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The firm revealed its Smart Trading Monitor capability, which allows portfolio managers and traders to monitor several benchmarks designed to identify outliers and prove best execution, Kurland said in an interview. Users can drill down to the broker, destination, execution, fill and performance levels for each trade using FIX message data, explained Kurland. This added functionality helps them to determine how best to fill more difficult trades, known as outliers, by identifying best routing, he added. The offering will also reveal whether brokers were acting as agency or principal, whether the trade was crossed or internalized, filled passively or aggressively, and which venues were accessed, Kurland explained. That information can be used to determine why executions may be trailing benchmarks, he added. “We wanted to provide a consolidated central dashboard where [traders] could manage all of their trade flow,” Kurland said.
Smart Order Router is available via a web portal and ITG’s web services application programming interface, which allows clients to extract the data into the OMS/EMS blotter of their choice, Kurland added. EXCHANGES & ATSs
CBOE enhances AIM automatch
The Chicago Board Options Exchange wants to enhance the automatch feature it offers as part of the Automated Improvement Mechanism in line with features available on other markets, according to a regulatory proposal from the exchange. CBOE’s proposal sent to the Securities and Exchange Commission said it wants to encourage more of its members to initiate auctions and keep competition high as it relates to exchange auction functionality. It noted that its sister exchange, C2
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Options Exchange, as well as the BOX Options Exchange and the International Securities Exchange, each offer an automatch feature as part of their price improvement auctions. Members initiating auctions on the market submit orders as agents and contra orders for execution and other members wanting to compete with the order can submit bids during the auction. After the auction process, the order is allocated based on the best price. The auction initiator is allowed to enter its contra order with a specific price or set to automatically match auction responses. The exchange said it will also allow contra order to be entered to automatically match responses up to a limit price, which it noted should add flexibility for firms entering orders into the AIM facility. In a separate filing, CBOE said it also plans to establish a minimum pricing increment for bids and offers on complex orders. Its current rules would allow bids and offers in any increment regardless of minimums set for the individual legs. The exchange’s proposal would limit bids and offers to $0.01 as a minimum, though it noted it reserved the ri ?????????????????????????????????????????????????????????????e??????????????????????????%?????????????????????????????????????????????????????MA`??MAaA4??=`??????a