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.
Amit Chatterjee, managing director and CIO of Weeden, told theTRADEnews.com that the upgrade was necessary due to an increase in trading volumes. “Weeden & Co’s trade volume was exponentially increasing due to program and algorithmic trading,” he said. “We needed a middle office OMS system architecture that could handle trade volumes far in excess of what we had historically done without the burden of adding excessive hardware.”
FlexOMS is comprised of three main components: order management, market making and streamlined reporting.
According to FlexTrade, the new OMS will allow Weeden to combine and streamline the trading process between buy-side clients and execution venues, allowing the firm to manage risk and optimise trading workflow with performance and cost improvement.
“Weeden’s strategy is to service our institutional customers in the traditional high touch space while at the same time building an algorithmic offering,” commented Chatterjee. “The algorithmic offering, specifically our dark pool aggregator ONEPIPE, generates high trade volumes and we are now in a position to handle that volume seamlessly.”