Imported from previous forum
[ original email was from Barry Marshall - Barry.Marshall@bidroute.com ]
London April 17 2008
BidRoute streamlines portfolio trading for both the buyside and sellside and has now introduced a range of new features in version 2.0, including:
- Trade Delivery – the ability to send trade files direct to the broker via BidRoute once an auction is over
- Execution Receipt – the ability to receive execution files back from the broker via BidRoute
- Price Stipulation – the ability to offer a trade at a stipulated price to a single broker or a number of brokers in a sequence (“cascade trading”)
- Additional enhancements - in broker ratings, feedback and broker connectivity
BidRoute puts buyside dealers firmly in control while providing labour-saving convenience to the sellside.
BidRoute forwards and receives files via FIX but neither buyside nor sellside necessarily need to be FIX enabled to gain the benefit from BidRoute (“FIX convenience without requiring FIX”):
*The buyside can upload the trade file to BidRoute via FIX or other means and leave the onward messaging to BidRoute. Brokers gain by having a standardised format of portfolio trade arriving through a standard portal.
*The buyside’s executions are shown on-screen within BidRoute as the fills come in from the broker. These fills can be downloaded at any time into an OMS/EMS.
BidRoute allows the buyside to comprehensively rate broker performance. And the broker can record the quality of the program trade sent to it. This easy tracking of service levels helps maintain the strong buyside-sellside relationship.
Book a demo with us on +44 (0) 870 766 9338 or email us at learnmore@bidroute.com. Or you are invited to a demo at our stand 38 at TradeTech on 23 & 24th April 2008 in Paris.
[ original email was from Toby Corballis - toby.corballis@rapidaddition.co.uk ]
Barry - can you tell me if this helps buy-side firms with Best Execution and, if so, how?
Thanks
London April 17 2008
BidRoute streamlines portfolio trading for both the buyside and sellside
and has now introduced a range of new features in version 2.0,
including:
- Trade Delivery – the ability to send trade files direct to the broker
via BidRoute once an auction is over- Execution Receipt – the ability to receive execution files back from
the broker via BidRoute- Price Stipulation – the ability to offer a trade at a stipulated
price to a single broker or a number of brokers in a sequence
(“cascade trading”)- Additional enhancements - in broker ratings, feedback and broker
connectivityBidRoute puts buyside dealers firmly in control while providing labour-
saving convenience to the sellside.BidRoute forwards and receives files via FIX but neither buyside nor
sellside necessarily need to be FIX enabled to gain the benefit from
BidRoute (“FIX convenience without requiring FIX”):*The buyside can upload the trade file to BidRoute via FIX or other
means and leave the onward messaging to BidRoute. Brokers gain by having
a standardised format of portfolio trade arriving through a standard
portal. *The buyside’s executions are shown on-screen within BidRoute as
the fills come in from the broker. These fills can be downloaded at any
time into an OMS/EMS.BidRoute allows the buyside to comprehensively rate broker performance.
And the broker can record the quality of the program trade sent to it.
This easy tracking of service levels helps maintain the strong buyside-
sellside relationship.Book a demo with us on +44 (0) 870 766 9338 or email us at
learnmore@bidroute.com. Or you are invited to a demo at our stand 38 at
TradeTech on 23 & 24th April 2008 in Paris.
[ original email was from Barry Marshall - Barry.Marshall@bidroute.com ]
>
Toby,
We at BidRoute naturally think we have a “better program trading mousetrap” that benefits both the buyside and sellside. However the term “Best Execution” has regulatory and fiduciary duty meanings.
Best Execution is commonly regarded as a process to be followed. However there is an imperative on the buyside to “demonstrably evidence” its process to its end-clients and regulators. For example the FSA in the UK is now to require that all records relating to an end-client order (e.g. phone calls and instant messaging) are kept for a minimum of six months by the buyside manager.
This is where BidRoute further helps out strongly. The electronic audit trail and ratings (broker and trade specific) integral to BidRoute enable the buyside to manage its internal process better and as a natural by-product BidRoute allows the buyside to be seen to be managing its end clients program trading well. Thus BidRoute removes the need for external, obtrusive and costly extra monitoring of the buyside program trading desk. The buyside’s Compliance Manager can thus sleep easier and without upsetting the Head of Trading!
Barry
Barry - can you tell me if this helps buy-side firms with Best Execution
and, if so, how?
Thanks
London April 17 2008
BidRoute streamlines portfolio trading for both the buyside and
sellside and has now introduced a range of new features in version
2.0, including:
- Trade Delivery – the ability to send trade files direct to the
broker via BidRoute once an auction is over- Execution Receipt – the ability to receive execution files back from
the broker via BidRoute- Price Stipulation – the ability to offer a trade at a stipulated
price to a single broker or a number of brokers in a sequence
(“cascade trading”)- Additional enhancements - in broker ratings, feedback and broker
connectivityBidRoute puts buyside dealers firmly in control while providing labour-
saving convenience to the sellside.BidRoute forwards and receives files via FIX but neither buyside nor
sellside necessarily need to be FIX enabled to gain the benefit from
BidRoute (“FIX convenience without requiring FIX”):*The buyside can upload the trade file to BidRoute via FIX or other
means and leave the onward messaging to BidRoute. Brokers gain by
having a standardised format of portfolio trade arriving through a
standard portal. *The buyside’s executions are shown on-screen within
BidRoute as the fills come in from the broker. These fills can be
downloaded at any time into an OMS/EMS.BidRoute allows the buyside to comprehensively rate broker
performance. And the broker can record the quality of the program
trade sent to it. This easy tracking of service levels helps maintain
the strong buyside- sellside relationship.Book a demo with us on +44 (0) 870 766 9338 or email us at
learnmore@bidroute.com. Or you are invited to a demo at our stand 38
at TradeTech on 23 & 24th April 2008 in Paris.