Order Routing Software supports FIX custom tags.
Press Release Summary:
AutEx Order Routing enables institutions or buy side dealers to control trade from their desktop by entering parameters before order is sent over AutEx Network to brokers or sell side traders. Execution reports are sent back to client, enabling close monitoring of trading initiated by algorithm. Functionality maximizes client's control over order, allowing them to tailor ML X-ACT execution products to their internal trading strategies.
Original Press Release:
Major Brokers Employ New Thomson AutEx Order Routing Functionality to Receive Quantitative Execution Algorithms from Buy Side Clients
NEW YORK, Jan. 31 -- Thomson Financial, an operating unit of The Thomson Corporation (NYSE:TOC)(NYSE:TSX:)(NYSE:TOC) and leading provider of information and technology solutions to the worldwide financial community, today announced that Citigroup's Corporate and Investment Banking Group, Merrill Lynch, and UBS Investment Bank are employing new messaging functionality provided by Thomson AutEx, to receive quantitative execution algorithms from their buy side clients.
The new functionality within AutEx Order Routing supports the FIX custom tags clients need to enter trading parameters. Institutions or buy side dealers can now take full control of the trade from their desktop entering parameters before the order is sent over the AutEx Network to their brokers or sell side traders. As trading proceeds, execution reports are sent back to the client, enabling the client to closely monitor trading initiated by the algorithm.
"We are delighted to offer our clients access to algorithmic trading via Thomson AutEx. Citigroup is committed to providing cost-effective, cutting-edge solutions to clients' trading needs, and Thomson AutEx enables us to fulfill this requirement. Citigroup has focused on providing customized transparent solutions rather than black box automation to reflect the demands of a changing marketplace," said Richard Evans, head of Alternative Execution in Europe at Citigroup.
"It is now possible for customers to access Merrill Lynch's proprietary algorithms through the AutEx Network over an existing connection," said Mike Stewart, managing director and head of global cash equity trading at Merrill Lynch. "The new functionality within AutEx Order Routing maximizes the client's control over the order, allowing them to tailor ML X-ACT(SM) execution products to their internal trading strategies," said Stewart.
"Thomson AutEx provides connectivity and liquidity across the global trading community, giving brokers and institutions access to a breadth of execution venues and advanced execution algorithms," said Robert Moitoso, senior vice president, Global Transactions Services, Thomson Financial. "The new functionality within AutEx Order Routing maximizes the client's control over the order, enabling them to send orders matching their own trading strategies, said Moitoso.
Thomson AutEx Order Routing is one of a suite of AutEx products used by trading partners to identify market liquidity and place orders. AutEx facilitates the high-speed transfer of multiple FIX compliant message types over a concentrated global network. Access to the AutEx network and services is provided via a single connection.
Thomson AutEx is the industry's leading online real-time network and database for block order indications and trade advertisements. The AutEx community consists of traders at institutional and domestic institutions, broker dealers, exchanges, ECNs and ATSs, either connecting directly to AutEx, or through service bureaus or order management systems. Over 800 of the world's leading brokers and institutions rely on AutEx to access global pools of liquidity, and every day, one million messages are transmitted on the system between buyers and sellers.
About Thomson Financial
Thomson Financial is a US$1.5 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (http://www.thomson.com/), a leading provider of value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With revenues from continuing operations of US$7.44 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
