Execution Management Systems directory
| Company | Description of System | List the primary functionality available on the system? | What order management functionality is included? | Does your EMS integrate with any external OMSs? | Which version of FIX is run? | For which securities is the system designed? | Does the system handle international securities? | What is the market data source for domestic price feeds? International? | What size and type of firm is this system ideally suited for? | Can proprietary client algorithms be loaded? | What is the pricing model? | Future enhancements? |
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| Advanced Financial Applications IMPACT Pro David Rotner 646-723-2125 drotner@afapp.com www.afapp.com | IMPACT Pro is designed to meet the needs of buy-side customers who require a neutral, cost-effective, hosted technology solution that can address their trade execution and order management/processing needs. IMPACT Pro offers broker-neutral trade execution capability coupled with multiple prime broker order management system. IMPACT Pro can also help sell-side firms without a proprietary technology, service their buy-side client needs while reducing cost of deployment for both parties. | IMPACT Pro allows traders to execute, process, and import/export trades in a cost-effective, seamless manner. As an execution system, the user is able to trade with multiple brokers (thereby eliminating the need for having multiple trading interfaces) in a neutral environment. Traders may stage and execute single orders or lists with ECNs, institutional trading desks or algorithmic engines and subsequently take the trade through settlement with their prime brokers - all within a single platform. | IMPACT Pro is designed as a neutral multi-prime broker order management solution. In addition to its trade execution capability, IMPACT Pro provide seamless allocation of trades, trade reporting with over 20 third parties (including prime brokers, introducing prime brokers, custody firms as well as other execution management systems) and aggregate profit/loss management of positions from multiple prime brokers and custody firms. | Yes, IMPACT Pro receives drop-copy of staged trades from most of the major third party OMS providers. | FIX 4.0 and 4.2 | U.S. equities, U.S. Equity and Index Options, and International Equities | Yes. We offer 24 major markets on DMA basis and additional 60 (plus) markets on worked order basis. | Interactive Data / eSignal | IMPACT Pro is designed for funds with long short equity strategy, managing assets from $50 million to $1 billion. | Yes - IMPACT Pro currently offers algorithms of most major brokerage firms. | Our pricing model is designed to meet the needs of the client. We offer both transaction pricing as well as subscription pricing depending on the client's needs. | Our future enhancements are based on client needs and feedback. As such, we plan to continue enhancing our EMS and OMS functionality to create an integrated order flow solution for the buy-side that is cost-effective and easily deployable. |
| Aegisoft AthenaTrader Steve Oppenheimer 212-651-9464 soppenheimer@aegisoft.com www.aegisoft.com | AthenaTrader is a multi-market, broker-neutral execution management system (EMS) for trading equities, foreign exchange, futures and options. It is a high-performance and configurable platform that has been deployed at large banks, hedge funds and proprietary trading firms throughout the world. | Order execution; market aggregation; algorithmic support; portfolio, basket, spread trading; risk management; straight through processing. | Trade workflow, position and p&l management; trade reports, allocations, straight through processing. | Yes | 4.2 | Equities, foreign exchange, futures and options. | Yes | Exchanges, ECNs, and in-house data feeds. Uses standardized FIX protocol to consolidate the myriad of price feeds available, and present them in one easy-to-use interface, promoting higher performance and improved reliability. | High frequency proprietary traders, buy-side desks seeking minimal market impact, market makers relying on automated trading technology and low latency agency brokers. | Yes | Per user license. | Fixed income. |
| Barclays Capital, Inc. RealTick® 212-526-1130 ETS@BarCap.com www.barcap.com | The RealTick® platform, provided by Townsend Analytics, is a customizable, multi-broker, multi-asset class, global execution management tool that provides traders access to Barclays Capital’s electronic trading capabilities, real-time market data, analytical studies and news. | Direct market access (DMA) to all major liquidity platforms; Multi-broker dealer connectivity; Multi-Asset trading; Algorithmic trading; List trading; Real-time trading & order management tools; Back-office integration. | RealTick has full position and P&L integration with Barclays Capital Prime Services clients as well as real-time or batch integration with several other brokers P&L applications. Other capabilities include allocations, intraday P&L, multi-user shared blotter, staged orders, pre- and post-trade analytics, market alerts and trading limits. | Charles River, MacGregor, Eze Castle, Indata, Moxy, Fidessa LatentZero, Bloomberg among others. RealTick will accommodate full staging or drop copies and can link to any FIX-compliant OMS. | Equities, Options, Futures, Convertible Bonds, Swaps, FX. | Yes - all major electronic markets in the Americas, Europe and Asia. | TAL Data® is Townsend Analytics’ streaming real-time market data delivered through the RealTick trading platform or through the TAL Toolkit™ API. | All segments and sizes of institutions, hedge funds and broker dealers. | Barclays Capital provides a robust platform of algorithms which includes complete customization. As well, the RealTick API allows traders to manage their trading strategies directly from any platform or engine. | Barclays Capital provides RealTick to traders at no minimum cost, charging only for the shares executed through it in cents per share or basis points. | ||
| Bloomberg, LP Bloomberg EMSX Marc Milgrom 212-318-2000 http://about.bloomberg.com/product_trading.html | Provided at no incremental cost to Bloomberg Professional subscribers, EMSX is the largest independent broker-neutral platform for integrated execution,d data, and analysis of equities, futures, and options globally. | Trading of listed equities, futures, and options; Global broker network covering 2000+ destinations to all markets; Over 50 algorithmic trading providers with global coverage; Connectivity to major dark pools and alternative liquidity venues. | P&L, commission entry, blotter export, broker restrictions | Yes, integration is possible with any FIX-compliant OMS for 2-way staging or blotter polling or one-way execution report drop copies, depending on OMS support. FIX or file-based point of trade compliance is also available where supported. | 4.0, 4.1, 4.2 | Listed equities, futures, and equity and index options | Yes | Bloomberg data for all instruments | Any size institutional asset or hedge fund manager trading listed instruments | No | No additional charge to Bloomberg Professional subscribers or to receiving brokers | Multi-leg futures and options trading; Pairs trading; Integration with Bloomberg's portfolio and risk analytics; Single stock and portfolio pre-trade transaction cost analysis; Historical order/execution reporting; Custom order benchmarks; and FX trading integration. |
