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June 2, 2009

Vhayu's Next TCA Step

By Peter Chapman

Vhayu Technologies is incorporating real-time transaction-cost analysis (TCA) into its Velocity tick data engine. The vendor says the service will allow traders to get immediate feedback about their trading strategies.

The move is part of an ongoing drive by vendors and brokers to make trade-cost reports available to traders sooner. Vhayu already offers end-of-day and intraday TCA to its Velocity users.

"Customers are taking the next step," said John Coulter, Vhayu's vice president of corporate strategy. About two-thirds of Vhayu's Velocity customers are on the sellside. They, in turn, make the technology available to their buyside customers.

Coulter reports about a dozen sellside customers using Velocity for TCA. The Velocity platform can take in and crunch enormous loads of market data very quickly, letting traders create up to 80 different reports.

Vhayu has been providing TCA functionality for about three or four years. To make the new real-time TCA service possible, Vhayu partnered with EZX, a New Jersey-based EMS vendor. EZX supplied a FIX engine and "order state" management software that keeps track of the status of a trader's order. Vhayu developed the technology with one of two brokers, either Knight Capital Group or UBS-it won't say which. Its first customer is a large Canadian bank whose name it also won't disclose.

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