Andy Mahoney, Alex Harman

The new offering is the first of its kind and designed to enhance buy-side visibility of algo orders throughout the trading day, building on existing capabilities in this sphere delivered via FIX connectivity.

The service will give clients access to proprietary data on Goldman algos directly via EMS.

“When a client sends an order to a GS algo, we are providing proprietary real-time data points back to the client’s EMS, giving them greater transparency and control of their orders,” Alex Harman, managing director, head of EMEA electronic and program trading at Goldman Sachs, tells The TRADE.

“[There are] Questions that clients ask brokers across the street throughout the day, including ‘how many shares is the algo holding for the close’, ‘am I expecting a residual’, and ‘is my dark ‘I would’ completed’ – we’re now providing that data to clients directly into their EMS.”

The service is now live on FlexTrade’s EMS and is set to be expanded to other EMS’ throughout the second quarter. It will initially offer clients data across 15 metrics with plans to expand this further in the future.

“Clients either want the data to automate routing or simply to make better decisions more efficiently,” added Harman. “Having the information at their fingertips means they have more control, more information and a better experience.”

The go live is designed to improve visibility for buy-side clients and build on existing order status update offerings that are provided via FIX connectivity. The TRADE understands that there are three banks that offer this via FIX but broadly it is not offered across all electronic providers.

“Under the current workflow without any order status update, essentially once you send the order, you’re blind apart from when the executions come back,” Andy Mahoney, managing director at FlexTrade, tells The TRADE.

“The issue that EMSs, providers and brokers have found is that the delivering OSUs over FIX has certain caveats. You can’t deliver data too frequently because FIX isn’t suitable for that.”

“There are a lot of overheads in terms of protocol recovery. When you recover a FIX session, you’re recovering all the messages, including stuff that is no longer relevant. It’s essentially transient data in the form of OSUs. It also precludes you delivering any additional or interesting content. It’s very rigidly formatted.”

Mahoney confirms that the new API offering will give clients greater flexibility which can then be fed into execution decisions.

“From an EMS perspective, digesting that order status update information allows you to make automated decisions on the back of it,” he explains. “For example, if there is going to be an expected residual at the end of the order, you may want to increase your participation or change the strategy automatically.”

Goldman Sachs and FlexTrade confirmed that there is scope to add further metrics in the future and customise where necessary depending on the client. As the service is offered via API, Mahoney explains customisability is simpler and avoids a time consuming build out process.

“If you were doing this over FIX, then if Goldman wanted to send an additional tag, it would require certification, upgrades and a long process to make sure we don’t compromise the fundamental trading architecture,” he says.

“Now, given that this is a completely separate pipe, we can add new fields, remove fields, move things around, are and add additional content very easily.”

The post Goldman Sachs and FlexTrade enhance algo offering with API order status updates appeared first on The TRADE.

Uday Chebrolu, FlexTrade

LoopFX is a liquidity venue which offers dark mid-point matching for asset managers and banks, specialising in large trades in excess of $10 million. 

Meanwhile, FlexTrade’s FlexFX solution can be deployed as a standalone solution or as a fully integrated component within FlexTrade’s multi-asset execution management system, FlexTRADER EMS.  

“The FX space is continually evolving, with innovative new solutions emerging that can positively impact trading efficiency and performance,” said Uday Chebrolu, head of FX and digital assets at FlexTrade Systems.  

“Integrating LoopFX into our platform gives our clients using FlexFX access to liquidity for large FX trades, enabling them to optimise their execution process while minimising market impact.” 

The new initiative from the two firms will enable mutual clients to access LoopFX’s matching functionality within their existing workflows in FlexFX.  

In addition, asset managers are able to send orders directly from the FlexFX order blotter to LoopFX, with no development work or changes to their workflows.  

The data available within FlexFX can also add value through sending trading performance data to FlexTrade’s transaction cost analysis tool, FlexTCA, to perform analysis to optimise execution quality.  

The business added that it plans to expand the integration further, combining FlexFX’s automation capabilities with LoopFX.  

“FlexTrade continues to show a client-first approach by providing its growing client base with direct access to LoopFX functionality within its existing workflows,” said Blair Hawthorne, founder and chief executive of LoopFX. 

