News

Weeden & Co, a US institutional broker, has replaced its Sungard BRASS order management system (OMS) with FlexOMS, a new sell-side OMS from trading systems provider FlexTrade.

Bloomberg Tradebook, an agency broker, has released a new execution algorithm for US equity traders that it claims tries to predict and respond to market movements like a trader.

The New York Stock Exchange (NYSE) has started introducing execution algorithms for its floor brokers, which they will be able to access from their hand-held order management devices.

Global hedge fund Lionhart Investments is considering adding a trading function to its new Middle East office, according to Greg Froese, Lionhart’s investor relations manager.

Some brokers lack the technological capability and the desire to link their dark pools, according to Rob Maher, head of Advanced Execution Services (AES) sales in Europe, Credit Suisse.

Cuttone & Company, an institutional broker, has appointed Bret Goldin as senior vice president and director of sales for prime brokerage services and electronic trading.

Investment bank Credit Suisse and agency brokerage Instinet Europe have agreed to allow mutual access to each other’s dark pools.

Electronic trading systems provider Tora Trading Services has connected its TORA Trading Platform to agency broker Instinet’s Asian algorithms and its three crossing networks in the region – JapanCrossing, CBX Japan and KoreaCross.

Although exchanges will have to change their competitive mind-set to hold on to liquidity, Lee Hodgkinson, CEO, SWX Europe, feels that the demise of the exchange has been greatly exaggerated. As long as exchanges embrace the changing landscape and do not fear it, Hodgkinson believes they will be in a good position to compete with MTFs.

There is a growing desire for trading off-exchange among buy-side traders in Asia’s key markets, according to Cameron Field, managing director, Asia Pacific, at trading technology firm Charles River Development.