The latest release of the RealTick trading solutions suite has been designed to help traders tackle the fragmented market environment according to vendor Townsend Analytics.
In particular, the interface of the platform has been overhauled so traders can customise it to their trading strategies and styles, and select pre- and post-trade analytics according to their particular needs.
RealTick 10 also unbundles the RealTick platform to enable traders to access its suite of trading and market data solutions using either the revamped RealTick front-end on a customised basis, or using FIX, Microsoft Excel via a new dedicated RealTick add-in, through RealTick's revamped developer application programming interface (API), or any combination of methods.
Stuart Breslow, RealTick's CEO, said that for fragmented markets the new LiquidityScope tool can direct and analyse order performance during execution and then send orders to more liquid venues. “The challenge faced by the buy-side equities trader today, particularly in Europe, is that of chasing liquidity, in the face of significant fragmentation,” he says.
When a trade is being set up using RealTick 10, Breslow explains, portions of it can be placed at a variety of execution venues. LiquidityScope will measure where the executions are taking place and how frequently. The trader can set up parameters so if one of the destinations is more liquid, according to the limits defined by the trader, the system can pull back orders and bounce them to more active venues.
Further trader control is delivered to execute a variety of complex order types, including bracketed orders, and spreads and pairs trading using a new dedicated pairs trading module. These are set by traders with the ability to organise trading and establish defined conditions on execution. Additionally, equity option traders and risk managers can now analyse and automatically manage their risk exposure using an included option risk management module.
For post-trade evaluation RealTick 10 allows traders to filter, analyse and adjust orders across asset classes and multiple benchmarks; single stock and portfolio trade performance measurement are included.
In addition, RealTick Mobile allows traders to stay in touch wherever they are, offering a trading experience usable on any smartphone device. Traders can use this monitor outstanding orders, position updates, and profit and loss in real time.
These capabilities are supported by pre-trade risk management monitoring and controls which have become essential in the US following the ban on ”naked access'. In addition to determining a risk hierarchy for market and position based management and control, traders are provided with suitability analysis, exposure alerts, order entry permission and restrictions, and ”fat finger' checks.
“Townsend Analytics, the developer of RealTick, built the US Archipelago stock exchange and RealTick was the de facto front-end used to trade with it. As we have provided market access from such an early stage we have always had pre-trade risk management.” said Breslow.
RealTick risk management tools and global multi-asset order routing network have been refined over the years, and are now available via FIX, the RealTick API or the RealTick front-end.