Two big brokers have chosen UL REACH, a product from trading solutions provider ULLINK, to publish algorithms to their buy-side clients. One is Morgan Stanley. The other is Citi’s alternative execution business in Europe, the Middle East and Africa.
UL REACH allows brokers to automatically certify and publish their algorithms to make them instantly available to buy-side clients on the platform. UL REACH integrates with any order or execution management system via FIX. ULLINK says this means brokers no longer need to adapt to multiple buy-side systems.
The firm adds that buy-side clients also benefit from the system thanks to the rapid availability of new trading strategies, without having to wait for a new software release.
On the buy-side, UL REACH users browse through their broker’s library to enrich their orders with algorithmic parameters. Operations on both the broker and client sides are performed in a graphical environment.
“Our buy-side clients can now instantly use our latest algorithms and benefit from new advanced strategies,” says Eli Lederman, managing director and head of electronic trading services at Morgan Stanley, about UL REACH. “UL REACH is empowering technology for our clients, who want their OMS to be a window onto the full functionality of their brokers. With UL REACH, they get that. This positions us well to provide the best possible services even as market structures change rapidly and new algorithms evolve in kind.”
UL REACH allows brokers to add, update or delete algorithms and parameters dynamically. ULLINK says the solution also adapts to existing trading environments. Buy-side users connect to the service through their existing connection to the broker, whether it be point to point or through a third-party network.