The post FlexTrade and LoopFX integration set to optimise FX trading capabilities appeared first on The TRADE.

Dan Enstedt

Stockholm-based Alecta – with $110 billion in assets under management – stated that it decided to replace its existing EMS solution to support the efficient growth of its equities and derivatives trading activities.  

Alecta added that its requirements for the new solution included the ability to trade cross-asset, offer innovative new functionality, and connect to Alecta’s existing order management tool, Order Manager.  

“We’re seeing increased activity in the Nordic region, with Alecta being the latest client to be live using FlexTRADER. OEMS connectivity is driving discussions – unless considered and architected correctly, it can create inconsistencies, from matching security identifiers to the broader data collection between solutions,” Dan Enstedt, VP, business development, EMEA  at FlexTrade Systems, told The TRADE.  

FlexTrade’s partnerships with OMS providers like BlackRock Aladdin and SimCorp can make projects exponentially smoother and offer a collaborative approach that delivers value to the client.”   

Read more: JonesTrading deploys FlexTrade Systems’ FlexOMS to power its sell-side trading desks 

Following the implementation of FlexTRADER EMS, Alecta’s trading team will have access to an equities and derivatives trading platform that will handle the execution of both asset classes from a single order blotter. Alecta has also deployed functionality created by FlexTrade’s client services team.   

Elsewhere, FlexTRADER EMS has enabled Alecta to integrate sources of pre-trade data, such as Kepler Cheuvreux’s KCx’s API Analytics suite, directly into the FlexTrade order blotter to bolster trading decision-making.  

“We’re delighted to have deployed FlexTRADER EMS as our new execution management system for our trading desk. Our requirements were two-fold. We wanted to deploy a sophisticated solution that could help us optimise pre-trade decision-making and efficiently meet our best-execution obligations on the desk,” said Göran Wall, trader at Alecta. 

“We also wanted to work with a vendor who could collaborate with and seamlessly integrate their solution into our existing OMS provider, SimCorp. We have achieved this, on both criteria, with our decision to select FlexTRADER EMS.” 

The post FlexTRADER EMS selected by Alecta to optimise cross-asset trading and execution appeared first on The TRADE.

Andy Mahoney

Specifically, T.Rowe Price is live on Propellant’s Digital’s fixed income transparency data offering via FlexTrade’s fixed income EMS, FlexFI. 

Speaking to The TRADE,  Andy Mahoney, managing director, EMEA, FlexTrade, asserted that the firm has seen the adoption of EMS solutions on fixed income trading desks continue to grow this year, with expectations for this to accelerate further into 2025.

He adds: “The drive for this deployment is twofold. Firstly, the continued electronification in fixed income and the need to handle increasingly sophisticated data sets have seen desks needing technology to handle their bond trading activities efficiently.

“Outside of this, we also see broader-scale transformation initiatives to rationalise and streamline multiple asset class-specific EMS solutions to a single, scalable platform to provide a common set of cross-asset tools, processes, and automation logic across equities, fixed-income, FX, and derivatives trading.” 

Propellant Digital’s solution is used by both global and regional banks, as well as asset managers, quant hedge funds, trading venues, regulators, and industry associations.

Through the availability of Propellant’s insights alongside other internal and external data sources within a single interface, FlexFI users benefit from enhanced processes “without leaving the context of their fixed-income trading blotter,” said the firms.

Specifically, T. Rowe Price’s fixed income trading teams can now view a comprehensive dataset within the FlexFI Order Blotter, which includes real-time market activity, historical trade prices, and aggregated trade volumes.  

Vincent Grandjean, chief executive of Propellant Digital, tells The TRADE: “Integrating our pre-trade analytics into FlexFI EMS allows their team to access a full market view without leaving the order blotter. In addition, our technology can support them in both TCA and research efforts. Our solution is well-placed to help firms like T. Rowe Price stay ahead in their data journey.”

The post T.Rowe Price live on Propellant’s Digital’s fixed income transparency data offering via FlexTrade appeared first on The TRADE.

Through the integration, FlexTrade’s clients will be provided with direct access to the digital assets liquidity pool via FlexTRADER EMS and FlexONE OEMS.