| BNY ConvergEx Group's Eze Castle Software Eze OMS Sean Sullivan 646-346-1140 sales@ezecastlesoftware.com www.bnyconvergex.com | The Eze OMS is a multi-strategy, multi-currency OMS (with embedded EMS) that streamlines the investment cycle for all asset classes. Leveraging a real-time open architecture, it provides functionality to support portfolio management, compliance, trading, and operations. | Single-click DMA to over 40 global markets accessing 95% of the world’s liquidity, FIX order routing, access to Level I and II market data, Time & Sales, TCA, market watches and charts, real-time position and compliance checks prior to routing orders, broker-neutral access to algos, dark pools and crossing networks for multiple asset classes. | Multi-currency, multi-strategy, multi-asset class functionality; Flexible real-time Trade blotter, PM blotter, and/or Compliance blotter; Integrate risk and other analytics from third-parties; Flexible modeling, rebalancing, and ‘What-If’ Analysis; Generate orders based on pre-defined allocation schemes; Real-time, intraday and historical P&L; Real-time liquidity exposure and analysis; Define custom P&L and exposure calculation types for different instrument; FIX order routing to over 400 sell-side destinations; Over 370 algorithmic strategies from more than 46 brokers; Single-screen order generation and allocation for any asset class; Execute list/program trades; Pre-trade, intra-trade, post-trade compliance checks on any daa element or aggregation level; Flexible rule creation, assignment, and management; Libraries of hundreds of industry-standard rules; Diagnostic checks to ensure integrity; Open architecture for integration with virtually any third party including 150+ established interfaces to accounting systems, custodians, prime brokers, risk systems etc; Commission management budgeting, voting, and monitoring; and Real-time monitoring and alerting. | No. | 4.0, 4.2, and 4.4 | The Eze OMS leverages an event driven, service-component architecture designed to support all securities including global equities, listed equity options, OTC equity options, fixed income, foreign exchange, futures, and credit derivatives. | Yes. | Interactive Data | The Eze OMS is ideally suited for hedge funds, traditional asset managers, and pension funds with between $100 million and $500 billion AUM. | No, but the Eze OMS supports over 370 strategies from more than 46 brokers. | Annual user license for the OMS, no additional charge to use EMS functionality. | Enhanced Cancel/Replace functionality in the EMS Additional price and market watch alerts |
| Broadway Technology Broadway Securities Suite Jonathan Fieldman 646-912-6450 info@broadwaytechnology.com http://broadwaytechnology.com | Industry leading cross-asset trading solutions for foreign exchange and fixed-income cash and futures. | Low latency connectivity to electronic markets, consolidated market data feeds, smart order routing, spread/basis trading, internal market-making and crossing, real-time position and P/L, and downstream STP, all accessible from Broadway’s unified trading GUI and Broadway's multi-language API. | NA | NA | NA | The Broadway Securities Suite is cross-asset. It is currently being used for trading foreign exchange and fixed-income. | NA | FX electronic markets, U.S. Treasuring markets, CME. | Our customers range from two person automated trading group to large global banks. | Yes. | Per user subscription includes license fees, support, maintenance, and upgrade software. | Adding more assets. |
| Fidessa LatentZero EMS Workstation Hagen Lewis 212-269-9000 Fidessa-LatentZeroEMS@fidessa.com www.latentzero.com | EMS Workstation is a broker-neutral, internet-deployed, low-latency trading application for equities and equity derivatives across global markets, providing out-of-the-box access to more than 115 execution venues worldwide. | Manually enter or automatically receive block orders from any OMS via FIX; Allocate your orders pre- or post-trade ready for export; Low-latency connectivity to DMA; Algorithmic, Program and Care order services offered by over 360 brokers on the Fidessa global connectivity network; Intuitive trading functions with ‘fat finger’ controls and trading limits; Execution benchmarks, pre-trade and real-time analytics; Real-time, full depth market data with IOIs, news, charts and fundamentals; and Full audit trail. | Manually enter or automatically receive block orders from any OMS via FIX; View individual dealer books or take a global view across the organization; User defined screens to optimize workflow; Full audit trail of orders and trade history is available; and Transmit fills in real-time to OMS or export transactions for downstream processing. | Connects to any OMS via FIX or via bespoke API. | 4.2 is most commonly used. | Exchange traded equities, futures and options. | Yes, the platform is global. | All market data is collected and distributed by Fidessa using our own proprietary, state-of-the-art data centers. Where possible the data is taken directly from the exchanges. | Ideal for any asset manager, from small hedge funds to larger institutional managers, requiring broker-neutral market connectivity and execution capabilities, along with integrated real-time market data. | The EMS Workstation does not support the embedding of client algorithms within the platform. However, if a client has their own algorithmic trading engine they can use the API interface to EMS Workstation as a method of gaining access to the Fidessa connectivity network for order flow. | Pricing is based on a per screen model. No volume or per share fees apply. | For 2009, the main areas for enhancement are to improve the handling of large program trades and the addition of U.S. options. |
| FlexTrade Systems, Inc. FlexTRADER Sales 516-627-8993 sales@flextrade.com www.flextrade.com | A multi-asset system that encompasses all facets of electronic and algorithmic trading, including pre- and post-trade analysis; smart order and Dark Order routing; execution strategies; real time market data; and transaction quality management. | Multi-asset execution; pre- and post-trade analysis; smart order routing; dark order routing, algorithmic trading; real-time market data; portfolio trade scheduling, CEP Engine; complete transaction and IOI quality management. | Positions management; Allocations; Reporting. | Yes. Our EMS integrates with other majors OMSs, such as Longview Bloomberg, Moxy, Eze Castle, Macgregor, Charles River. | We support all versions of FIX up to 5.0. | Global equities, FX, equity options and futures. | Yes. | Domestically, we offer our own direct feed as well as feeds from Wombat, SpryWare, Bloomberg, ComStock and ACTIV. Internationally, the data sources are Reuters, Bloomberg, ComStock and ACTIV. | Large buy and sell-side institutions; and hedge funds. | Yes. | NA | NA |
