REDI Global Technologies LLC, provider of the REDIPlus execution management system, announced today that Credit Suisses Advanced Execution Services (AES), has joined REDIs broker-neutral platform.
“Credit Suisse’s AES brings tremendous global reach and cross-asset capabilities to our platform, said Rishi Nangalia, chief executive of REDI Global Technologies. REDI continues to leverage the strength of our partners in order to deliver innovative solutions across the trade lifecycle and bring added value to our customers.
Last year Nangalia said that the buyside was clamoring for so-called “broker-neutral” execution management systems, setting up the firms separation from its one-time parent, Goldman Sachs.
“We listened to market trends and clients’ demands for an independent, multi-asset EMS solution, but also to preserve the strategic relationship with the sellside,” Nangalia told Traders at the time. “This resulted in us partnering with several significant industry participants to deliver an innovative and uniquely positioned broker-neutral solution to the broader financial community.”
He added that the buyside said it wanted a single experience across all brokers, and this was something REDI couldn’t offer while at Goldman – too many other brokers saw Goldman as competition.
The buyside, Nangalia said, said it did not want eight different systems to trade with — just one or two. And this is where independent vendors like REDI are making inroads versus the brokers’ own systems.
With access to 97 percent of the worlds equities and derivatives electronic exchanges through registered broker-dealers, the REDIPlus EMS provides a single platform for seamless order routing of equities, futures and options across the Americas, Europe and Asia.
And that appeals to the brokers on its platforms, including Credit Suisse.
“REDI offers Credit Suisse a new way to serve investors,” said Pankil Patel, co-head of Credit Suisses AES U.S. Its a new way to offer the wide variety of algorithmic tactics that allow our clients to reduce their market impact, improve their performance versus benchmarks and focus on the bigger picture.”
Credit Suisses AES provides algorithms in more than 40 countries on six continents.