The integration will also provide connectivity, consolidated depth of book and order placement within FlexTRADER and FlexONE.

“At Coinbase, we empower clients to execute complex digital asset trading strategies by offering access to some of the most liquid trading venues globally,” said Brian Foster, global head of wholesale at Coinbase.

“We are excited to make this available to FlexTrade clients through the OEMS.”   

FlexTrade’s multi-asset E/OMS offers institutional grade trading, compliance and analytics to the full order lifecycle of digital assets and cryptocurrencies.

FlexTrade stated that this integration is a continued step in the development of the firm’s digital asset offering.

Read more: In conversation with… FlexTrade’s Andy Mahoney

“This integration brings deep liquidity to FlexTrade’s digital asset clients including access to Coinbase’s execution algorithms,” said Uday Chebrolu, senior vice president of FX and digital assets at FlexTrade.

“This step marks our continued commitment to building a digital asset O/EMS addressing the needs of our multi-asset institutional clients across global markets.”   

The post FlexTrade expands access to digital asset liquidity through Coinbase Prime integration appeared first on The TRADE.

Athina Trika

Speaking to The TRADE, Athina Trika, CFA, execution sales at Kepler Cheuvreux, explained: “KCx’s Analytical Suite is a significant step toward increased transparency, opening up a broad prospect of opportunities for flexible and agile data sharing. With its Analytical Suite, KCx involves clients in their technology and quantitative intelligence.

“Through the integration with FlexTRADER EMS, clients can seamlessly access dynamic intra-day stock-specific forecasts and analytics data to leverage our powerful Quantitative Models and Execution observations, integrating them into trading decisions.” 

Anima Alternative SGR is the asset management company within Anima Group – the largest independent asset management group in Italy.

The suite is specifically in KCx’s API Analytical Suite which allows users to pull data sourced from KCx’s quantitative models and execution observations used by the firm’s algorithmic trading engine. 

Insight includes stock-specific forecasts and analytics, including: volume, volatility, and spread forecasts. Through access to these forecasts Anima traders are able to create in-flight alerts in the case an order is unlikely to be filled. 

In addition, the solution is set to be further enhanced to include pre-trade market impact models and e-cost via machine learning techniques. 

Through FlexTRADER EMS Anima’s trading team will directly stream forecast analytics into the order blotter and display through a customisable and configurable interface. 

Read more: FlexTrade adds artificial intelligence functionality to FlexTRADER EMS

Bobbie Port, head of electronic distribution at Kepler Cheuvreux, said: “We are delighted to roll out the latest phases of our API Analytical suite for client use. Making it available directly within the EMS via API opens a more significant prospect of opportunities for data sharing in the most flexible and agile way.

“The KCx API provides powerful, easily actionable insights to improve traders’ strategies. Integrating KCx Analytical Suite with FlexTRADER EMS assists clients in their search for trading intelligence while leveraging their existing workflows.”

The post Italian asset management company Anima Alternative SGR adopts Kepler Cheuvreux’s new analytics suite appeared first on The TRADE.

The collaboration is set to support regulated FX flows and enhance FlexFX’s capabilities as part of FlexTrade’s buy-side multi-asset trading platform. 

Specifically, FlexTRADER EMS clients will be provided seamless access to LSEG’s electronic trading platform for global currency products, FXall.

Jill Sigelbaum, head of strategic development and partnerships, FX at LSEG, said: “Our priority at LSEG is to understand our clients’ FX needs and meet them where they want to trade. By combining FlexTrade’s customisable interface with FXall’s world-class, regulated liquidity pools, the offering provides the strongest end-to-end solution in the market today.”

The partnership provides new mutual clients access to FXall execution services from within the FlexFX EMS.

According to the businesses, the highly customisable FlexFX front end will allow clients trading FX to access FXall’s extensive global liquidity network, including support for: spots, forwards, swaps, NDFs and options.

In addition, FXall’s liquidity can be combined with FlexTrade’s liquidity and automation capabilities to streamline low-touch FX orders.

FXall delivers access to liquidity from over 200 market makers, including bank and non-bank. The offering delivers ‘dealer to client’ trading and FX workflow solutions and is licensed globally.

