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Joanna Fields
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Navigating Cybersecurity on a Stretch of "Regulatory Rapids"

In this shared commentary, Aplomb Strategies writes that when considering a firm’s governance structure, a holistic approach makes the most sense.

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June 4, 2009

Linedata Amplifies LongView

By James Ramage

Linedata Services wants to make it easier for buyside traders to send their orders to several execution venues simultaneously.

The vendor, which recently revamped its order management system, LongView, makes it possible by letting clients select their execution venues before they send their orders. The LongView Live vendor distribution tool lets the trader set up how he wants to break up and send an order, according said Dave Hagen, vice president of trading solutions at Linedata.

"It's a gigantic time-saver," Hagen said. "In today's world, without a tool like that, most traders have to break out a calculator, split up the ticket six ways and place six broker placements."

Using the distribution tool, a trader can break up, say, a 1-million-share Citi buy order by pre-setting where and how chunks of the order execute through his favorite VWAP engine, through his direct-market-access channel, to one or more dark pools, ECNs or exchanges, or to one or more brokers' desks. That breakdown can be one particular setting that he can reuse or share with other traders on his desk, Hagen said.

"I select my favorite venue setting with the percentages broken down, and I hit 'send,'" he added. "It's now two steps, down from, arguably, 40 or 50."

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