TRADING PACES: Placing Orders in Parallel; Plus, Moves into Mexico, Singapore
February 1, 2012
PDQ Enterprises upgrades its smart order router so equity traders can post passive orders at multiple venues. UBS brings algos to Mexico. Viteos heads to Asia.
PDQ ENTERPRISES: The developer of the PDQ Alternative Trading System launched parallel posting in its Smart Order Router. Equity traders can now post passive orders in parallel at multiple venues and automatically rebalance the remaining bids and offers.
As the order is executed at one venue, PDQ will automatically rebalance the open orders (by venue) to maintain the largest quantities at the active venues. This rebalancing approach allows for better reach and increased execution to all sources of liquidity, including dark pools and display markets.
“This order type effectively allows our subscribers to “co-locate” their orders at multiple trading venues,’’ said Keith Ross, CEO, PDQ Enterprises. “If an order is not filled within the PDQ facility we can source liquidity from all the major dark pools and display markets to facilitate the order.”
A liquidity seeker can ask for a “first to respond” or “auction” model for transactions to be completed. PDQ is connected to all major dark pools and display markets.
PDQ ATS, a new equity trading venue, is powered by an algorithm hosting facility and response mechanism that is designed to emulate the interaction of a traditional trading floor, while retaining the anonymity and confidentiality of a dark pool. An “electronic algorithmic crowd” competes for orders.
NASDAQ OMX – The exchange operator said its Genium INET technology would be applied to commodities trading beginning in March. Nasdaq OMX Commodities Genium INET will launch March 5, with all market members testing systems on the weekend of March 3 and 4. Exchange and IT information with overviews of the launch preparation activities, launch weekend plan and roll back framework will be distributed in the beginning of February.
UBS: The investment house has unveiled algorithmic trading for international clients trading equities on Bolsa Mexicana de Valores in Mexico.
The service complements the direct market access that UBS already provides in Mexico.
UBS global head of algorithmic trading Owain Self said clients can use the algorithmic trading strategies to interact with liquidity on Bolsa Mexicana, sending electronic orders directly to the exchange without passing through an intermediary.
UBS also provides DMA and algorithmic trading for international clients trading into Brazil, across Europe, Middle East, Africa and Asia, and over 90 markets and trading venues worldwide.
VITEOS: The hedge fund administrator and operations service provider has opened an Asia Pacific office, in Singapore. Viteos Fund Services will provide its complete suite of services including fund administration, middle office, and consulting on implementation to hedge funds and family offices in the region. The core of the effort will initially focus on addressing the needs of the Hong Kong and Singapore investment management market. The firm named Jay Moghe as Vice President, Business Development, Asia Pacific.
