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Tuesday, February 28, 2012 1:04:12 PM

Partnership offers enhanced NYSE execution services

Institutional investors can achieve more effective access to liquidity on the floor of the New York Stock Exchange (NYSE) thanks to a partnership unveiled earlier this month between trading systems vendor Portware and Cuttone & Co, an agency brokerage steeped in floor broking tradition.

Buy-side users of Portware’s multi-asset trading solutions can now participate in the NYSE parity allocation model via integrated access to Cuttone’s floor broker services.

The arrangement also offers Portware clients greater flexibility and execution opportunities throughout the trading day, in particular leading up to and including the closing transaction via NYSE Discretionary Quote (dQuote).

Orders executed under the NYSE parity allocation model are shared equally among floor brokers, designated market makers and the DOT limit order book. By routing limit orders via Portware to Cuttone’s designated strategies, institutions that would otherwise be restricted to the DOT limit order book have the opportunity to achieve enhanced participation in NYSE limit order executions, thus improving overall performance.

In addition, Portware’s integrated access to Cuttone’s managed solutions – including handheld devices on the floor of the exchange – gives the buy-side trader greater control over execution at key times of the trading day, such as the closing auction. Recent enhancements to NYSE broker technology enable Cuttone to accept large numbers of orders electronically and efficiently manage and represent them in the market.

“Cuttone & Co is a valuable addition to the 450 plus global destinations available via Portware, giving traders new and more efficient ways to access NYSE liquidity,” said Eric Goldberg, CEO, Portware.

Keith Bliss, director, sales and marketing, Cuttone & Co., said, “We believe that the NYSE parity allocation model combined with execution capabilities provided by floor brokers will greatly augment any firm’s overall execution strategy.”

The New York Stock Exchange operates a unique hybrid trading model that allows interaction between traditional floor trading and an electronic order book.

Portware Enterprise, is a customisable trade management and execution system for single stock, portfolio, basket, automated and algorithmic trading, has been implemented at more than 130 buy- and sell-side firms worldwide.

Cuttone & Co. offers agency-only, equity and option brokerage services to institutional investors, hedge funds, professional money managers, and other broker-dealers from New York, Florida and South Carolina.

Chris Hall +44 (0)20 7397 3819 chris.hall@thetrade.ltd.uk