Commentary

Elaine Wah

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.

Traders Poll

In his first public speech, SEC Chair Jay Clayton deviated from his prepared remarks and offered his own "off the cuff" comments on market issues. Do you like this change of pace?




Free Site Registration

February 16, 2009

Oppenheimer to Use SunGard Algos

By James Ramage

Oppenheimer & Co., a New York-based brokerage, added SunGard's algorithm suite to its electronic offerings.

In doing so, Oppenheimer deepened its ties with the agency brokerage and sellside OMS vendor. The 12 Brass Liquidity Services algos join other SunGard products Oppenheimer is using, including its OMS, EMS and dark pool aggregator.

SunGard customized the algo suite for Oppenheimer, according to Raj Mahajan, president of SunGard Trading.

They include such single-stock algos as VWAP, TWAP, implementation shortfall and inline. Oppenheimer can also use a non-displayed strategy called Flashlight, Mahajan said. Three portfolio algorithms-called Setup Pair, Dollar Neutral and Port- Close-round out the package.

"Our customers were looking for ways to reduce their execution costs," Mahajan said, "and many were looking for a provider that would customize algos to fit their strategy."

Oppenheimer would not comment on its new tools. The firm said in a press release that the algos would help it offer its trading services more efficiently and better manage the transaction life cycle.

(c) 2009 Traders Magazine and SourceMedia, Inc. All Rights Reserved.

http://www.tradersmagazine.com http://www.sourcemedia.com/