Alex. Brown Takes ADP'S MarketMax, Rejecting Arts
DATA CONSUMERS
Baltimore, Md.-based Alex. Brown & Sons Inc. has selected ADP's MarketMax -- an Apple Computer Inc. Macintosh-based quote system -- for its equities trading desk. The addition of Alex. Brown's 90 or so users represents nearly a 10 percent increase in the installed base of MarketMax.
Separately, Jordan Graham, a consultant to ADP, has parted ways with the vendor. Graham is the former president of TriStar Market Data Inc., a defunct vendor whose assets, including MarketMax, ADP purchased earlier this year (IMD, Jan. 17).
According to sources familiar with the project, MarketMax and Reuters' American Real-Time Services (Arts) were the finalists in the competition to support the retail broker's equities trading personnel, including its listed and over- the-counter traders.
Officials at Alex. Brown confirm that the retail broker has chosen MarketMax, but hasn't installed it yet.
ARTLESS FIRM
One official at the firm says that MarketMax -- which was selected by Alex. Brown in the first quarter -- is scheduled to be rolled out in a couple of months. But the official declines to elaborate further.
Other sources say that Alex. Brown evaluated systems supplied by some 12 competitors before installing both MarketMax and Arts on a trial basis. One source says that MarketMax's victory can be at least partially attributed to the backing it has received from ADP. But another source says that the system triumphed because of its integration capability.
This source says that Alex. Brown plans to integrate MarketMax with the various other standalone systems -- including Thomson Financial Services Inc.'s Autex and Reuters' Instinet -- that its equities traders currently employ. According to this source, much of MarketMax's appeal stems from its ability to interface with Alex. Brown's numerous charting and quote applications.
LANDING ONE
Whatever the reasons for Alex. Brown's selection of MarketMax, the victory helps to vindicate ADP's purchase of the product.
At the time that ADP acquired the assets of TriStar (IMD, Jan. 17) -- with its installed base of less than 1,000 terminals -- ADP vice president of institutional sales James Lascelles had said that the vendor would use MarketMax "as bait to reel in both buy-side and sell-side institutional traders."
Even though the victory at Alex. Brown has only netted ADP a modest total of 90 buy-side traders, it adds to the vendor's push to extend its presence in the trading room market.
Graham's brief tenure as a consultant for ADP ended sometime last month, sources say.
After ADP completed the acquisition of TriStar's assets this spring, the vendor gave Lascelles oversight of the MarketMax product line. Graham stayed on as a consultant, sources say, reporting to Lascelles.
Lascelles subsequently restructured his organization, integrating MarketMax' sales force with ADP's own.
Lascelles didn't return calls seeking comment. Graham couldn't be reached for comment on his departure.
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