Italian asset management firm Eurizon Capital, a subsidiary of banking group Intesa Sanpaolo, has implemented a trading solution from software firm Charles River Development across its equity and fixed income trading operations. The firm is also using the Charles River Network for global electronic trading via FIX.
The newly installed platform, Charles River Trader, is a single, consolidated order and execution management platform (OEMS). It has replaced separate order and execution management systems previously used by Eurizon Capital's 20 traders in Milan, including legacy platforms used prior to the merger that created the firm in 2008. Eurizon Capital is also in the process of deploying Charles River Trader to 10 additional portfolio managers and traders in Luxembourg.
“Automating our trading activities with Charles River has greatly improved our efficiency,” said Stefano Marsigli, head of trading, Eurizon Capital. “We've eliminated costly and time-consuming manual input processes, thus reducing risk throughout the trade lifecycle.”
Charles River Trader is a module of the Charles River Investment Management System, a consolidated solution that provides order placement, execution, allocation-specific workflows and trade processing. In particular, the system ensures Eurizon Capital has a complete audit trail for the entire lifecycle of the trade, allowing compliance with the reporting requirements of the Bank of Italy and the Italian Securities and Exchange Commission (CONSOB).
“Developed over the last four years, Charles River's offering is different from that of other vendors in that, rather than consisting of essentially separate EMS and OMS components that have been stitched together, it was fully redesigned to work as a single, consolidated solution,” added Tom Driscoll, managing director, global, Charles River. “This means that the system works on a single screen, rather than the two required by many other competitors.”
Formed following the merger of its parent, Sanpaolo IMI, with Banca Intesa, Eurizon Capital currently has around €169 billion in assets under management.
The Charles River Network provides access to over 600 brokers worldwide, as well as 150 trading venues.