Sun, Dec 4, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Newedge launches Phase 2 of Smart Order Router platform for US equity options and cash equities products

Wednesday, March 14, 2012
Opalesque Industry Update – Newedge Group (“Newedge”), a global leader in multi-asset brokerage and clearing, announced today the launch of Phase 2 of their Smart Order Router (SOR) platform for U.S. equity options and cash equities products.

This new in-house, low-latency routing platform is now open to executing market participants – including small- and mid-sized registered broker dealers, market makers, exchanges and high frequency traders – providing independent, best execution and superior price discovery.

The announcement was made during the annual Futures Industry Association (FIA) conference in Boca Raton, the preeminent meeting of derivatives industry market professionals.

The platform, which was made available in Q3 of 2011 for market participants who cleared through Newedge (Phase 1), provides high-speed, efficient execution through direct access to major options exchanges, including: International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), NYSE Amex/NYSE Arca and the Boston Options Exchange (BOX), among others.

"This platform scans a large, diverse amount of data and then determines the optimal destination for every order,” said Jack Boyle, Senior Director, Financial Futures & Options and Equities Execution (FFO&E) at Newedge. “The SOR considers price, depth of quote, historical liquidity, fill rates, latency and price discovery, among other factors and routes the order to the venue of least cost, providing clients with the best price."

Complementing the router's technical capabilities is a newly formed Newedge Best Execution Committee, whose role is to examine daily reports that monitor the routing logic to ensure it is being executed properly and to respond immediately to needs of market users.

During the Phase 1, the Newedge SOR averaged over two million cash equity shares and approximately 25,000 equity option contracts per day.

“Since Newedge does not operate a proprietary trading desk, the Newedge SOR will now provide all of our clients with an alternative, independent solution in which to efficiently trade cash equity and equity option products,” says John Ruskin, Global Head of FFO&E at Newedge. "By opening access to more market participants with the launch of Phase 2, we believe that volume and liquidity on the platform will only increase and ultimately benefit the overall market.”

(press release)

Newedge, a 50/50 joint venture between Société Générale and Crédit Agricole CIB, is a major force in global multi-asset brokerage business, with a world-leading position in the execution and clearing of listed derivative products. With a presence in more than 20 locations in 16 countries, Newedge offers a full range of clearing and execution services covering options and futures contracts for financial products and commodities, as well as for money market instruments, bonds, FX, equities, and commodities on OTC markets. Newedge provides a range of value added services, including prime brokerage, asset financing, an electronic platform for trading and order routing, cross margining, and the centralized reporting of client portfolios. Newedge, which primarily serves institutional clients, provides access to more than 85 exchanges. Newedge's 3,000+ employees form a close-knit, multinational team that can innovatively respond to its clients in fast-moving markets. www.newedge.com

BG

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. M&A - AllianzGI to acquire Sound Harbor Partners, SS&C completes acquisition of Wells Fargo's Global Fund Services business[more]

    AllianzGI to acquire Sound Harbor Partners Allianz Global Investors (AllianzGI), an active investment manager, announced that Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, have agreed to join its fast-growing Private Debt Platform. Under the te

  2. People - Nectar Financial hires senior investment team, Texas A&M replaces retiring foundation investment chief, Ex-Cadwalader partner Woolery makes another sudden exit, How to become a Python coder at a top hedge fund, by the co-CTO of Man AHL[more]

    Nectar Financial hires senior investment team Nectar Financial AG, a Swiss financial technology company for wealth and asset management, has announced that it has hired two key senior leaders to spearhead its digital asset management efforts. The company also announced that it has entere

  3. Activist News - Cognizant has introductory discussion with activist investor Elliott; to review letter, Starboard Value makes huge investment in Hewlett Packard, Hedge fund calls for removal of First NBC Bank CEO[more]

    Cognizant has introductory discussion with activist investor Elliott; to review letter From Indiatimes.com: Cognizant said it had an introductory discussion with Elliott Management after receiving the activist hedge fund's letter asking for a board shakeup, a buyback, a dividend and chan

  4. Opalesque Exclusive: Ireland relaxes treatment of direct lending funds[more]

    Bailey McCann, Opalesque New York: The Irish Central Bank has relaxed its treatment of direct lending funds, according to a recently released

  5. Hedge funds gain on Trump market rally, positive U.S. data[more]

    Komfie Manalo, Opalesque Asia: Hedge funds enjoyed meaningful returns in the week ending November 22, with the Lyxor Hedge Fund Index moving up 0.7% over the period (-1.6% YTD). From a broad perspective, all strategies ended the week on a positive note except for CTAs that ended flat. Event d