IndexIQ selects ConvergEx OMS
Alternative investment firm IndexIQ has gone live on the Eze Order Management System (OMS), from trading technology provider and agency broker ConvergEx Group, which has also signed an agreement to be an authorised participant for IndexIQ's suite of exchange traded funds (ETFs).
Based in New York, IndexIQ offers products that replicate hedge fund strategies using ETFs.
IndexIQ will use Eze OMS's portfolio management and modelling capabilities to rebalance ETFs against Standard & Poor's market indices on a daily basis and against internally generated indices on a monthly basis. IndexIQ also uses the Eze OMS to manage real-time cash inflows and redemptions.
As part of these arrangements, ConvergEx's ETF trading desk can now offer IndexIQ clients pricing of their ETF products on a net asset value basis. “Utilising our proprietary ETF pricing model and dedicated ETF trading professionals, ConvergEx will be able to provide liquidity and cost transparency for IndexIQ's alternative ETFs,” said Thomas Smykowski, managing director and head of ConvergEx's global portfolio and ETF desk.
Batterymarch opts for FlexTrade EMS
Quantitative investment firm Batterymarch Financial Management has selected FlexTRADER, the execution management system (EMS) provided by trading software provider FlexTrade Systems.
FlexTRADER is a customisable EMS with pre-defined algorithmic trading strategies and tactics for portfolio and single-stock trading across multiple asset classes.
The platform provides real-time and post-trade analytics as well as risk and cost optimised portfolio trade scheduling, integrations with major order management systems. It also offers smart order routing, a dark pool router, a complex event-processing engine alongside the ability to manage commissions and indications of interest.
BATS offers latency feed
Trading platform operator BATS Global Markets (BATS) has launched the BATS Multicast Latency Feed, to provide members of the BATS BZX and BATS BYX exchanges with latency statistics and monitoring matching engine unit level performance statistics, including order-to-quote latency. The feed uses a low-latency, low-bandwidth multicast format, for optimal performance.
The BATS Multicast Latency Feed is free to members of the BATS Exchanges until 1 October 2011, after which point pricing will be introduced. The pricing is yet to be determined and will be subject to regulatory approval. BATS plans to make the feed available to its European and US options customers later this year.
BATS recently also set out its operational timetable for its takeover of pan-European multilateral trading facility Chi-X Europe earlier this month. The transaction is expected to close during the second quarter of 2011.
Interactive data adds Middle East exchanges to PlusFeed
Market data provider Interactive Data is now providing real-time pricing data from several new Middle East feeds via PlusFeed, its low-latency consolidated data feed.
The new additions include Abu Dhabi Securities Exchange, Bahrain Stock Exchange, Dubai Financial Market, Kuwait Stock Exchange, Muscat Securities Market, Nasdaq Dubai, Qatar Exchange and the Saudi Stock Exchange.
Interactive Data's PlusFeed is a high-capacity, low-latency data feed that is designed to deliver global, multi-asset class instrument coverage from more than 450 sources worldwide, including over 125 exchanges, with extensive level 2 data. PlusFeed is also available on the Interactive Data 7ticks managed trading network.
Electronic trading pioneer starts Ogg Trading
David Ogg, founder and former CEO of both multibank foreign exchange marketplace Hotspot FX and FX trading system LavaFX, has launched Ogg Trading, a provider of execution solutions to the global financial services community. The firm's first offering is planned for launch in H2 2011.
Ogg brings over 25 years of FX and capital markets experience to his latest venture. He was a pioneer of anonymous FX trading through the prime brokerage community while at Hotspot FX, deployed an FX electronic communications network (ECN) to the buy-side institutional community, and introduced execution algorithms to the FX ECN market. Ogg has managed FX trading rooms at Credit Suisse, HSBC Lehman Brothers and Dresdner Kleinwort.
Joining Ogg as chief operating officer and head of sales is Michael Kahn, a 25-year veteran of the FX and capital markets industry. Kahn has worked at brokers including State Street Global Markets, Lehman Brothers and Credit Suisse.
Ogg Trading has already established a strategic partnership with Pragma Securities, a provider of quantitative and algorithmic trading tools.