Trading and back office systems vendor GL TRADE says its Tradix OTC derivatives platform is selling well, following expansion of its instrument coverage and better connectivity between its front and back office applications.
Nomura Holdings has completed the acquisition of agency brokerage Instinet for a final price of US$1.2 billion. Nomura says it is looking to Instinet to help it develop the algorithmic and other sophisticated trading technologies and execution services demanded by hedge funds in particular, but increasingly by institutional fund managers as well.
BIDS Trading (Block Interest Discovery Service), the newly formed alternative trading system (ATS) designed to increase competition and liquidity in the U.S. equity block trading market, has named industry veteran Richard Levin as general counsel, chief compliance officer and secretary to the board of directors.
INDATA, a provider of software solutions for buy-side firms, yesterday announced that Horizon Investment Services has selected its investment management system (IMS) for trade order management, portfolio accounting and performance measurement for its front-to-back office needs.
Revelus, a business of i-flex solutions and a provider of analytical applications for the financial services industry, yesterday announced the availability of the Revelus Governance, Risk and Compliance (GRC) framework, a solution for implementing a governance structure, managing enterprise risk, and enabling regulatory compliance.
Euronext, the European stock exchange group planning a merger with the New York Stock Exchange (NYSE), says it is introducing a best execution algorithm, real-time dissemination of off-order book trades and new transaction reporting services as part of preparations for the implementation of the Markets in Financial Instruments Directive (MiFID) in November 2007.
Instinet says that ULLINK is now offering connectivity to Chi-X, its European equity alternative trading system (ATS), or multi-lateral trading facility (MTF) as it will be known once MiFID goes into effect in November.
"Dark pools of liquidity are literally everywhere," says senior research analyst Jeromee Johnson, co-author of a just-released TABB Group research note, "Groping in the Dark: Navigating Crossing Networks and Other Dark Pools of Liquidity."
The UK-based financial data provider Perfect Information (PI), which is owned by Centaur Media, has appointed DPC DATA to support its customers in the United States. DPC DATA Inc. is a provider of data-related outsourced services, and a publisher of municipal securities reference data and disclosure documents.