| FTEN, Inc. VelocityXpress (VX) 212-808-8440 access@FTEN.com www.FTEN.com | FTEN provides a global high-speed black box trading environment on a fully-managed basis or as an appliance. Our system is integrated with fresh market data, pre- and post- trade risk controls, trade surveillance and co-location services. | Through FTEN, black-box traders can receive the freshest market data to power their strategies and reach the all major global market centers in microseconds through our low latency trading gateway, integrated with pre -and post- trade risk controls, on a fully-managed basis or as an appliance. | NA | Although FTEN is not an EMS, we can receive orders from any EMS/OMS. | FIX 4.2 | Currently, FTEN solutions can process US equities and options as well as European equities. We are rolling out options in Europe, Futures across the globe, and Asian equities in the short term. | Yes. FTEN supports all major European market centers and MTFs. | FTEN sources market data directly from the market centers for both domestic and international feeds. | On the buy-side, typical firms include black box, quantitative, and high frequency trading groups. On the sell-side, FTEN’s solutions are ideally suited for Prime Brokers, Clearing Firms, and internal proprietary trading desks. | FTEN provides a low-latency trading gateway to market centers around the globe for clients to use their own algorithmic trading systems. | FTEN offers a competitive pricing model in accordance with our high standards for our infrastructure, system performance and world-class support. | FTEN is currently expanding its offering into US Futures as well as European and Asian markets based on growing market demand. Our continuous development process ensures that our solutions evolve with the needs of the market and our clients. |
| Goldman Sachs REDIPlus 212-357-4255 gset-news@gs.com www.gset.gs.com | REDIPlus simplifies execution while providing the reliability and anonymity clients expect. Eligible clients can trade through affiliates across different markets and asset classes using algorithmic strategies in the US, Canada, Europe, and Asia. From pre-trade analytics to settlement, REDIPlus offers a wide range of tools and support. | REDIPlus allows clients to trade equities, options, futures, synthetics and foreign exchange from a single platform. In addition to being multi-product and providing global access, REDIPlus offers portfolio trading functionality and access to a suite of GS algorithms. REDIPlus also has real-time, pre- and post-trade analytics. | REDIPlus allows clients to trade equities, options, futures, synthetics and foreign exchange from a single platform. In addition to being multi-product and providing global access, REDIPlus offers portfolio trading functionality and access to a suite of GS algorithms. REDIPlus also has real-time, pre- and post-trade analytics. | Order Management functionalities include customized alerts that can be actionable based on pre-defined criteria, pre-defined and customizable filters including exchange, liqudity, P&L analysis, and customizable shortcut buttons. | All versions of FIX are supported. | Equities, Options, Futures, FX, Synthetics. | Trading through GSET provides clients access to global markets throughout North America, Mexico, Europe, Africa, and Asia. | Domestic market data is sourced through the exchanges, and international market data is sourced through Reuters. | Goldman Sachs Electronic Trading products and services are utilized by a diverse client base, including institutional managers, pension funds and hedge funds, as well as broker dealers and other sell-side financial service providers. | GSET provides clients with customizable algorithmic strategies. | The pricing model varies on a client-by-client basis. | We plan to continue to enhance our algorithmic suite across asset classes and give our customers increased performance and stability. |
| Horizon Software Horizon Trader Sylvain Thieullent 33 (0) 1 42 60 9490 http://www.hsoftware.com | Horizon Trader is a powerful multi-purpose trading application designed to trade multi-instruments on multi-places and manage their executions. | Order Management; Realtime Data Feeds; Failover; FIX Connectivity; Risk Management; Broker Connectivity; Data Feeds; Reports, Statistics, and Audit Trails; and Integration with Third-Party Systems. | EMS functionality includes: Follow limit; Linear order; Hitter limit; Stop fixed price; Stop and trigger; Trailing stop; and Timer. | Connectivity possible' via dedicated integration | FIX versions are supported : FIX.4.1 - FIX.4.4 and FIX.5.0. | Equities, Derivatives, all asset types. | Yes, | The system handles direct market accesses and connections to third parties. As a consequence, it is possible to connect to any local or international exchange and retrieve the feed needed. | The system is modular and fits small to large companies, buy-side and sell-side. | API can be provided so that custom algorithms can be used within the system. | Pricing is performed through a per user license model. | Dedicated GUI for pair trading business. |
| HTX HTX Pro John Scaramucich 718.267.0385 sales@htxpro.com www.htxpro.com | HTX has been in business since 1997 and provides comprehensive, cost effective EXECUTION and/or ORDER management solutions, which has helped many professional traders by executing sophisticated trading strategies while dramatically reducing costs. | HTX provides Direct Market Access tools that include Level II point and click trading, Tick & Bar Charts, VWAP tick charts, Time & Sales display, Market Data watch lists and supplies an execution edge in advanced trading applications such as proprietary Algos, Baskets, Lists/Portfolio & Pivot Trading in Multi Currencies to over 60 international countries with risk management tools and OATs reporting. HTX's specialty is Pairs/Spread Trading (Stat arb, Risk/Merger arb, Long/Short trading, Dollar Neutral spreads/ratios spreads, Structured arb, Multi legged pairs and cross-border arb) and has been in the making since the late 90’s. If necessary, HTX can integrate with external OMS vendors and provide a broker neutral platform. Please view our product brochures here http://www.htxpro.com/download_Brochures.html | HTX Pro has an integrated OMS that provides manual or FIX connectivity for Managed order handling with the ability to enter Child orders, direct access to Algorithmic and Advanced order types, filtering and alerts, custom interface configuration, List Trading, Basket Trading, Pivot Trading, Risk management, OATS Reporting and specializes in ADVANCED Pairs/Spread Trading. | HTX Pro can connect to any external OMS. Currently HTX connects to MacGregor, Fidessa LatentZero, Bloomberg. HTX Pro also has an integrated OMS which can be accessed on a permission basis. | FIX 4.0 - 4.2 | Predominantly Equities and Options | Yes, to over 60 international countries. | Comstock feed via PC Quote and Activ Financial for Domestic securities and Bloomberg API for International securities. | HTX provides an industrial strength system available to any size Buy Side and/or Sell Side firm. | HTX has its own proprietary algorithms and can access any third party algorithms. | Standard DMA terminal with single order entry only - terminal fee, NO per share charge. Advanced Terminals (Algos, Pairs, Baskets, List/Portfolio & Pivot Trading tools - terminal fee plus per share fee that can credit cost of terminal fee. | Added Pairs/Spread Trading functionality. (BUY/BUY, SELL/SELL, Pairs Trading for Options). Pricing feeds from Thomson Reuters. Plus adding additional proprietary algos and futures trading. |
