GREAT NECK (NY), August 13th, 2002â¦FlexTrade Systems today announced the launch of DeepFeed, a service available through FlexTRADER that consolidates all bids and offers on the books of every major ECN with market maker quotes, providing traders a real time, in-depth view of the market. A quantitatively enriched equity trading and order management system, FlexTRADER has a significant client base of institutional users on the buy-side and sell-side, including hedge funds, investment managers and broker/dealers.
"The ability to instantly access this information electronically and on a portfolio level, will greatly enhance trading decisions," said FlexTrade Systems President, Vijay Kedia. In implementing DeepFeed, traders utilize FlexTRADERâs rules-based technology to specify parameters for those ECNs and prices they want to view. "DeepFeed is real time and offers a much broader matrix of bids/offers, giving traders the ability to instantly analyze, scan and sweep fragmented markets."
FlexTRADER is a fully customizable system with pre-defined trading strategies and tactics for lists as well as single stocks. The ability to easily write and revise customized analytics and quantitative trading strategies within the system is what makes FlexTRADER a preferred choice among those engaged in agency trading, index arbitrage and other proprietary and standard strategies such as VWAP, transition trading, pairs and long/short trading. This flexibility, for example, gives statistical arbitrage and program traders the ability to act swiftly and with ease in mercurial market conditions, particularly as they look to minimize market impact, transaction costs and risk exposure when trading large, multi-sided portfolios.
Among its many benefits, DeepFeed provides optimum routing across all ECNs, sweeping of ECN books and identification of hidden orders by individual names and across portfolios. Traders can also utilize DeepFeed to estimate slippage in real time based on value or size of order wave, and analyze trends and market direction for individual securities, by sector, portfolios, industry and other groupings. DeepFeed will prove especially appealing to quantitative traders who painstakingly calculate market impact and other potential outcomes of pre-trade decisions.
"FlexTrade continues to innovate and add features that are unique and useful to our portfolio desk and clients," said Jefferies & Company, Inc. Senior Vice President and Portfolio Trading Desk Co-Head, Robert Sehr. "We are impressed with FlexTradeâs efforts to differentiate themselves from traditional trading systems with the introduction of DeepFeed. The ability to view and utilize depth of book can provide a unique advantage to our clients." Jefferies & Company, Inc., principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), is a full-service investment bank and institutional securities firm focused on the middle market.
A trade order management system, FlexTRADER also flexibly integrates with a firmâs existing OMS. The system operates in real time, enabling those trading from a master list to more efficiently manage cash constraints and allocations, particularly across multiple brokers. Other factors contributing to FlexTRADERâs high install base, is its automation of every aspect of the trading process, and its coverage of global equity securities, including Japanese instruments.
With FIX on both ends of the system, FlexTRADER complements a firmâs straight-through processing (STP) requirements, because buy-side firms and sell-side firms can receive orders and send back executions electronically. The buy-side may receive orders into FlexTRADER from numerous portfolio managers, and sell-side firms can view orders from multiple institutions. Sell-side and buy-side firms can trade orders instantaneously, within the confines of a pre-determined, rules-based setting. From a single and neutral platform, orders are routed automatically to various points of execution including approximately 50 broker/dealers, all leading ECNs and primary exchanges.
FlexTRADERâs open architecture is configurable for multiple traders over
a network, and runs on Sun Solaris, Linux and Windows NT operating systems.
Founded in 1996, privately held FlexTrade Systems Inc. has a global client base of approximately 75 buy- and sell-side firms, including many large program trading desks at major investment banks, hedge funds and investment management firms. Headquartered in Great Neck, NY (U.S.A.), FlexTrade also operates an office in London. Clients include JP Morgan Chase, Jefferies & Company, Inc., HSBC Investment Bank and SAC Capital Management LLC.