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will also be expanded to include more asset classes next year, he added. The addition of the SDA to Triton Black, ITG’s single stock execution system, took much less effort than migrating it to the web, Domowitz said. For the webaccessible version, the firm modified the platform to accept other order IAN DOMOWITZ management and managing director, ITG execution management system protocols, Domowitz explained, noting the web-based version doesn’t take in all the comparative trade data from Triton’s blotter. Because of that it can’t natively overlay it within a system built with the functionality in mind, Domowitz added. “It’s easier if the order itself is native to the software,” he said. As the system is OMS/EMS agnostic, Domowitz said the information can readily flow between the web portal and a user’s OMS/EMS of choice. ITG plans to enhance the SDA capability with futures and FX in 2014, Domowitz said. That will happen as soon as ITG is convinced it has a large enough comparative database and after the equities piece is fully globalized, he added. TECHNOLOGY
what it will develop hasn’t been determined. “I am researching now how firms are trying to solve the bigger pretrade risk management problems, particularly when they are trying to do it on their own,” he said. Hubscher noted some of the issues that have come up in his discussions with firms on concerns may sound basic but they are real concerns plaguing industry participants. “The ability for multiple brokers to see constraints in the same gateway and share constraints information, or the ability to log inventory of all the risk checking parameters across different client types sounds pedantic but there are very few banks in the street that have a real-time view of all their order flow,” he said. He added that even if they have the access, it’s not all available from one location. Hubscher noted that an increasing focus on risk by lawmakers is also bringing to the forefront the importance of understanding risks being taken across firms every day. “Those are the problems people are asking about, and that is where I think further developments are going to be.” EXCHANGES & ATSs
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Fidessa, and JJ Kinahan, chief derivatives strategist for TD Ameritrade, are among participants that said they were prepared in advance for launch. Steve Crutchfield, executive vice president and head of US Options at NYSE Euronext, which also launched March 18, said investor education is teed up for the exchange after launch. “We will be in coming weeks working aggressively to build awareness to build and trade these products,” he said. Some of that education will come by way of the Options Industry Council, which operates on behalf of all the exchanges, but NYSE will also be communicating through its own blogs. Patrick Hickey, head of market structure at options market maker Optiver US, said while the firm is somewhat concerned about investor confusion and the variation in quoting requirements for the ?? ?X? ?X????Y??\?[?^?[??\? H?? ?X? ?\?H H?\??\??[??]? ?? X?YXH]?Z[X?K???X\??] \?X?\[? ??H??Z[?H? [?? ?X??\??X\??] \?X?\[? ? ] ?\?HXY?\??? HX\?? N][???Z[?H? [???? ?X? ?\?H?[??Y??? ? ??H ?XY H?^H?H ?[ ^H??X???[?? ?^X?]]?\? ?? ???H ??? ?[??? H? [??^?[??\?][??Y ?Y[??[?Z[?H? [?? ?X? ?[?\?^H L ?X?\?]Y\?[??XY? H ?Y][?[ L [?H[?H ?XZ?H? [????\?Z[?Y? ?[ YH ?????X??\??X?H?? ?]Z[X?]?] K? ?Y[?? ?[ ?\??[X^??????K\ K H???? ?\? [?P?K???H???[??Z[??\?[?\??]?[?Y[?X[?Y?\?[?\?]?]]?\?]????X? ?Y[?????Y\???] \?H[?[??[Y[? ???X? ?Y[?? H??X?\?Y ?[???^?[??H???X?[???? H?^\?YH[??\??\?\?\?[?[?[?[Y?[??H?]\?[?? \?H\?]???Y\?? ?][?[??[Y[? ?] ??[]?[???[?????\? ?ZY[? X???\?\?X???X\??][?? X???\? ?ZY H ?[??\?^ X?[??]?[?Y[? ? Z?H X?H[? H\?XH? ?\??X[?Y?[Y[??]?? ?? ??? LW?]??[????K? ?? L? MN?
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