| InfoReach, Inc TMS Sales 212-269-2722 sales@inforeachinc.com www.inforeachinc.com | INFOREACH TMS combines order entry, rule-based trading, order management and FIX connectivity in a single broker-neutral trading platform. | Ability to trade global equities, options, futures and FX as single instruments or baskets, order routing, pre and post-trade allocations, custom algorithms, real-time position monitoring, pre/in/post trade analysis, interactive charting. | Allocations, Compliance, Trade Analysis. | Charles River, MacGregor, Eze Castle, Bloomberg, GL Trade, Fidessa, NYFIX, Tradeware. | Version 4.0 thru 4.4 | Global equities, options, futures & forex. | Yes | Townsend Realtick, eSignal, Reuters, Comstock, Thomson, Spryware, Active Financial, Bloomberg | Multi-Strategy Hedge Funds including Quantitative, Index Arb, Stat Arb, High Frequency, etc. Traditional Asset Managers CTA's and Sell-Side Program Desks. | Yes | Monthly per user license fees. | |
| Instinet Newport 3 Tom Whelan 212-310-7713 tom.whelan@instinet.com www.instinet.com | The award-winning Newport 3 is a third-generation, broker-neutral platform that provides access to Instinet’s full suite of high-touch to high-frequency trading services. | Access to Instinet’s agency-only sales trading services, algorithmic trading suite, global DMA and comprehensive trade analytics platform; Custom Order Submission Strategies; Entirely broker neutral – access any and all brokers and market venues from the same system without prejudice; Fully integrated pre-trade, real-time, and post-trade transaction costs analysis. | FIX connectivity and order routing, allocation tools, prime brokerage file generation. | Yes, Newport 3 integrates will all major OMS platforms. | Newport 3 supports FIX versions 4.0 and 4.2. Newport 3 also supports FIX 5.0's allocation functionality, though we’ve found limited uptake of this version by the buyside thus far. | Clients are able to execute nearly any cash equity traded on any major global market. | Yes, through Newport 3 clients can electronically trade in any of the over 80 markets (exchanges, ECNs, dark pools) in over 50 countries to which Instinet provides access. | Instinet sources direct market data, both in the U.S. and internationally. | Newport 3 is ideally suited for the mid-sized to large institutional client that actively trades global portfolios from multiple trading desks around the world. | Yes, the ability to support customization is one of Newport 3’s key differentiators. | Clients pay a traditional agency fee on brokered business. | Instinet prides itself on its history of innovation and protects its strategic product roadmap. Clients interested in learning more about future product developments for our various applications should contact Tom Whelan, Head of Product Sales, North America, directly at 212-310-7713. |
| Instinet Instinet Trading Portal Tom Whelan 212-310-7713 tom.whelan@instinet.com www.instinet.com | Instinet Trading Portal provides direct market access tools to the active trader. It enables clients to trade single orders, blocks and lists in any major global equity market. | Access to Instinet’s agency-only sales trading services, algorithmic trading suite, global DMA; Entirely broker neutral – access any and all brokers and market venues from the same system without prejudice. | FIX connectivity and order routing. | Yes, Instinet Trading Portal integrates will all major OMS platforms. | Instinet Trading Portal supports FIX versions 4.0 and 4.2. | Clients are able to execute nearly any cash equity traded on any major global market. | Yes, through Instinet Trading Portal clients can electronically trade in any of the over 80 markets (exchanges, ECNs, dark pools) in over 50 countries to which Instinet provides access. | Instinet sources direct market data both in the U.S. and internationally. | Instinet Trading Portal is ideally suited for an active trader at a small to mid-sized institution that also requires the ability to trade light lists globally. | Strategy generation is accomplished using Instinet’s Newport EMS. | Clients pay a traditional agency fee on brokered business. | Instinet prides itself on its history of innovation and protects its strategic product roadmap. Clients interested in learning more about future product developments for our various applications should contact Tom Whelan, Head of Product Sales, North America, directly at 212-310-7713. |
| Investment Technology Group (ITG) Radical™ 212-444-6300 info@itg.com www.itg.com | A global, broker-neutral EMS for active stock and options trading, Radical provides access to major equity stock exchanges, ECNs, and broker-dealers in the US, Canada, Asia Pacific and Europe and all major US options exchanges. Radical also connects to the POSIT Marketplace(SM), ITG Algorithms(SM), and other brokers’ algorithms. | Single stock and options trading; DMA to major exchanges, ECNs, brokers, POSIT crossing, ITG Algorithms, multi-user capabilities; stock and options montage; NASDAQ Level I and Level II; view market depth, Level II, exchange data and depth-of-book from one window; time and sales; market monitor linked to Level II; integration with OMSs; hot buttons; flexible, customizable functionality. | Radical integrates with ITG's Macgregor XIP® for full OMS functionality. It also integrates with market-leading and proprietary OMSs for both order entry and real-time FIX drop copy for a seamless trading experience. | Radical integrates with proprietary and market-leading OMSs, including Macgregor XIP, for both order entry and real-time, FIX drop copy. | 4.0 and 4.2 | Equities and options. | Radical provides broker-neutral direct access to major equity stock exchanges, ECNs, and broker-dealers in the US, Canada, Asia Pacific and Europe. | Radical provides low-latency, direct data feeds from foreign and domestic major market centers. | Active stock and options trading by buy-side institutions, hedge funds and other institutional investors | Customized algorithms are supported on the server side. | Per transaction. | Integration of futures trading capabilities. |
