The broker strategy functionality is a new component in SimCorp Dimension’s Order Manager solution. It is based on taking industry standard FIXatdl files from brokers and directly rendering the relevant strategies on to the order ticket in SimCorp Dimension.
According to SimCorp, this direct use of FIXatdl allows new or updated strategies from brokers to be made available to traders without any need for software updates.
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The broker strategy functionality is a new component in SimCorp Dimension’s Order Manager solution, based on taking industry standard FIXatdl files from brokers and directly rendering the relevant strategies on to the order ticket in SimCorp Dimension.
SimCorp claims that the direct use of FIXatdl will allow new or updated strategies from brokers to be made available to traders quickly and easily without any need for software updates.
SimCorp added that any broker which uses FIXatdl can be supported by the new functionality. Initially back-tested with the London Stock Exchange’s FIX Gateway, known as LSE Hub, the engine has now been implemented at Nordea, and includes BofA Merrill Lynch; Barclays; Deutsche Bank; Goldman Sachs; JP Morgan; Knight Capital; Morgan Stanley; Sanford Bernstein; and UBS among the group of brokers.
Nordea Investment Management global head of trading, Per Moller, said: "We now have tier-one broker strategies embedded into our core straight-through processing order execution and post-trade processes, so there is no real need for other equity EMSs."
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By GlobalData"Our traders can effectively execute increasing volumes this way, leaving them more time to work illiquid or special stocks," Moller added.
