Only a couple of weeks after the firm tapped into the Autex's TradeRoute+ order routing and execution network, A.W. Bertsch has signed with Eze Castle for ez-eXchange, its communication platform, as well as its trade order management system (TOM). A.W. Bertsch, a New York Stock Exchange (NYSE) floor broker, will avail ez-eXchange and the TOM to its client-based comprised of institutions and money managers.
"It's simple math," explains Matt Fox, chief technology officer. "Trade volume is going up, our rates continue to go down, and to remain competitive, we need to use technology. More orders are coming in electronically and we can respond to that demand. It replaces the need for phone calls and paper and brings us closer to STP (straight-through processing)."
The first phase of the two-tier implementation includes the ez-eXchange implementation. The system is a real-time chatting program that will allow A.W. Bertsch's customers to contact its brokers on the floor of the NYSE -- asking for quote information. Brokers will receive the queries via the broker booth support system, the wireless handheld devices provided by the NYSE. Ez-eXchange should be up and running within a month, Fox says.
Soon thereafter, the firm will avail the TOM system functionality to its customers. An institution entering a trade order into the Eze Castle TOM, will see that order routed over the Autex TradeRoute+ network, which will translate it into a FIX (financial information exchange) protocol so that it can be read by A.W. Bertsch's FIX servers. Those servers will then convert the message into CMS (Common Message Switch), the NYSE standard, so that it can be processed by SIAC and then routed to the A.W. Bertsch location on the floor of exchange. Once A.W. Bertsch receives the order, it can then route the order to the appropriate broker who will receive it on the broker booth support system.
Once the trade is conducted, execution information and other pertinent data will be relayed back to the institution or money manager through the same process.
Fox explains that Eze Castle's TOM will not be the only one the firm employs, and is currently speaking to other vendors so that it can offer as many options to its clients.
Since installing TradeRoute+ earlier this month, A.W. Bertsch has had its clients entering orders via a simple graphical user interface (GUI) that is included with the Autex network. The firm already has four customers ready to go live with TradeRoute+, but Fox declines to name them. He admits that when firms see the more robust functionality that comes with a trade order management system, which includes the ability to calculate indications of interest, A.W. Bertsch's clients will most likely opt for it over the Autex GUI.