Wave Labs has integrated data from buy-side data pooling network Glimpse Markets into its eLiSA credit trading system ahead of its roll out, due to take place this year.
The two-way integration will mean that users of the eLiSA (Electronic Liquidity Seeking Application) will be able to leverage Glimpse’s European buy-side contributed trades data while also contributing to the network themselves.
“This piece of work allows buy-side clients to seamlessly contribute their trades to Glimpse, allowing them to participate on our data sharing network without the need for any technical integration work,” Paul O’Brien, founder and chief executive of Glimpse, told The TRADE.
“Furthermore, integration with eLiSA means clients can leverage the full value of the Glimpse dataset within their execution workflow.”
The system credit execution management system (EMS) uses cloud-based APIs to route orders and execute trades and is the brainchild of former Nordea Asset Management head of trading, Miles Kumaresan, who launched Wave Labs in 2018.
It is connected to major execution systems that cover all areas of fixed income trading and Wave Labs confirmed in May last year that it had added three new liquidity providers, Bloomberg, UBS BondPort and MTS, to its roster.
It later completed a controlled trading exercise in June, which saw Paris-based Groupama Asset Management execute the first bond trade with Bank of America Merrill Lynch and Morgan Stanley.
“We are pleased to share that the version of eLiSA scheduled for roll out to pilot clients in Q2 and Q3 2022 will have Glimpse data integrated into its liquidity centric workflow. eLiSA is also able to create the daily data files contributed by the buy side to Glimpse for sharing,” said Kumaresan.
Watch The TRADE’s deep dive into fixed income execution management systems and their evolution including insights from Kumaresan on the launch of eLiSA here.
The first pilot due to be rolled out in the second quarter will be available to clients only, while a second pilot expected in the third quarter will see it rolled out to the wider market.