ConvergEx Group has launched the latest version of its execution management system RealTick, which now allows users to monitor and cancel orders from iPads, smart phones and other mobile devices.
While some users already had the ability to monitor trades remotely, the new RealTick 11 offers the option to cancel orders if the market moves away from traders.
"We’ve heard a lot from our clients that they want to be able to take much more direct control of the order," said Stuart Breslow, chief executive officer of ConvergEx’s RealTick.
Breslow said it can be hard for a trader to pull him or herself away from the desk and feel comfortable about market exposure. The new version of RealTick allows traders to monitor their orders while away and to potentially cancel them if the market turns.
"That way, if a client happens to be at a lunch meeting, they can watch their orders, and if by chance the market moves away, with a swipe of a finger, they can pull themselves out of the market," Breslow said.
The EMS still does not allow users to enter orders remotely, as that can create compliance and surveillance problems for institutions. Breslow said the institutional market will eventually embrace the idea of originating trades on remote devices, but it is not ready to do so yet.
RealTick 11 also adds Canadian market data from alternative trading systems Alpha, Chi-X, Omega, Pure and TMX Select. It also adds depth of book data for the Brazilian Mercantile and Futures Exchange and the Johannesburg equity and futures markets.
Electronic trading pioneer Townsend Analytics, which originally developed RealTick, was acquired by ConvergEx in 2010.
