According to a recent survey conducted by Financial Insights, an IDC company, and sponsored by Bank of America, algorithmic trading has become a standard practice within the securities industry with 72% of investment managers responding that they use algorithms, up from 67% in 2005.
FlexTrade Systems, a provider of multi-asset algorithmic execution management systems, yesterday announced that its clients now have direct access to NYSE Arca Options through FlexOPT, its algorithmic options trading and risk management solution that enables users to minimise market impact, transaction costs, and risk exposure.
LatentZero, a provider of front-office systems for the buy-side, yesterday announced the launch of an integrated order management and execution management system. Capstone Minerva, the company's OMS, now has an integrated EMS trading module designed for asset managers. The new system means that buy-side traders no longer need to stage orders to third-party EMSs, manage orders in two or more separate systems, or be hampered by inefficient, error-prone workflow, the firm says.
royalblue, provider of Fidessa, yesterday announced that Goldman Sachs has selected Fidessa as an additional distribution platform for buy-side listed derivatives flow. Fidessa's global connectivity network provides a highly resilient solution for routing buy-side order flow to broker destinations. Through Fidessa's network, users will now have the capability to route listed derivatives, cash equities and algorithmic orders, across 60 exchanges and 23 countries, to Goldman Sachs.
The derivatives exchange Eurex will be launching derivatives on Russian underlyings denominated in US dollars as of 23 April 2007, the firm has announced. This will enable investors to trade emerging markets derivatives on the Eurex platform for the first time. The derivatives will be traded in US dollars, another first at Eurex.
Hedge fund advisors Hennessee Group say that the Hennessee Hedge Fund Index advanced +1.48% in January, while the S&P 500 advanced +1.41%, the Dow Jones Industrial Average rose +1.27%, and the NASDAQ Composite Index climbed +2.01%. Bonds were again the laggard in January, as the Lehman Brothers Intermediate Government Corporate Bond Index advanced +0.04%.
Credit Suisse has appointed former Goldman Sachs partner Michael Ryan as its new head of securities for the investment banking division.
According to the Swiss bank, Ryan will take up the position in the middle of this year.
The Chicago Stock Exchange (CHX) says it has completed the migration of trading in all securities to a new system that supports fully automated trading of all National Market System (NMS) securities with immediate display, execution and cancellation of orders required by Regulation NMS.