Imported from previous forum
[ original email was from David Basso - david.basso@thomson.com ]
Thomson Financial, an operating unit of The Thomson Corporation (TSX: TOC, NYSE: TOC) and leading provider of information and technology solutions to the worldwide financial community, has an agreement with Pipeline Trading Systems, a New York-based provider of high performance trading technology. Under terms of the agreement, Pipeline’s innovative alternative trading system (ATS) will be available to clients using Thomson AutEx Order Routing services. AutEx Order Routing provides the transfer of order and execution messages between trading partners and is one of a suite of services available on the AutEx network. The network facilitates, through a single connection, high-speed transfer of multiple equity trading message types within a concentrated global network, streamlining connectivity between institutions and brokers.
The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large blocks of NYSE-listed companies, NASDAQ stocks and Exchange Traded Funds (ETFs). Pipeline ATS operates without revealing bids or offers, resulting in complete anonymity, and prevents leaking information to the marketplace that results in front-running, penny jumping and backing away.
"We are pleased to offer our customers connectivity to Pipeline’s unique and effective solution for trading large blocks of equities," said Ken Wagner, chief operating officer, Global Transaction Services, Thomson Financial. "There has been a growing demand for a fast, simple and fair way to execute large blocks. Pipeline provides that solution," said Wagner.
"Connecting Pipeline ATS to the Thomson AutEx Order Routing network makes sense for Pipeline, Thomson and its clients," said Fred Federspiel, president of Pipeline Trading Systems. "Pipeline offers a unique trading solution and AutEx Order Routing offers a wide distribution platform. Traders around the world can benefit from this relationship by being able to move large blocks of shares quickly and efficiently without information leakage impacting their potential return," said Federspiel.
Thomson’s AutEx is the industry’s leading online real-time network and database for order routing, indications of interest, advertised trades and allocations. The network provides connectivity to more than 300 brokers and more than 500 institutions, providing easy access to global pools of liquidity and order routing through one simple connection.
About Thomson Financial
Thomson Financial is a US$1.5 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (www.thomson.com), a leading provider of value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With revenues of US$7.6 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
About Pipeline Trading Systems
New York City-based Pipeline Trading Systems, a subsidiary of e-Xchange Advantage Corporation, is deploying Pipeline, and alternative trading system (ATS). Built around a “hidden” order book, Pipeline enables traders at institutions and brokerage firms to anonymously negotiate large blocks of NYSE-listed companies, Nasdaq stocks, and exchange traded funds (ETFs) in an environment free from the problems of backing away and front running. Fred Federspiel, president of Pipeline Trading Systems, founded parent company e-Xchange Advantage (eXA) in 1999 to develop electronic solutions for institutional block trading. For more information, visit www.pipelinetrading.com.