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February 21, 2013

Linedata Adds Venue Info to Trader+

By Peter Chapman

Linedata has added functionality to its Trader+ trade and order management system that displays the names of the market centers at which users' orders are filled.

The data, a part of FIX Tag 30, is available in real time whenever the system receives a trade report, according to Linedata. The data on where all fills are executed then gets displayed in the form of a constantly changing pie chart, with each slice representing a different venue.

The vendor made the feature-called "Execution Analyser"-available in response to demand from its buyside clients, said Dave Hagen, vice president of global trading technologies for Linedata and the executive responsible for Trader+, as well as the Longview order management system.

"Transparency into order routing is a hot topic these days," Hagen said. "With this you can compare your fills from one venue to the next. It gives traders some really good intel that they have been asking for."

Beside the names of the market centers where orders are filled, some on the buyside are asking for information about the "hops," or stops at other markets along the way. Hagen explained that Linedata is unable to make that information available because the sellside does not yet supply it. Given the huge amount of data involved, the cost to build the infrastructure to process the data may be prohibitive, he noted.

 

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