ESP to Launch Algorithmic Trading Portal
Electronic Specialist (ESP) is launching an algorithmic trading portal to provide buy-side institutions with access to more than 30 strategies from many of the leading sell-side providers. To do this, ESP says it has integrated its Electronic Algorithm Routing Network (EARN) with Vie Securities' suite of VIPER Algorithms.
ESP -- a New York-based technology firm and broker dealer -- says that EARN allows institutions to protect their anonymity when sending large order blocks or lists to multiple strategy servers. The portal can minimize market impact by allowing clients to spread orders across a number of providers of algorithms, it says.
The EARN portal can be accessed through ESP's Global Direct Market Access Network, which includes strategies such as volume weighted average price, time weighted average price, time weighted volume, arrival price, implementation shortfall, smart order routing, pairs trading and a variety of other algorithmic strategies that are unique to participating brokers.
Vie Securities LLC, which provides a suite of automated execution products to buy-side and sell-side customers, is being acquired by Piper Jaffray, the Minneapolis-based broker/dealer.