TT gears up for transformation milestone

TT gears up for transformation milestone

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Trading Technologies (TT) is gearing up for the launch of its Order Management System (OMS) solution in September with the recent sign-ups of TP ICAP and BGC Partners, marking a milestone in the Chicago tech firm’s evolution.

Michael Kraines (pictured), president and chief financial officer, said the launch underlines TT’s transformation from an execution management software (EMS) vendor to a provider of integrated order and execution management system (OEMS) functionality.

“This is a milestone for TT because of course we were mostly known as being an EMS company,” Kraines told Global Investor. “We’ve essentially changed that and we are now a full platform company for EMS and OMS, data and infrastructure.”

The key benefit of OMS is globally centralised execution, Kraines said. “You’re putting the execution in the hands of a single global desk staffed by the people who are generally the most expert at these types of orders within the organisation, all via a software-as-a-service model with a single code base.

“They are trading with our advanced trading tools and seeing the entire global order book, which means their clients get better fills, better executions, and make or save more money.”

Another key advantage is speed, Kraines said as the system eliminates the need for a translation layer. “In a non-integrated situation you’ve got to re-key orders, so if there’s a fast market and your order gets dropped or mis-keyed, you may lose several million dollars from the failed trade. We eliminate the possibility of those drops, misses or translation errors.”

For TP ICAP, the adoption of TT’s OMS solution runs alongside the London inter-dealer broker’s electronification and technology strategy, which aims to drive growth by improving the efficiency of its client-facing services.

In a multi-year agreement with TT, TP ICAP will replace 85 trading screens in London, Paris and New York with the TT Pro trading screen, enabling TP ICAP’s brokers to use the TT OMS advanced order handling and post-trade allocation features as well as an options trading and analytics package.

New York-based BGC’s arrangement extends its usage of TT’s EMS platform to the OMS product, making it available to all BGC brokers.

According to Kraines, TT is currently discussing sign-ups with several dozen potential OMS clients including Tier 1 and Tier 2 banks, proprietary trading and commercial firms and buy-side clients following an aggressive launch campaign. In particular, several of the top 20 futures commission merchants are now looking at extending their usage of TT’s EMS platform to include OMS.

Steve Stewart, managing director sales EMEA at TT, said the OMS platform offers other capabilities including over-the-counter solutions, infrastructure-as-a-service, trade surveillance and TT’s new data concept echo chamber, providing flexibility for long-term development.

“This, I think, is very appealing to brokers like ICAP and BGC,” he said. “At TP ICAP we’ve added an options functionality for the first time, and the platform allows us to build other widgets and functionalities in line with what our clients are looking for.”

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