BNY ConvergEx, a US-based agency brokerage and trading technology provider, has launched a new version of its Eze order management system (OMS) and added investment bank Barclays Capital’s US-listed options algorithms to the platform.
Eze OMS users will now have direct access to BarCap’s Work and Pounce and Vol Trader options algorithms, as well as the bank’s smart order router.
Vol Trader enables clients to work orders at an implied volatility level, automatically adjusting trading style as prices and available liquidity change throughout the day. The algo also dynamically hedges with a gamma-adjusted or fixed delta by executing the underlying equity as the option order is filled.
Work and Pounce allows traders to peg an order slice passively or remain completely hidden while waiting for liquidity to become available within the specified discretion range.
BarCap’s smart order router offers access to all seven US options exchanges. Its functionality includes passive posting, sweeping and use of reserve orders to minimise information leakage.
“With this latest addition from Barclays Capital, we now offer direct access to nearly 400 algorithmic strategies from over 45 brokers in a consistent, streamlined interface directly on our clients’ desktops,” said Jeff Gavin, electronic trading product manager for ConvergEx’s Eze Castle Software division, which developed the Eze OMS.
The Eze OMS upgrade includes architectural improvements designed to boost flexibility, scalability, speed and add new functionality across portfolio management, compliance, trading and operations. The new release also expands execution management system (EMS) functionality, improves asset class coverage and enhances regulatory compliance and risk capabilities.
Eze OMS now has enhanced algorithmic and DMA trading through ConvergEx’s EMS blotter, allowing new orders and modifications to hit the market instantly. The upgrade also includes expanded asset class coverage to support algorithms for options, futures and FX, an enhanced interface to improve the transmission of over-the-counter derivatives data and the ability to tailor data and analytics to suit a trader’s needs.
“Since the launch of our service-component architecture, we’ve been able to make dramatic improvements in both architecture and functionality at a rapid rate,” said Tom Gavin, chief executive officer of ConvergEx’s Eze Castle Software. “With this release, we further expanded the depth and speed of our EMS functionality while adding new features throughout the product.”