| Investment Technology Group (ITG) Triton® 212-444-6300 info@itg.com www.itg.com | Triton is a highly customizable multi-asset EMS that helps traders achieve best execution by providing direct, broker-neutral access to global markets and integrated tools for pre-and post-trade analysis. | Broker-neutral list and single stock trading capabilities; direct market access to exchanges, ECNs, ATSs, brokers, POSIT® Marketplace, ITG AlgorithmsSM and other broker’s algorithms; integrated pre- and post-trade analytics; allocation support. | Pre and post trade allocations; Broker restriction checking. | Triton offers OMS integration and synchronization with numerous systems, including the ITG Triton X™ OEMS solution. | The system supports FIX 4.0 and 4.2. | Equities and Futures | Yes. Triton offers access to global equity markets as well as local trading insight from regional desks around the globe through ITG’s foreign affiliates. | Triton uses third-party market data from Bloomberg and Reuters. ITG bundles real-time and historical market data, trading analytics, and security master data with the product. | Buy-side institutional investors – list and single-stock traders. | Use Triton’s Plug-in Wizard or application programming interface (API) to automate trading tasks or to build new functionality or custom algorithms. | No license fee; commission based. | Triton is now a global EMS with improved trader workflow and enhanced capabilities for monitoring and execution. Recent integration of broker restrictions into the execution flow allows traders to concentrate on trading tasks. |
| Knight Capital Group Knight Direct Bill Cronin 972-232-4013 bcronin@knight.com www.knight.com | Knight Direct is a comprehensive EMS offering clients direct market access via a broker-neutral trading platform to multiple liquidity destinations and asset classes, including equities, futures, options and foreign exchange. | Broker-neutral; Multiple asset classes; International capabilities; EdgeTrade algorithms; Multiple liquidity pools, dark and lit; Order and execution management; Pre- and post-trade analytics; Complex order capabilities; Basket, analytics and charting functionality to support portfolio trading; Post-trade processing; Real-time portfolio P&L reporting; Connectivity to various prime brokerage, risk management and order and execution management systems; and Client service and systems support. | NA | Athena, Bloomberg, Brass, CRD, ESP, Eze Castle, EZX, Fidessa, FlexTrade, GL Trade, InData, InfoReach, Instinet Newport 3, ITG Triton, LatentZero (Minerva), Lava, Longview (Linedata), MFN, Mixit, Moxy, Neonet, Neovest, NYFIX, NYFIX Network, Portware, RealTick, REDIPlus, RTEx, ROR, Sterling Technologies, thinkorswim, TradeWeb (Thomson ATR) and Tradeware. | FIX 4.0, FIX 4.2 (but not limited) | Equities, Options, Futures, Foreign Exchange. | Yes: European, Canadian and Asia-Pacific. | Both direct from exchanges and Thomson Reuters RDF. | All firms | NA | NA | |
| Lightspeed Trading, LLC Lightspeed Trader Andrew Actman 1-888-LSPD123 (577-3123) aactman@lightspeed.com www.lightspeed.com | Lightspeed Trader is a highly customizable direct market access platform offering equities, options, and futures trading. Lightspeed Trader also offers charting and technical analysis tools, market data and risk management solutions. | Lightspeed Trader offers low-latency connectivity to all major venues from a feature-rich highly-scalable direct market access trading platform enabling rapid entry/execution of equities, options and futures trades from a single trading screen. The platform delivers advanced trading and educational tools, streaming charts and news, as well as real-time risk management tools. Our real time account reporting application allows users to easily review and analyze intra-day and historic trading performance. | Smart order routing, stops/trailing stops, custom routes which allow traders to receive ECN rebates, customizable order hot keys. | Lightspeed uses its own proprietary OMS | Compatible with all FIX Engines 4.0 - 4.2 and FAST | Equities, Futures, and Options. Lightspeed also offers a separate platform for FX trading. | The system handles US traded ADRs | Direct access to all domestic ECN's and Exchanges with proprietary market data plant for domestic price feeds. | Lightspeed Trader is designed for individual active and professional traders, small to mid-sized hedge funds and institutions. The system offers benefits for any individual looking to take advantage of the features offered by a more advanced trading platform and a per-unit commission structure. | For client algorithms, Lightspeed offers a complete automated trading solution called Lightspeed Gateway. | The pricing model is based on per share or per contract pricing. Equities are $.00395 per share while options and future contracts are only $0.50 per share. There are no minimum charges per order. Applicable exchange fees, if any, are not included. | More advanced options strategies and order entry and access to international exchanges. |
| Mantara, Inc. expressWay Denise Higgins 201-808-6938 denise@mantara.com www.mantara.com | High-speed, integrated, multi-asset, multi-broker execution system. Provided as an ASP solution by independent technology innovator, Mantara, Inc., this advanced, seamless trading platform is rapidly being deployed throughout buy and sell-side firms. | Ability to trade multi-instrument, complex strategies from one ticket—equities, options, futures & foreign exchange. Flexible multi-broker system, enables order allocation across multiple brokers from single ticket. Ticker plant capable of handling >6 million messages/second, designed to accommodate well beyond. High-speed, smart routing to multiple venues plus ability to rapidly add new venues. Trading screens designed to accelerate trade entry and facilitate quick identification of market changes. Integrated risk management capabilities to ensure compliance with counterparty limits and ease configuration of trading entitlements. Cost-effective, highly reliable ASP solution hosted at Mantara’s 24/7 data center | Inbound FIX with routing rules, staged orders, working orders, shared blotters, ownership, commission management and mark ups, report executions; Pre-trade risk controls, position management and risk monitoring; Multi broker & multi clearing, regulatory, mid & back-office reporting; and Post-trade FIX allocations. | Yes, through all major routing networks and via the expressWay FIX Gateway. | FIX 4.0-5.0 | Equities, Options, Futures, FX. | Yes, for order routing globally. | Mantara’s multi-asset ticker plant, provides market data from a range of feeds, exchanges and ECNs. Consolidated and direct feeds for quote and trade data from NYSE, NYSE Amex Equities, and U.S. regional stock exchanges, plus NASDAQ, BATS, Direct Edge. | Serves a broad spectrum: firms with a few traders to those with 100’s or more. A SaaS solution appealing to buy & sell-side organizations wishing to alleviate burden of managing their technology infrastructure. Very large firms may also choose Mantara’s robust market data and routing capabilities to complement their own or other vendor-supplied applications. | Yes. The expressWay Trading API enables integration of third-party algorithms to run on the EMS. | Per terminal, per connection, revenue share. | Comprehensive program-trading solution to include complex options, integration of futures and FX, integration of international market data, smart IOIs. |
