Below courtesy of Aug 6 edition of Wall Street Letter, article written by staff reporter Sean Creamer
WallachBeth to enhance multi-basket trading
WallachBeth Capital, a New York City-based agency brokerage, will enhance its existing portfolio and multi-basket trading in exchange-traded funds and other equities to make greater use of OMEX Systems, according to executive members of both companies.
The firm currently uses OMEX for trading in equities, including ETFs, and options, as well as critical middle and back office functionality but it will take on additional functionality from the vendor in order to propel the firm even further into multi-basket trading, according to Michael Wallach, CEO.
“What we are doing with OMEX is attempting to customize the trading technology so that we can have enhanced pre-and post-trade abilities and analytics for multiple basket orders and portfolio management,” said Wallach.
David Beth, President and Chief Operating Officer at WallachBeth, noted that add-ons would bolster the current system used for trading baskets.
“We are looking for state of the art analytics, coupled and bolted to the [execution management system] for pre- and post-trade analytics, as well as including the ability for traders to quickly be able to change strategies or algos during and after executing an order,” said Beth.
In preparation for this change, last month the firm hired Matthew Rowley as its chief technology officer, a veteran of Crédit Agricole and Fidessa, who will oversee the firm’s technology push and to enhance existing applications.
Wallach noted that adding this functionality won’t be burdensome, but will involve a re-routing of some client network connections.
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