Pipeline Trading Systems, a market operator and agency broker, has hired Hans Heidle to lead the firm's transaction cost analysis (TCA) programme in the US.
Heidle, who will be based in Pipeline's Alpha Science division in New York, joins as director of execution management consulting. His previous role was at agency broker ITG, where he held the role of vice president of research in its financial engineering group. At ITG, he was co-inventor of the company's ACE post-trade TCA tool, and developed several other of its pre- and post-trade transaction cost models.
At Pipeline, Heidle will work directly with clients to help them increase alpha capture and improve execution quality using Pipeline's Alpha Pro system. Alpha Pro is a predictive tool that analyses incoming orders in light of current market conditions and historical patterns. It identifies the factors most likely to predict impact-free price movement and recommend a trading strategy to maximise alpha capture and minimise adverse selection. Alpha Pro clients experienced an average shortfall of about 15 basis points per share against an expected cost of about 31bps per share between January and April 2011, according to analysis from data provider Bloomberg.
“We're very pleased to have Hans join our research team at Pipeline,” said Fred Federspiel, CEO, Pipeline. “As we work to customise Alpha Pro for clients, Hans will play a central role in helping optimise performance for our clients' unique goals. Alpha Pro has been adopted more rapidly than any other product we've ever launched, because it offers unique, tailored opportunities to increase alpha capture.
We are excited to have Hans help our customers gain the full benefit of these opportunities.”
“I'm extremely pleased to be a part of the Pipeline team,” said Heidle. “Pipeline's Alpha Pro provides traders a complete customised trading solution to optimise alpha capture and I am thrilled to help Pipeline's customers take full advantage of it.”