Commentary

David Weisberger
Traders Magazine Online News

Stop the BS & Promote Real Transparency!

In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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May 26, 2005

AOL Relief for Sales Traders

By Peter Chapman

American Online has agreed to integrate its instant messaging service with broker dealers' order management systems. The largest instant messaging network used by the equity trading community is allowing a technology vendor to build a bridge between AOL's AIM service and various sellside order management systems. "Trading desks are overwhelmed by all these messages," says Furqan Nazeeri, chief executive of IMTrader, the vendor certified by AOL to build the bridge. The arrangement will allow sellside desks to automatically convert trading instructions received from customers over AIM into orders on their blotters. The deal is considered a boon to harried sales traders.

IMTrader has signed up small and mid-sized broker dealers, including LaBranche Financial Services and Williams Trading. The service integrates AIM with order management systems built by SunGard Trading Systems, Lava Trading and Tradeware.