Instinet completes Newport 3.13 rollout
Agency broker and electronic trading provider Instinet has finished the global rollout of the latest version of its execution management system (EMS) Newport.
Newport is a global, multi-asset, broker-neutral system which serves as the primary gateway to the Instinet’s electronic trading tools.
Key enhancements to Newport 3.13 included exchange-traded futures calendar spreads for rolling expiring futures positions into new contracts with future expiry without incurring legging risk. The new EMS also provides for direct access to Instinet’s new Spread Smart Order Router and Smart Legging Algorithm. Enhancements to the workflow for options spread trading lets traders trade directly from the watch list – quote, monitor and trade previously-saved “synthetic” spreads – and trade each leg of a spread independently.
“Multi-asset trading continues to be a strategic focus for Instinet. Every facet of our business – from sales trading and liquidity sourcing to aggregation and commission management – now addresses derivatives,” said Erin Sheehan, product strategist for Newport. “We’re committed to maintaining this focus and bringing the best possible multi-asset trading enhancements to Newport going forward.”
Fidessa hires derivatives heavyweight and trader trainer
Trading technology provider Fidessa has increased its presence in derivatives markets and beefed up its support service with the appointments of Yuriy Shterk as senior product manager and Michael Wilkins as trader support specialist.
Shterk will assist with the design and implementation of new products and services for Fidessa’s local and global customers, while Wilkins will offer training and assistance on Fidessa’s futures and options platform. Shterk comes from market data and order routing provider CQG, where he was vice president of product strategy, and Wilkins was previously a pre-sales executive for SunGard Global Trading and a training manager at Orc Software.
ESMA added to Progress Apama
Progress Software’s Apama Market Surveillance and Monitoring solution now has the capabilities to support the latest European Supervisory Markets Authority (ESMA) guidelines.
The new release has specific support for the European regulatory requirements, as well as existing capabilities for monitoring algorithmic trading, order/trade ratios, best-execution compliance, and anti-money laundering.
The solution offers integrated, real-time views of external and internal events and processes, with end-to-end surveillance, monitoring and risk management activities which are required by ESMA, Dodd-Frank, the Securities and Exchange Board of India (SEBI) and other global regulatory bodies.
The solution lets the user meet ESMA-specific requirements such as: monitoring electronic trading platforms in real-time, issuing prioritised alerts for problems with electronic trading systems, automatically blocking or cancelling orders outside pre-set prices or sizes, and blocking unauthorised trades or traders.
Vehicle becomes first ETF to invest direct to hedge fund equity positions
AlphaClone Alternative Alpha ETF has become the first exchange-traded fund (ETF) to invest in disclosed equity positions held by established hedge fund managers.
The new ETF will try to capture alpha from manager long positions while protecting against protracted market downturns through a dynamic hedge mechanism.
The vehicle is available to trade daily on the NYSE.
The ETF is based on the passive, risk-managed AlphaClone Hedge Fund Long/Short Index, derived from the research and hedge fund replication methodology developed by AlphaClone and its founder Mazin Jadallah.
Different from hedge fund beta factor replication, the AlphaClone index directly selects long positions from public disclosures using a proprietary ranking. This methodology measures the efficacy of following managers based on their disclosures over a complete market cycle.
RenCap and GATElab offer HFT for MICEX
Russian market specialist broker Renaissance Capital and independent multi-asset electronic trading systems provider GATElab has gone live on the MICEX Cash Equities Segment using high frequency trading software.
The GATElab HFTS module lets RenCap clients access sub-130 microseconds one way, including pre-trade risk checks.
Customers can code to FIX for low latency DMA access and can be hosted either at MICEX M1 Official Co-location, Renaissance Capital Proximity Services or their own data centre.
“This product is a breakthrough towards the completion of phase one of our strategy to be the de facto standard in sophisticated prime brokerage and ultra high speed access to Russia’s capital markets,” Damian Bunce CEO, electronic trading group at Renaissance Capital said.