Aegis Software Develops Allocations Specification for Futures & Foreign Exchange.Results of Extensive Testing with Several Sell-side Firms NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Today at the AlgoTrading 2006 Conference in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Aegis Software announced the availability of a specification for the processing of multi-party Trade Allocations between buy sides and sell sides, specifically targeting Futures and Foreign Exchange instruments. The specification defines the workflow between the Buy Side, Executing Brokers and Clearing Brokers, to be able to allocate electronic and manual trades to their matching accounts. The implementation is in final testing with many sell side firms and will be in production by year's end. The specification is available on request at the company's web site, www.aegisoft.com. The multi-party specification defines a workflow for both Futures and FX, with the Buy Side OMS OMS - Opportunity Management System acting as the central coordinator for any number of executing and clearing brokers. No intermediate system is needed and the implementation can be deployed directly between the Buy Side and the Sell Side . Trades can be given-up and given-in through the Buy Side OMS which centrally manages the entire electronic allocation workflow, over either standard FIX Protocol or through file transfers. Allocations can be defined pre or post-trade and advanced features include support for outright Futures and spreads, order blocking and averaging by account. Foreign Exchange support includes spot FX trades, crossed quantity with net/block orders, averaging by execution venue and rolling spot into forward positions. "We started with the FIX 4.4 specification which already had all the necessary information," said Joseph Horowitz, Director of Technology at Aegis Software, "but the workflow was not well defined. We worked on Futures and FX simultaneously, enabling us to design a workflow that addressed the needs of both asset classes. To provide users a migration path, we designed file-based and FIX-based versions. And we are actively testing the specification with several brokers, so that the specification reflects a proven and supported real-world implementation." Aegis is currently testing the specification with the following brokers: JP Morgan, Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Lehman Brothers, Morgan Stanley, Calyon, Citigroup, Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba , AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group and Deutsche Bank. About Aegis Software Aegis Software has been addressing the trading and quality assurance needs of the financial services industry since 1994. Aegis' products include algoritmic trading ("Athena"), FIX, CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. , CTCI CTCI Computer to Computer Interface and LiffeConnect protocols ("Athena Gateway Server"), as well as the premier FIX testing solutions in the industry: Exchange Simulator and Client Simulator. For more information, visit www.aegisoft.com, email info@aegisoft.com, or call 212-268-3100. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion