InfoReach Rolls Out Routing Service
October 2007
InfoReach last month launched a simple, bare-bones trading application that routes orders from the buyside to the sellside. The Web-based service, called brokereach, provides a low-cost routing service targeted to buyside shops currently using IM, e-mail, spreadsheets or the phone for both single-stock and list trading, according to Allen Zaydlin, InfoReach's CEO. About 25 brokers are already on the system, he said.
Brokereach is attractive to firms, Zaydlin said, because there is no monthly connection fee. Consequently, it makes economic sense for the buyside to use the routing network for its less-used brokers. Orders are routed to the sales trading desk, the program desk and the algorithmic trading desk. The system does not interact with the marketplace with direct-market-access technology. Zaydlin said he also expects demand for the real-time product from firms looking for a backup to their main routing system, given that connections are free. "Sometimes it takes a long time-months-to set up a FIX connection," he said. "This is a next-day answer."
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