TT Fills Top Buy-Side Need with Multibroker Solution
With MultiBroker, clients can enter orders from a single X_Trader workstation or application programming interface (API) and send them to any of its participating brokers through a direct market access (DMA) network. They transition between brokers through a single screen and route orders through TTNet, TT's hosting solution. Previously, buy-side traders had to own a separate workstation for each broker.
Tim Geannopulos, EVP of sales, says this release fulfills the No. 1 request of the company's buy-side clientele. "Certain brokers specialize in some markets vs others. Certain brokers specialize in proprietary algos over others. Certain brokers are providing capital introduction. Certain brokers have a different relationship with the buy side than others."
TT is especially proud of the number of brokers that signed up for the beta program - 11 of the 19 futures commission merchants (FCMs) it connects to. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, HSBC, JPMorgan, Jefferies, Macquarie Bank, Mizuho Securities USA, Morgan Stanley, RBC Capital Markets and UBS are all on board.
"You can look at the multi-broker product in a defensive way or you can look at it in an offensive way," Geannopulos says. "By these brokers signing up, they understand that they're opening themselves up to competition from where they're a single broker but they also see the opportunities from an offensive standpoint of competing for business with multi-broker accounts."
Beyond broker access, MultiBroker has the same functionality as the old single-broker tool, including the visual programming platform, ADL, TT API and FIX API with the ability to define routing rules and pre-allocate orders to multiple brokers. In MultiBroker, separate pre-execution margin, credit and position limits are maintained by each broker while buy-side users have a single integrated view of positions and P&L across all brokers.
TT plans to be out of beta by the summer.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
CME marks cloud migration milestones, new FIX guidance for brokers, and more
The Waters Cooler: A recap of the major tech and data news from the past week in the capital markets.
How Quoniam boosted its sentiment strategy by adding an LLM
The asset manager’s upgraded system creates scores from more-informative forward-looking parts of news.
WatersTechnology latest edition
Check out our latest edition, plus more than 14 years of our best content.
Tech and data fragmentation irks enterprise risk managers
Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX, and reporting gaps.
When trading systems disagree: a deterministic architecture for event sequencing
Modern trading platforms execute millions of events at extraordinary speed, but speed alone does not ensure that every downstream system shares the same view of reality, says Gaurav Tiwari.
Goldman exec: Dec. 6 a ‘lighthouse’ for EU T+1 readiness
Officials from JP Morgan, the European Central Bank, the National Securities Depository, and Goldman Sachs explained how T+1 preparation needs to be different in the EU than in the US, while speaking at Sibos.
Month-long power glitch hits key APAC trade surveillance tool
Nasdaq’s alert functions were restored, but users say testing and calibration tools were still disrupted.
Bankers question value of round-the-clock trading
BNY and State Street execs predict the arrival of extended-hours trading will come with a hefty price tag for industry firms.