GL TRADEâs order management system and proprietary order routing network allows Pershing to electronically execute customersâ equity orders for both U.S. and international destinations through a single connection. This streamlined connectivity will enable Pershing to better service customersâ orders, whether they are received electronically through an order management system or via phone to Pershingâs trading desk. This high-speed access to Pershingâs exchange memberships and global broker network, combined with Pershingâs advanced order-routing rules, straight-through processing and the ability to queue up equity orders during off-market hours will enhance the level of service the firm provides to its customers.
GL TRADEâs software will enable Pershing to:
- Connect through a broad array of industry protocols, including, Bloomberg, GL NET, Reuters, SWIFT and FIX;
- Normalize orders in the same manner regardless of time zones, differences in security identifiers and execution methods;
- Offer real-time, electronic reporting of order execution that can include commissions, fees, average price and settlement date; and
- Employ Pershingâs proprietary, automated algorithmic trading technology in selected markets -both in the U.S. and internationally.
Craig Messinger, Managing Director of Trading Services at Pershing, said: âAs a leading provider of a broad array of open architecture trading solutions to the global capital markets, we continuously explore opportunities to offer our introducing broker-dealer and RIA customers solutions that help them enhance their competitive positioning. GL TRADEâs sophisticated order management and routing network will further enable us to execute our customersâ global equity trades in a more efficient and effective manner.â
Ryan Keough, Managing Director of the Trading and Client Connectivity solutions at GL TRADE Americas, said: âWe are delighted to team with Pershing to help enhance its global equity execution capabilities. Through GL TRADE's flexible technology and robust systems, Pershing will now be able to offer its customers a wider range of trading solutions to help them maximize their success.â