sachs. Traders will see spot bid-and-asked quotes, quotes on three-day forwards and streaming quotes in real time. "If I want to trade a particular pair, I double-click and it will open up the trading window, and I can very quickly request a quote from Goldman Sachs," says Adam Mazur, vice president, electronic execution, Goldman Sachs. The other key piece of functionality provided by REDIPlus 5.0 is the ability to fund an equity trade with currency or hedge the position out, adds Mazur.
In options, REDIPlus 5.0 offers the ability to enter a number of different spread orders, such as ISE straddles, as well as combos and butterflies. Goldman Sachs also has beefed up the platform's options analytics with the "Greeks" - theoretical values for delta, gamma, beta and theta. Additionally, REDIPlus has made the leap from equities into smart order routing for options, notes Mazur, which allows users to send their orders to multiple exchanges.
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