Both FlexTrade and LSEG will continue to offer independent FX solutions via FlexFX EMS and FXall respectively while also offering the option of an integrated solution to new mutual clients.

“Our collaboration with FXall demonstrates our commitment to delivering a comprehensive FX solution, supporting regulated FX flows and providing access to global liquidity. Through a seamless integration of FlexFX with FXall, trading teams can have a single interface and technology approach to FX execution,” said Uday Chebrolu, senior vice president and head of FlexFX at FlexTrade. 

“Moreover, the integration of FlexFX into the FlexTRADER EMS will continue to deliver zero-compromise, market-leading capabilities to our multi-asset clients.”

The post LSEG and FlexTrade unveil integrated FX solution appeared first on The TRADE.

Jennifer Pyrka Turner moved to Instinet to take up the reins as head of Americas execution sales, according to an announcement on social media.  The move followed a 19-year stint at Credit Suisse, most recently as managing director, head of AES sales Americas at Credit Suisse. In this new role, Pyrka Turner is based in New York and continues to operate across the Americas region. 

Dan Childs departed from his role as managing director, head of European prime services sales, EMEA to join Balyasny Asset Management, taking on the role of head, cash and liquidity management at the hedge fund. Childs previously spent almost three years with Jefferies after co-founding treasury technology start-up Kayenta in 2018. Prior to this, Childs spent the bulk of his career at Citadel, his final role as international COO after previously heading up treasury and operations. He began his career as a software developer before joining RBC and then Societe Generale.

Cboe Global Markets appointed leading industry figure Natan Tiefenbrun president of North American and European equities as part of the leadership changes announced last month, The TRADE revealed. The new role expands on his previous position as president of Cboe Europe, now also overseeing North American cash equities. This took effect as part of broader leadership changes announced by Cboe in October, which included Adam Inzirillo, previous head of North American equities being appointed the new global head of data and access solutions. Additionally, New York-based Oliver Sung was named head of North American equities in his stead, reporting into Tiefenbrun.

Janus Henderson promoted from within for its new head of equity trading for EMEA with Glen Pattison to take up the role in December after five years at Janus Henderson, having joined in 2018 as a senior trader. Prior to that he spent 11 years at Instinet. Pattison replaces departing Richard Worrell who is set to join the London Stock Exchange Group as its new head of secondary markets sales and business development, as revealed by The TRADE in October. 

FlexTrade Systems appointed Michael Kovach Americas head of fixed income sales in a move set to further drive the growth and adoption of FlexTrade’s fixed income EMS, FlexFI. In his new role, Kovach is set to be based out of New York and leverage his experience in electronic trading solutions. Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

Credit Suisse’s global head of FX, John Estrada, is set to leave the bank after 12 years, according to an announcement on social media. Estrada was promoted to co-head of FX last July, before becoming the sole head. Prior to that, he held various senior positions including global head of e-macro and global head of eFX trading. Estrada has previously worked at BNP Paribas and Sun Trading as eFX trader and financial engineer, respectively, and before that worked as a trader for Lehman Brothers. So far Estrada’s next step is unconfirmed.

The post People Moves Monday: Balyasny Asset Management, Nasdaq, Instinet and more… appeared first on The TRADE.

In his new role, Kovach will be based out of New York and leverage his experience in electronic trading solutions.

Speaking to his appointment, Kovach said: “I am thrilled to join a company that has such a strong reputation in both the fixed income and multi-asset trading technology market. I look forward to joining the team at FlexTrade and leveraging innovative technology to provide best-in-class solutions for the fixed income desk.”

Prior to this appointment Kovach was lead relationship manager at BlackRock Aladdin, and before that spent four and a half years with Liquidnet, most recently as head of fixed income sales US.

He has two decades of experience across the Fintech industry, and has also previously worked at Electronifie and MTS Markets as sales director and director, HY credit sales and trading, respectively.

Aaron Levine, senior vice president of sales at FlexTrade, said: “We are very excited to welcome Michael to our team. He brings a wealth of expertise and insight to our fixed income business and will help us deliver innovative solutions that match the unique needs of the fixed income desk.

“Michael’s appointment demonstrates that we are committed to expanding our client base in the fixed income markets.”

