Electronic Trading Newsflashes: Eze Castle Launches Algorithmic Trading Framework, and more
Eze Castle Launches Algorithmic Trading Framework
Eze Castle Software announced the release of its new Algorithmic Trading Framework allowing buy-side users of its Traders Console order management system (OMS) to trade electronically with sell-side algorithmic tools.
Initial brokers that have signed on to the Eze Castle Software Algorithmic Trading Framework and will be integrating their algorithmic tools with Traders Console OMS include CSFB's Advanced Execution Services (AES), Goldman Sachs Trading (GSAT), ITG, Electronic Specialist LLC (ESP) and Susquehanna Financial Group, LLLP.
In a separate release, ESP said Eze Castle had completed the integration of its OMS with ESP's Global DMA and Electronic Algorithm Routing Network (EARN). ESP's EARN Portal and Global DMA network offers buy-side clients centralized access to more than 50 exchanges, electronic communications networks, algorithmic strategies and crossing networks from sell-side providers.
ESC says it developed the Algorithmic Trading Framework to meet the buy-side client demand for integrated algorithmic trading tools within the trader's desktop. The traders will have control over the parameters offered by the sell side in their work space. A key feature of the Algorithmic Trading Framework is pre-configured Quick Send Profiles, which traders can use to define complex routing instructions with a single one-click button.
Nasdaq Announces Free Routing of Exchange-Listed Stocks to NYSE via Brut Router
On Monday, the Nasdaq Stock Market said it plans to offer free, anonymous routing of exchange-listed securities to Nasdaq customers via the NYSE's designated order turnaround (DOT) service.
Nasdaq is routing the trades via its Brut order router, which it acquired from its acquisition of Brut ECN from SunGard last year. Effective Monday, Brut became a member of the NYSE, enabling Nasdaq customers direct connectivity to the NYSE floor and the ability to trade NYSE-listed stocks with seamless electronic communication.
According to Nasdaq, the new service allows Nasdaq customers to provide liquidity, remove liquidity and route orders free of charge using Nasdaq.
Brian Hyndman, senior vice president, Nasdaq Transaction Services, stated in the release, "With our new service for trading exchange-listed stocks, we are enabling customers to trade NYSE-listed securities in a Nasdaq environment, while maintaining their anonymity through Brut's electronic access."
Pending SEC approval, the service will launch in April.
Westcom Acquires Global Crossing's Trader Voice Business
WestCom Corporation has acquired Global Crossing's Trader Voice business, including all the assets and hardware, the company announced on Tuesday.
In addition to the sale, Global Crossing, which owns a global data network, has a wholesale services agreement to provide bandwidth and colocation services to Westcom.
Under terms of the agreement, Global Crossing will received $25 million in cash for the Trader Voice business, including a three-year, $0.7 million prepayment for certain services under the wholesale services agreement.
The Trader Voice product offering includes manual ringdown, automatic ringdown and hoot 'n holler circuits among other solutions and services.
The acquisition of Global Crossing's Trader Voice business, combined with the previous acquisition of Radianz's Trader Voice network in 2004, increases WestCom's position in the industry.
WestCom's Trader Voice Exchange Network, which already has over 1,000 on-net locations, will grow to include an additional 500 customer end points.
The acquisition is expected to close in the second quarter, pending remaining regulatory approvals.
Cameron Systems Opens Shanghai Office
Cameron Systems opened an office in Shanghai China in response to the growing adoption of the Financial Information Exchange (FIX) protocol within the region, as well as the increased demand for the CameronFIX Universal Server FIX Engine.
With the Shanghai office scheduled to open in the second quarter of 2005, Cameron Systems has recruited senior staff that will provide locally skilled CameronFIX development and support for the Greater China financial community, primarily Shanghai, Hong Kong and Beijing.
Noting that China has rapidly emerged as potentially one of the largest equities and commodities markets within the international trading community, Cameron predicts that China is likely to eclipse the current uptake rate of the FIX protocol in Europe.