GL Trade's new Reg NMS service
According to Franck Lambert, head of strategic marketing projects, front-to-back solutions with GL Trade, additions to the ASP-based GL Stream trading platform include support for multi-leg direct market access (DMA) orders allowing users to model each leg of a trade in DMA, archive it and re-model it during the life of each leg. This functionality became available at the end of last month (April).
Lambert explains that GL Trade has two Reg NMS-related tools in the pipeline – the first iterations of the firm's Trade Checker and Destination Checker applications. Compliance Checker takes every filled order and goes back to the time of the trade and pulls up the top-of-book price at each market venue in order to demonstrate best execution under Reg NMS, says Michael Richards, senior project manager at GL Trade.
Destination Checker measures the price and speed of individual trades from a point outside a brokerage's system to the market and back again in milliseconds, he says. "These two products will be packaged together," adds Richards.
Market making
GL Stream will also offer new Nasdaq market-making capabilities in equities. The new support is based on the vendor's existing GL Market Maker platform for other markets, explains Richards. "We based it on our London offering, which was the best fit for the US market," he says. Other OMS features include a new ergonomically designed GUI. The vendor also expects to release the second generation of its EMS platform, which will offer more features than its current GL Winway EMS offering, originally designed for 'softing' arrangements between prime brokers and their clients for DMA tools. "It, however, doesn't offer features such as list management," says Hugues Debroubaix, GL Trade's director of connectivity trading solutions for the buy side.
The new platform, released in mid-April, offers support for trading lists as well as sub-lists, or children orders, Debroubaix explains. In addition, traders can view transaction cost research (TCR) from every screen in the system so that they can determine the market impact of their orders, he says.
Other features include GL XLS, a Microsoft Excel plug-in that allows traders to drag and drop data from spreadsheets directly into the system, and a template editor, "because no asset manager ever sends the same spreadsheet," says Debroubaix. >
Rob Daly
Bottom line:
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