| Neonet, Inc. Neonet Trader Greg Treacy 201-526-8600 sales@neonet.com www.neonet.com | The Neonet Trader offers fast and reliable global equity trading utilizing proprietary smart routing. You can use both Neonet's and other broker algorithms along with streamlined execution reporting to your OMS. | Global Equity Trading, Broker and Broker neutral Algorithmic Trading. | Yes, please visit our website for a complete list. | We run Fix 4.2 | Global Equities across Europe, Asia, the US and Canada, and Mexico (Brazil shortly). | Yes. | As an exchange member we tap our data directly from the exchange feed. | We have both buy side and sell side users across different sizes. Firms concerend about costs and needing global access directly fit best. | Not at this time. | Both. If using Neonet as broker there is a usage charge. But for clients using our system to access other brokers, there is monthly license fee. | Better OMS functions. Adding more brokers to the system. | |
| Neotick Neostation Gen V Christopher Kurimay 630-457-4596 ckurimay@neotick.com www.neotick.com | Neostation Gen V is a new, ultra low latency solution, providing global multi-asset class execution. The platform uses Microsoft.Net and XNA gaming technology and is the first to incorporate a GPU and "services oriented architecture" (SOA). | Domestic Futures Execution, Spreading, Hedging Domestic Options Execution. Will support Global Equities, Cash Bonds and FX over the next 12 months. | A three dimensional display offers derivatives focused Vertical Market Displays, Order Management Grids and vital execution information | No | We are FIX compliant through FIX 4.4 as well as FIX/FAST. | Futures, Options, Cash Bonds, Equities, FX. | The addition of Liffe and Eurex will be completed in 6 months and all key Asian Exchanges within 12 months. | Direct Exchange | Global, Multi-Asset Class Hedge Funds, Proprietary Trading Firms, Quantitative"Grey and Black Box" Asset Managers. | Yes, the solution offers an API which can accomodate most front end strategies. | Volume-Weighted, Transactional Pricing or Enterprise License Agreement. | Addition of Equities, Cash Bonds and Currency; International exchange access. |
| Neovest Neovest Sales 800-433-4276 sales@neovest.com www.neovest.com | Neovest is a comprehensive broker-neutral, multi-asset trading system for global buy-side firms. Neovest provides extensive access to liquidity with optimal workflow for single stock, portfolio, pairs, and algo trading. | Neovest provides ultra low-latency real-time DMA for global markets, algo routing to over 25 full algo product suites, over 40 dark pools/crossing engines, over 300 brokers, options chains & greeks, 4-leg options tickets, analytics (pre- and post-trade), algo analytics charting, AlgoGenetics/Blacklight, order action buttons, level-1, custom fields, complete real-time market depth, idea generation, time & sales, charting & technical analysis, advanced alerts, news, fundamentals, ticker tapes | Allocations, staged orders, real-time P&L, IOIs, shared blotter, position management, portfolio optimization/rebalancing, sector rollups, risk monitoring tools, seamless ETB/HTB integration, regulatory and mid/back office reporting, multi-prime/clearing (20+ firms), custom reports, OATS/OTS/TAG reporting, middleware integration, Oasys integration. | Linedata, Imagine, Charles River, Bloomberg, Latent Zero, Eze Castle, Macgregor, FIN, Moxy, Fidessa, and many proprietary OMSs. | Supports all 4.x versions. | Multi-asset; predominantly equities and options. | Yes | Ultra low-latency direct feeds for US and major global markets, various third party providers for other global markets. | Designed and built in cooperation with a broad range of buy-side clients, including hedge funds, traditional asset management firms, program trading, prop trading firms. | Yes | Product provided by sponsoring broker. | 2009 marked Neovest’s 25th anniversary of providing robust, innovative, industry leading enhancements. For more information, please contact a Neovest representative at (800) 433-4276. |
| PFSoft ProTrader Denis Borisovsky 38 067 562 4340 denon@pfsoft.com http://www.protrader.net | ProTrader is complete solution for online Brokers, Market Makers and Hedge Funds. | Support wide range of products: Forex , Futures, Options, CFDs, Binary Betting; Risk management for A-Book and B-Book (STP and market making); Fully configurable UI and Back Office(CRM); Automated trading and dealing functionality; Flexible arhitecture and dedicated support directly from Developer | ECN Integration; Real-time Risk Management; Smart Routing; Adjustments; Partial fills; Back Order Management; Custom Reporting; Automated dealing management (scripting) | Yes | 4.2 | Forex , Futures, Options, CFDs, Binary Betting | Yes | Banks: JP Morgan (forex); UBS (forex); Numura - Lehman (forex). ECNs: Integral (forex); Currenex (forex); HotSpotFX (forex). Brokers: IG Index (CFDs); MF Global (CFDs); Neo Net (Forex); FFastFill (Forex); MBTrading (Stocks, Futures, Forex); PatSystems (Futures). Exchanges: - DGCX (Gold & Silver) DataVendors: - IQFeed (Stocks, Futures, Forex) - Tenfore (Stocks, Futures, Forex) - Interactive Data (Stocks, Futures, Forex) | Brokerage companies (10-5000 employees); Banks (1000-50000 employees); Hedge Funds (5-500 employees). | Yes, algorithms developed on MQL4 , EasyLanguage and ProTrader Language. | Per license(one time payment) or renting(monthly payments). | Trading between traders within the platform; Visual Trading Advisor bulder on charts |
| Portware Portware Enterprise Sales 212-425-5233 sales@portware.com www.portware.com | Portware Enterprise is a global, broker-neutral trade management and execution system for single stock, portfolio, basket and algorithmic trading. The system supports equities, FX, options and futures. | Order staging and trade management; program trading; algorithmic trading; portfolio & basket trading; single order entry; real-time position, P&L and risk management; integrated pre- and post-trade TCA; other custom analytics. Integrated access to all broker algorithmic destinations, ECNs, ATS, crossing networks, dark pools and exchanges. Market-leading FX liquidity aggregation and execution technology, allowing clients to trade with all dealers, banks, and ECNs on a single platform. Integrated IOI filtering and execution. True cross-asset algorithmic execution. | Position management, P&L, regulatory and business reporting, compliance, allocations, and risk monitoring. | Yes, Portware integrates with all third party OMS's. Additionally, Portware's flexible architecture allows it to easily connect to any proprietary system, including custom OMS's, data feeds, risk applications and reporting mechanisms. | 4.2 | Portware supports all global equities, futures, listed options and FX. | Portware can handle any type of international security. In addition, Portware can easily adapt to any regional or country-specific regulatory/reporting requirements. | Portware seamlessly integrates with any third-party or proprietary market data feed. | Portware is ideally suited for larger quantitative hedge funds, traditional buy-side firms, and sell-side program trading desks. | Yes, clients can easily deploy proprietary algorithms in Portware. The system's flexibility and open architecture make it an ideal environment for the creation of custom algorithmic strategies. | Portware charges a flat, monthly per user fee. | Portware is constantly enhancing its suite of products, and works closely with client to meet their evolving business requirements. |