The post FlexTrade appoints ex BlackRock Aladdin expert as head of fixed income sales appeared first on The TRADE.

Fragmented liquidity, reduced balance sheet on the sell-side, and increased regulatory burdens have continued to drive change in the market. The fixed income community has had to innovate to remain competitive in an increasingly evolving space. 

Among the key players in this competitive landscape, The TRADE has selected Broadridge’s LTX, FlexTrade Systems, Liquidnet, and Wavelabs.

Broadridge, LTX

Broadridge Financial Solutions subsidiary LTX has made strides over the last 12 months in its mission is to further electronify the corporate bond market. The electronic trading platform enables participants to address challenges associated with accessing liquidity and executing efficiently.

In March, LTX successfully completed the migration of its corporate bond e-trading platform to Amazon Web Services (AWS), allowing LTX to leverage the security and scale of AWS cloud services alongside allowing the firm to better optimise its data science processes. Following this, in June, the business launched BondGPT, an application powered by OpenAI GPT-4 which answers bond-related questions and helps users identify corporate bonds on the LTX platform. Most recently, the business launched an enterprise version of its BondGPT application, named BondGPT+, offering new capabilities focused on the needs of its enterprise client base. The new offering, unveiled earlier this month, incorporating Broadridge technology and OpenAI GPT-4 to answer complex bond-related questions.

In the last year, the data-driven e-platform also launched RFQ+, an enhanced RFQ protocol which combines pre-trade dealer selection analytics with liquidity aggregation capabilities. In July, LTX integrated with BlackRock’s end-to-end investment management and operations platform Aladdin as part of the next phase of the pair’s multi-year partnership.

FlexTrade Systems

Over the past 12 months, multi-asset execution and order management systems provider, FlexTrade has made gone from strength to strength in this space, continually developing its offering to better meet the needs of the market. The business has continued to build out its fixed income execution management system capabilities for its FlexFI solution which can be deployed either standalone or within its integrated multi-asset solution, FlexTRADER EMS.

In December, UBS AM and JP Morgan executed the first EU bilateral trade on FlexFI, made possible through JP Morgan’s ability to provide its electronic liquidity directly into UBS AM’s FlexFi solution. The businesses are working together to provide a transparent way of streamlining workflows and simplifying interactions between the buy- and sell-side in fixed income trading.

In July, FlexTRADER was onboarded by Amundi Asset Management’s execution subsidiary, Amundi Intermédiation to consolidate its trading across asset classes, including fixed income, derivatives and equities.

Liquidnet

Liquidnet has developed its notable work in this space, continuing on with its focused work for the global buy-side community. Last November, Liquidnet expanded its primary markets offering with the addition of live market deals from buy-side order and execution management systems (OEMS) to participating syndicate banks.

Since the initial launch, participant syndicate banks have more than doubled to over 30 who are now sending EMEA deal announcements to Liquidnet. The business has also captured over 1660 new bond deals to trade, with more than 300 traders engaged with the order book, and received $22 billion in order. Invesco Asset Management and Charles River Development (CRD) were the first to facilitate the new functionality following an initial testing period. In January this year, Liquidnet and BondAuction announced their intention to partner to provide their mutual clients access to BondAuction’s offering from their Order Management System. 

Wavelabs 

Fixed income trading technology specialist Wavelabs has been highly active in the market over the last 12 months, working to improve the industry ecosystem, empowering specialists through technological innovation. The business is focused on buy-side fixed income trading and works to facilitate a liquidity-driven marketplace.

Wavelabs’ flagship offering is eLiSa, the execution management system (EMS) is centred around artificial intelligence-based predicative analytics aimed at automating the liquidity seeking process. This June, Wavelabs announced it was set to offer modular version of eLiSA EMS AI-based analytics tools to traders, providing access to eLiSA’s analytics in modular format including its artificial intelligence-based fair value calculator for bonds. Among the key products to now be available in a modular format is the EMS’ predictive fair value (FV) model. ELiSA has seen increasing interest from the buy-side in recent months, onboarding its first hedge fund client the same month.

The post Leaders in Trading 2023: Meet the nominees for… Outstanding Innovation in Fixed Income appeared first on The TRADE.