Group Co.
There’s an App for That
This is part 4 in the series NYFIX: Past, Present and Future
Traders Magazine Online News, December 12, 2017
The buy-side trader must fend for himself these days.
In an age of reduced commission spend and fewer financial and personnel resources, institutional traders need to manage more of their trading workflows – from pre- to post-trade – on their own. And they need readily available solutions at the tip of their fingers – or on their desktop/mobile platforms at the click of a mouse or swipe. For more complex trades and settlement, the sell-side remains the preferred way to go, but for everyday run-of-the-mill trading, the onus to execute and process trades and analyze strategies, it’s the institutional trader’s responsibility.
So, how can the buy-side best leverage its existing technology and time to complete his daily tasks?
Philippe Carré, ULLINK
Enter NYFIX. Already on his desktop as his order and execution management system pathway, NYFIX is more than just connectivity. As already highlighted in previous articles, it also can assist in his post-trade and clearing needs, but that is not all. Even more complex applications are at his fingertips via the NYFIX portal. The Portal is an application-based trader’s storefront akin to the Apple store, and with its own apps, explained ULLINK's Global Head of Business Development, Philippe Carré, in a conversation with Traders Magazine.
“The NYFIX portal was our way to create an online platform where we can deliver more solutions to the buy-side and empower them,” Carré began. “We have vastly increased the tools that we offer to the buy-side when dealing with brokers, and the market in general. We've been strategizing our platform to let the buy-side do more and more via the NYFIX Portal. since they are already on the NYFIX system, this evolution allows us to offer the buy-side a larger universe of services.
So, how does NYFIX Portal work? As with other App Stores, those already on the NYFIX system can simply access the portal via online login and view upwards of 12 different apps a buy-side trader could use.
“We provide our own services through that portal,” Carré began. “We've made available, online, a number of services that already existed. We've repackaged them and re-purposed them as apps to make their use very easy.”
So, what kinds of apps are available? There are both NYFIX-branded and third party vendor apps to choose from. For example, there is NYFIX TCA which provides access to TCA reports produced by LiquidMetrix. Then there is NYFIX MONITORING, an app that provides traders, compliance and support people with a comprehensive view of orders, with powerful filtering and navigation features. Yet another is NYFIX RECON, which looks to help traders minimize risk by reconciling their executions against brokers or exchange dropcopy feeds.
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