Third-party integrators are competing with major prime brokers in offering technology platforms that consolidate a fund’s trading data, risk management, accounting and administrative functions. A third-party integrator’s technology also makes it easier for smaller funds to use multi-prime brokers without having to spend time and money on developing their own technical platforms.
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“Postmortem analysis is nearly a cultural obsession. Witness the popularity of ESPN’s “SportsCenter,” which may be trumped only by daily postmortems relating to the U.S. presidential campaign. A viewer cannot turn on the television without a review of how a candidate might have improved her chances, or how he “misspoke” and certainly how each event had a cumulative effect on the (still forecast) outcome of the election. The market dislocation beginning in August of last year offers numerous possibilities for postmortems’ combination of hindsight and soothsaying. Titles such as “What Happened to the Quants in August 2007″ and “Deciphering the 2007/2008 Liquidity and Credit Crunch” now appear regularly on conference agendas. No surprise here: Anything out of the ordinary offers an opportunity to check a favorite theory against events,” says Ian Domowitz, Managing Director at ITG.
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Fund managers that swiftly adopt Best Execution can save money for investors and boost performance, says, Michael Corcoran, director of sales and trading in Australia for Investment Technology Group.
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There has always been a war for talent on Wall Street. But as technology becomes ever-more deeply entrenched in trading, many firms are looking less and less for people with experience on The Street and more and more toward a new and younger talent pool. Firms are stepping up their recruiting efforts aimed at rising juniors from high-caliber universities and colleges around the country to fill trading and technology positions, as well as efforts targeted at graduate students in Masters of Financial Engineering and Ph.D. programs to fill quantitative positions. And no firm is doing this more passionately and systematically — or with more top-level executive support — than ITG.
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Through recent acquisitions and a well-planned global expansion, ITG is well-suited to long-term success. According to analysts, ITG separates itself from the competition with its wide range of products and by not engaging in proprietary trading. CEO and President Bob Gasser adds, “I think our largest global investment clients value and appreciate that type of one stop shopping – and from a firm that does not compete with them for liquidity.”
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ITG’s approach is to deliver a single tool for the trader where the historical distinctions between OMS and EMS disappear. ITG is taking the inherent concepts from each world and delivering them as an entirely new application that is optimized for trader workflow and performance and allows the institution to better manage the entire pre-trade, trade and post-trade process with proper audit control. This new concept, ITG Triton X™, delivers unified workflow and EMS performance without compromising compliance, cash or other constraints.
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The “perfect cocktail” of factors in play within Asia’s financial markets is driving demand for a “dashboard” solution to provide buy side traders with the equivalent of a satellite navigation system as they negotiate the region’s complexities. So believes Alasdair Haynes, managing director and CEO of agency broker and technology provider ITG’s international operations.
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Hong Kong is a major international financial center and a regional hub for institutional buy-side firms. Their presence in Asia, coupled with the growth of hedging strategies, has led to an increase in algorithmic trading in the region. Gabe Butler, Hong Kong-based director of sales and trading for New York agency brokerage Investment Technology Group (ITG) says that algorithms have been available there for three to four years, and “it is still a developing market that has been pioneered primarily by brokers using algorithms to trade on behalf of their clients.”
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Early last month, Buy-Side Technology hosted a roundtable in New York on single, integrated front-office platforms for the buy side. On the agenda were issues including the feasibility of such platforms and when the market is likely to see their emergence, interoperability and connectivity between front-office applications, and the importance of broker neutrality to buy-side firms.
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Tony Huck, managing director of New York-based Investment Technology Group (ITG), says, “Clients are looking for more efficiency in the trading process, and if you can automate something so you can deal with those pieces that are highcost or more difficult, that’s where you want to get your focus.”
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