Trading Newsflashes Nov 11, 2004 URL: http://www.financetech.com/showArticle.jhtml?articleID=52600977
Shanghai Stock Exchange Taps Accenture to Implement Electronic Trading System From Deutsche Borse
The Shanghai Stock Exchange selected Accenture and Deutsche Borse to build a new electronic trading system. Under the agreement, China's largest exchange licenses Deutsche Borse's Xetra Trading System, and Accenture will adapt and implement it for the Chinese market. Accenture says the new technology platform will enable the exchange to rapidly introduce new services by providing a more flexible market structure to accommodate new market participants and support the trading of financial products.
Accenture was selected based on its track record in Asia, experience with large-scale capital markets infrastructure projects and global presence. Deutsche Borse says it is prepared to be the technology transfer agent that brings Europe and China closer together. More than 300 trading firms in 18 countries connect to Deutsche Borse's Xetra Network.
Morgan Stanley Deploys Patsystems for Derivatives Trading
Morgan Stanley installed a trading platform from Patsystems to support electronic trading of exchange-listed derivatives, according Kevin Ashby, CEO of the London-based trading systems supplier. Ashby, who declined to give specific details on Morgan Stanley's deployment, says the investment bank uses its primary product, known as J Trader, to support trading on the world's four main derivatives exchanges: Eurex, Liffe/Euronext, Chicago Mercantile Exchange and the Chicago Board of Trade. In addition, Morgan Stanley is using J Trader to access other markets, for internal use and also for customer deployment, says Ashby.
The vendor says the bank will use Patsystems' exchange-specific adapters to connect to the world's principal exchanges and will use customized exchange-specific adapters to connect to certain markets in the Asia/Pacific region. Ashby says the product includes desktop software, exchange connectivity, position management and profits and loss. "There's a lot of controls in there that people can set and a lot of supervisory functions," says Ashby, who notes the company's software is known for its risk-management technology.
BrokerageAmerica Taps Radianz for Trade Execution Services
Brokerage America LLC will provide trade execution services for broker/dealers, institutional investors, hedge funds and professional money managers over Radianz's shared market infrastructure. BrokerageAmerica is a market maker in 7,000 Nasdaq, NMS, Bulletin Board and Pink Sheet securities. Specializing in micro cap stocks, the firm says it ranks among the top 10 trading firms in the country, as measured by AutEx.
Swapstream Adds Futures Crossing via Eurex Link
Swapstream has added futures crossing functionality to is electronic trading platform for medium and long-term interest-rate swaps. Swapstream has formed a link with Eurex, the futures and options market for euro-denominated derivative instruments. Swapstream says it's the first platform to introduce futures crossing in the electronic interest-rate swaps industry. Incorporating the futures crossing capabilities into the platform is another facet of automating the current manual process involving multiple parties, says the platform operator. Swapstream offers a global trading platform to the world's interest-rate swaps trading and broking community. The multilateral platform provides functionality such as permissioning, real-time credit, price discovery and dissemination, auto-quoting, futures linked trading IRS spreads, negotiation and chat facilities as well as futures crossing. The system is delivered to customers over a private network from Deutsche Borse .
Murphy & Durieu Inks Deal With ADP Clearing and Outsourcing
ADP Brokerage Services Group has inked a long-term agreement to provide correspondent clearing services to Murphy & Durieu. This is the first client signed by ADP Clearing and Outsourcing Services since the acquisition of U.S. Clearing and Broker/Dealer Services from Bank of America. Murphy Durieu, based in New York City, will utilize a full range of clearing and settlement services for equities and fixed-income transactions for both its retail and institutional business. This is a move to consolidate its transaction processing with a single outsourcing partner as Murphy Durieu is already self-clearing some of its transactions on ADP's service bureau, Brokerage Processing Services.
Abbey National Deploys Algo Collateral
Abbey National Treasury Services plc has implemented Algo Collateral in London to manage the operational margining requirements stemming from all over-the-counter derivatives trading activity. An Abbey National official says the automation of the collateral process is key to minimizing related operational risk and maximizing the return on its investment. The official notes the system was implemented on time and on budget. Algorithmics says Algo Collateral is an enterprise-wide collateral solution, focused on reducing operational and credit risk, while keeping costs down through the entire collateral management process.