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Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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December 14, 2007

Nexa Introduces Multi-Asset HyTS Terminal

By James Ramage

The Chicago Board Options Exchange has put its stamp of approval on another HyTS terminal, its trading front-end. The CBOE is marketing and releasing the product with Nexa Technologies, an online and direct access trading solutions provider and subsidiary of Penson Worldwide.

Nexa designed the new HyTS terminal to compete with the HyTS model Belzberg Technologies launched in 2004 - which the CBOE also markets. In contrast to the Belzberg model, Nexa's gives users integrated access to U.S. options exchanges, as well as futures and equities products, through a single front-end. Sporting an interface designed by and for options traders, according to Nexa president Eric Stoop, the terminal lets customers route orders to all six options exchanges either individually by order or all at once through sweeps.

They can also use different screen layouts customized for trading options, futures or stocks. The terminal boasts a rules engine that will handle complex derivatives strategies. And by the end of the summer, Nexa will also have automated the HyTS' trade management system, said Kristen Mologousis, senior vice president of business development at Nexa. "That will take all those manual orders and make them automated," she said. "It's always an issue to switch somebody from one system to another, but that alone would save them a huge amount of manual entry."