• Trading Technology

      • ePit, which sells a trading engine that simulates open outcry trading, will receive all of its hardware infrastructure, plus $8 million in financing, from HP. In return, HP will receive a minority equity stake in ePit.
      • In a decision that could heat up the battle for U.S. Treasury futures market share, the Cantor Exchange (CX) last week received permission from the Commodity Futures Trading Commission (CFTC) to perform block trades of its long bond and 10-year note futures products. The CFTC’s approval will enable participants in CX’s market to execute trades of 100 or more contracts—for the designated products—directly between each other, providing institutional investment managers with increased power and leverage to work their orders.
      • Dresdner RCM Gestion, the French division of Dresdner RCM Global Investors, has just completed installing the core portfolio management component of Décalog’s IDÉE, and is beginning installation of the application suite’s various modules, including IDÉE Trader, IDÉE Compliance and IDÉE Performance. The firm, which spent over 10 months of 1999 installing IDÉE’s core functionality, is beginning to port its client portfolios from the proprietary system that is being replaced.
      • W-Trade, known for enabling brokers and their clients with wireless trading, has extended its wireless application suite to include w-401k, a portfolio management and trading application suited for investors and fund managers. The product, released with a host of others last week, can also be set up to deliver alerts on position changes dependent on predefined rules.
      • Targeting institutional investors who trade foreign exchange (FX) instruments, Credit Suisse First Boston (CSFB) has rolled out a FX module of PrimeTrade—it’s Java-enabled front-end workstation application. Separately, CSFB has developed a PrimeTrade interface to the Austrian derivatives exchange, and is evaluating whether it should expand the front - end to cover options and emerging markets.
      • Heartline Investment Corp., a Chicago-based portfolio manager, has just installed Moxy, Advent Software’s trading and modeling system. As a longtime user of Advent’s portfolio accounting system, Axys, and its reconciliation module, Rex, Heartline did not consider any other trading systems. The firm is a low turnover shop, says Tim Greive, portfolio manager, and after speaking with other Moxy users, he decided the system was functional enough to meet the firm’s needs.
      • Cognizant of the threat posed by the growing number of all-electronic electricity systems, the New York Mercantile Exchange (NYMEX) is leaning toward forming a joint venture with a yet-to-be-selected technology partner. The exchange—which wants to stem the tide of competition by quickly catapulting itself into the over-the-counter (OTC) electronic communications network (ECN) energy market—is also considering its buy and build options.
      • Deutsche Asset Management, the institutional and fund management division created by Deutsche Bank’s acquisition of Bankers Trust, is actively searching for a trade-order management system that is particularly strong in equities. Interestingly, Deutsche is in the process of installing Thomson Financial Software Solutions’ OpenTrader OMS, a system it picked up back in June for its fixed-income capabilities.
      • New York-based inter-dealer broker GFI Group has launched a new electronic trading platform for the professional trading community. GFInet is currently in use at GFI Group’s international equity business and is in the process of being installed at 15 client sites.
      • The New York Mercantile Exchange (NYMEX) is evaluating whether it should purchase a stake in BrentBroker.com, a soon-to-be-launched over-the-counter electronic communications network (ECN) covering the energy market. BrentBroker, which is tentatively scheduled to launch in mid-February, has already sent the NYMEX one proposal that calls for the exchange to snag a majority ownership position in the ECN.
      • NASD market makers, fueled by regulatory revisions, are expected to gain ground on NYSE specialists in the listed stock trading business. It is uncertain, however, whether the rule changes will also open the door to listed order flow for ECNS.

Thought Leaders

    404 Not Found

    Not Found

    The requested URL /at/disqus/get_authors.php was not found on this server.