| QuantHouse QuantFACTORY Lise Ceglia 33173023211 qh-info@quanthouse.com www.quanthouse.com | Rationalize the way you research, develop, backtest and execute trading models with QuantFACTORY suite of products, the QuantHouse .NET development framework. With QuantFACTORY, optimize your lead time to market deploying new trading models developed in industry standard languages such as C# or any .NET compatible languages. | VWAP, TWAP, Target Volume, Arrival Price, Index Arbitrage, Portfolio Algorithm, Percent of Volume, Small Order, Scaling, Gamma Hedge, Delta Hedge, Pegging, Discretion, DMA/Smart Order Router, Crossing Algorithm Accessing Internal, Crossing Aggregator, Spread (Pairs) Trading, Market on Close, Manage the Close, Switching Algorithm. | Limit order, Market order, Constraints, Ability to speed up or slow down at different constraints, Discretion, Pegging, Single-stock, Market on open, Market on close, Reserve, Stop market, Stop limit, Trailing stop, Probing - Crossing Order Type, | Any listed security | Buy and sell-side institutions and hedge funds. | Yes | Per Licence | |||||
| thinkorswim, Inc. thinkpipes Troy Googins 866-547-8431 troy@thinkorswim.com www.thinkpipes.com | thinkpipes combines enhanced features for the professional: advanced option trading functionality, robust portfolio analytics, multi-broker execution, and real-time risk management all with lightening fast speed and reliability. | Advanced options functionality with real-time risk analytics. | Basket importing, API connectivity, Cash and Position reconciliation, Real Time P&L, Report Wizard, Risk Management Controls. | Integration with proprietary OMSs, and widely held systems like Eze. | Fix API 4.0 - 4.4. | US Markets: Equities, Options, and Futures. | Not currently. | NA | Varies. Primarily Buy-Side and Prop Firms. | Yes. | Typically per share/contract. | |
| Thomson Reuters Reuters Trading for Exchanges (RTEx) Tom Venezia 646-223-7742 thomas.venezia@thomsonreuters.com http://thomsonreuters.com | Reuters Trading for Exchanges (RTEx) is Thomson Reuters strategic execution management system. RTEx allows customers to simplify their workflow and extend the power of their Thomson Reuters desktop by integrating multi-asset class trading with their comprehensive source of news, rich analytics and price discovery. | Simplified trading process - Click-to-trade ability from any price or direction in the configurable Order Book - Customizable trading workflow - Global, broker-neutral trading for any exchange traded instruments – Instant availability of the latest algorithmic models. | NA | NA | The system communicates in FIX version 4.2. For some algorithmic trading strategies, select FIX 4.4 tags can be used. | Equities, Options, Financial Futures and Commodities & Energy Derivatives where these are supported by the brokers on the service. | Yes | RTEx sources its data from the individual Thomson Reuters desktop that the client is using. | Traders at asset management firms, corporations, hedge funds, proprietary trading desks at smaller trading firms. | Currently, only broker derived algos can be used within the RTEx application. | For information on our pricing model, please contact us at Americas: RTEx.Americas@thomsonreuters.com; Asia: RTEx.Asia@thomsonreuters.com; Europe, Middle East, Africa (EMEA): RTEx.EMEA@thomsonreuters.com. | See pricing model question. |
| Tora TORA Compass Richard Allen 415-546-2284 sales@toratrading.com www.toratrading.com | TORA Compass is a multi-broker electronic trading platform focused on Asia, providing connectivity to 75 brokers, 24 exchanges, and 10 off-exchange liquidity pools, and trade execution functionality for equities, futures, options, swaps, derivatives, and other synthetics. | Access to DMA, algorithmic and worked trading capabilities; Connectivity to unique pools of liquidity, including TORA Clearpool; Execute program trades with a range of basket-specific functionality; Apply the extensive order limit and compliance framework; and Make use of the key-stroke engine for maximum usability. | Stage Parent/Child orders in the trade blotter and attach different instructions for each; Upload start of day positions and pre-market orders; Display all positions and intraday profit and loss; and Model custom products and assign specific valuation methods. | Yes. TORA Compass includes a FIX API which is used to integrate with external OMSs. Integrations have been completed with leading OMS products. | 4.2 | TORA Compass offers a full suite of trading execution capabilities across multiple asset-classes including equities, futures, options, warrants, convertible bonds, baskets, spreads, swaps, CFDs and other synthetic products. | Yes. Over US $25 Billion in transactions are processed each month through TORA Compass, including over 25% of the electronic trading flow on the Tokyo Stock Exchange, 15% of the electronic trading flow on the Singapore Stock Exchange, and over 10% of the electronic trading flow on the Hong Kong Exchange. | Data source for both domestic and international price feeds is Thomson/Reuters. | TORA Compass is a scalable system which can be used to make 10 trades per day or 100,000 trades per day. Large and small firms alike can profit from using TORA Compass. Because TORA Compass is provided in an application service provider (ASP) model, and requires no IT infrastructure or staff at the customer site. TORA Compass is supported by state of the art data centers in Tokyo and Hong Kong, providing 99.99% up time for four years running, and low latency. | Yes | NA | Improved support for odd lots; Enhancements to the Baikai; Algo support for baskets and pairs; and Custom filters. |
