New release provides powerful platform for low-latency institutional and retail trading and consolidated cross-border market data access.
IRESS is pleased to announce the release of its next generation trading platform to meet the increasingly complex needs of the Canadian trading environment. Leveraging the global expertise of the IRESS development team, the platform reflects IRESS‟ on-going commitment to innovation, speed of execution and scalability. Incorporating enhanced institutional, DMA, retail and consolidated market data features, the new platform delivers low latency trading and market data access for Canadian, US and International markets.
Institutional Trading
With this release, IRESS has significantly enhanced its solutions for institutional traders. The enhanced institutional workflow provides dynamically updating client tickets, comprehensive support for IOIs, and the ability to auto and manually allocate split fills across multiple client orders. Additional features include the ability to apply trading and settlement currencies, hold and release orders and layoff order volume to other traders.
To further improve institutional trader efficiency, IRESS has developed FX Management features that include the automatic display of all FX eligible trades, the ability to apply a specific FX rate to selected orders, and automated real time dynamic updates of all "realized" values. These features allow the institutional trader to quickly respond and optimize fill allocations throughout the trading day.
"From the institutional trader‟s perspective, IRESS' streamlined workflow provides the tools that make it easier and more effective to meet their clients‟ demands," said Michael Harrison, VP - Sales for IRESS Canada. "The functions that the institutional trader relies on, such as order and trade management, automated and manual fill allocation and FX management, are directly integrated into the IRESS institutional workflow. This allows the institutional trader to increase their order management capacity and improve their trade executions, driving increased client satisfaction and revenue."
Direct Market Access Trading
Extended order routing capabilities within the IRESS buy and sell side community now allows for rapid and cost-effective connectivity between users and firms. In addition, expanded direct market access (DMA) rules and limits provide increased risk management capabilities.
Email and pop-up alert notifications have been added to advise the electronic trading desk of order failures, resulting in improved order visibility and proactive client management and support. IRESS has also optimized the integration of the IRESS Best Market Router™ to maximize liquidity hit rates and enhance reporting.
Retail Trading
IRESS has incorporated a number of enhanced retail trading features that improve order management, extend order processing functionality and enable the trader to more quickly monitor and assess trade activity across a broader asset class. This results in increased efficiency and order flow capacity for both the firm and the trader.
These enhancements include support for corporate action adjustments, the incorporation of execution instructions into restricted lists and the highlighting of amended order details. The platform also incorporates the new IRESS Destination Router. This router automatically directs southbound order flow across multiple US broker destinations against the predefined target criteria designated for each broker.
Consolidated Market Data
The new platform incorporates IRESS‟ fully consolidated market data, resulting in Total Market View: real time, low latency access to trading data across Canadian, US and International marketplaces. From investment advisors to high net worth individuals and institutional traders, IRESS Market Data enables users to quickly identify market drivers, key market makers and the location and volume of available liquidity. IRESS Market Data seamlessly integrates consolidated data views into all key market data functions, including Watchlists, Market Depth, Time and Sales, Security Info, Market Map and enhanced tick charting.
In addition, the forthcoming IRESS Liquidity View will enable users to analyze average trade size, total volume traded and off-market trades both historically and in real time, graphically detailed across the Canadian marketplace.
Scalability and Performance
Based on next generation architecture, the new platform provides immediate and significant capacity gains ensuring IRESS can support the exponential growth in Canadian, US and International message volumes.
In concert with increasing scalability, IRESS continues to enhance its low latency network performance. IRESS was the first Canadian trading services provider to co-locate with exchanges such as the TMX and Chi-X, and the first to provide fully redundant "hot-swappable" data centres located in Canada. IRESS' network infrastructure offers traders the speed and redundancy required in today's rapidly evolving marketplace.
"IRESS has always focused on developing solutions that anticipate market need," said Jim Davies, President and CEO of IRESS Canada. "This release delivers on our commitment to support the evolving regulatory structure of our marketplace and adapt to changing circumstances. Only platform technologies capable of rapidly incorporating new markets and functionality will retain their usefulness over the long term. With this release, we‟ve developed the platform that maintains that long term viability."