| RealTick by Townsend Analytics RealTick Michel Finzi 212-679-9000 sales@realtick.com www.realtick.com | RealTick is a global, multi-broker, multi-prime, broker neutral & multi-asset EMS. RealTick’s customizability streamlines trader workflow via a fully integrated front-to-back solution, including sophisticated trading tools; unrivaled access to leading global brokers, exchanges, ECNs and other pools of liquidity; real-time market data, news, analytics and risk management tools. RealTick is supported by Townsend’s state-of-the-art global data centers and a redundant network for ultimate stability and resiliency. | Electronic trading integration with leading global brokers including access to worked orders, algorithms, Smart Routing and other proprietary services across multiple asset classes. | Blotter-based list trade management, multi-broker position management, real-time multi-currency P&L calculations, done-away trade entry, pre-trade compliance checks such as Restricted List blocks, robust multi-broker trade allocations | Yes. RealTick integrates with wide variety of proprietary OMSs along with the leading external OMSs including: Moxy, Antares, Bloomberg, Charles River, EzeCastle, Fidessa, Flextrade, Imagine, Macgregor Latent Zero, Beauchamp FundManager, Longview, MIXIT, NYFIX, Paladyne, Portware, STN, Tradeware, and others. | We currently support FIX versions 4.0 and above. | Multiple asset classes including Global Equities, Equity Options, Futures, Options on Futures and FX. Electronic execution capabilities provided via brokers on Townsend's network include DMA, Algorithmic, Worked/Care Orders and Program Trading. In addition, unique broker-specific and electronically linked and traded products (eg. Sector Swaps, TCA tools and Prime Brokerage services) are seamlessly integrated and available within RealTick. | Yes. Full global coverage including securities trades within the Americas, EMEA and Asia-Pacific regions. | RealTick is supported by Townsend Analytics’ own state-of-the-art global data centers and a redundant network for ultimate stability and resiliency. RealTick has direct market connectivity for the most liquid global markets and leverages partnerships with other market data aggregators for less liquid markets. | RealTick is well suited for any firm who participates in single-name or list trading of Equities, Options, Futures, and FX with the world’s leading broker-dealers and major liquidity venues. RealTick provides equal access to all leading brokers and presents a comprehensive suite of broker-provided multi-asset algorithmic and smart-routing tools. | Yes. RealTick provides an associated Application Programming Interface (API) that enables clients to write their own trading algorithms leveraging RealTick’s comprehensive market data feeds and its vast connectivity to global brokers and trading venues. Orders can also be routed through Townsend’s order routing network using FIX direct connections. | RealTick’s pricing model varies, but includes transaction-based and per user subscription license model. | RealTick is always building new client driven product features that allow our clients to continually improve their trading workflow and achieve best execution through access to global markets, brokers and liquidity. |
| Trading Technologies International, Inc. (TT) X_TRADER® Sales Dept 312-476-1000 sales@tradingtechnologies.com www.tradingtechnologies.com | The powerful X_TRADER® order-entry system offers both one-click and automated execution, high-speed connections to the primary futures exchanges, API solutions, charting and the MD Trader® vertical market depth display, which allows immediate reaction to market movement. | Order-entry functionality for dozens of derivatives, fixed income, OTC energy and FX markets. The TTNET™ hosting solution delivers high-bandwidth order execution and premier network management via hubs located at or near the major global exchanges. | One-click order entry, keyboard trading, hotkey functionality, estimated position in queue, filterable Time and Sales, floating order book, stops (market, limit, trailing), OCOs, real-time fill information, automated multi-market spreading, automated trading. | Yes, TT has relationships with an extensive list of OMS firms including Eze Castle Software, InfoReach, Kestrel Technologies and Portware. | TT’s FIX Adapter supports FIX Protocol 4.2. | X_TRADER has evolved from a futures order-entry platform to a total trading solution for many asset classes including options on futures, international cash equities (Euronext and Xetra) treasuries (BrokerTec), energies (ICE, NYMEX) and spot foreign exchange (EBS). | Yes. TT offers connectivity to Euronext and Xetra. | Market data is received and processed directly from the exchanges TT supports. | TT is ideally suited for derivatives professionals, including global and regional banks, FCMs, hedge funds, CTAs, brokers, proprietary firms, independent traders, commercial firms and other trading institutions. | Customers can use TT’s XTAPI and FIX Adapter APIs to develop custom interfaces and execute algorithms. Autotrader™ fully integrates with X_TRADER and the TT gateways and offers the fastest way to send algorithms to the market. | Monthly licensing fee per user. TT offers various pricing models including monthly licensing fee, execution based with a cap and more. Please contact the TT Sales to find a pricing solution that meets your needs. | TT offers various pricing models including monthly licensing fee, execution based with a cap and more. Please contact the TT Sales to find a pricing solution that meets your needs. |
| TradingScreen TradeSmart TradingScreen Sales 212-359-4100 sales@tradingscreen.com www.tradingscreen.com | TradingScreen is accelerating the technical evolution of the world’s financial markets by providing a fully integrated, customer-oriented trading service platform to institutional investors. TradingScreen broker neutral platform makes best execution possible in any market and across all asset classes. | Broker neutral, global multi-asset class trading including Equity, FX, Options, Warrants, Convertible bonds, and Futures. Additional functionality basic functionality include: Algorithmic Trading, Basket/Wave Trading, Smart order routing, Real-time Market Data, Reporting, Pre-Post Trade Analytics and Allocations. | Order management functionality included: Grouping of orders; Analyical tools (Pre-Trade, Post-Trade); Position keeping functionality; Transactional, Performance and compliance reporting features; and Trader grouping across desk and trading locations including order book passing. | Yes. Two-way pre-certified integration with 30 OMS vendors. Can do full staging to drop copies. Can link into third-party and proprietary system. Integrates with leading OMS including Decalog, Moxy, Eze Castle, Macgregor, Charles River, Linedata Beauchamp, among others. | FIX Version 4.0, 4.1, 4.2, 4.3, 4.4, 5.0. | Equities, FX, Listed Derivatives and Fixed Income. | TradingScreen's global connectivity network facilitates access to the full spectrum of global execution destinations across all asset classes. The system provides across all venues from exchanges to systematic internalizers, crossing networks, grey pools and MTFs. | TradingScreen uses both direct exchange link and vendor aggregators to source local and international market date for exchange listed and OTC products. | TradingScreen clients include from Traditional Asset Managers, Alternative Asset Managers, Sell Side oriented Buy Side Clients, Prop Desks, Program Trading Desks, Institutional Brokerage Desks, Independent Asset Managers and Private Banks. | The platform provides access to the broadest algorithmic trading offering covering global equities, futures, options and FX. The vast majority of broker algorithms offer “Custom” algorithm flexible enough to support user specific trading strategies. | TradingScreen strives to constantly improve the range and quality of its products. Please check www.tradingscreen.com for product updates and news |
