Chicago, February 2nd, 2004 - R. J. O'Brien and Associates, Inc. (RJO), a leading provider of futures brokerages services, today announced significant enhancements to its Client Access Terminal (CAT), Market Center Direct (MCD) and RJO browser based order entry systems. CAT is actively used by more than 300 large trading firms nationwide; MCD is actively used by more than 1,800 individual futures traders nationwide and the browser is actively used by 14,000 clients nationwide. The upgrades to all three systems provide users with access to information on market depth, streaming quotes and risk evaluation as well as provide one click trading functionality.
Launched in 1996, RJOCAT is an application-based broker terminal where users can electronically place any trade worldwide. For all orders placed on US futures exchanges, trades are sent directly via RJO's proprietary nationwide order routing engine that delivers the trade to either the electronic marketplace or to the open out cry location instantly. The principal users of RJOCAT are introducing brokers, institutional investors and commercial futures market participants.
Introduced in 2000, MCD is an application-based personal computer program that transmits its trading data via the Internet. MCD provides every level of individual trader with the necessary tools needed to effectively trade in today's futures markets.
Beginning 2003, the RJO's browser provides the same progressive trading functionality as MCD but with access flexibility provided in a browser environment.
"The futures markets are increasingly going electronic," said Gerald Corcoran, CEO of R.J. O'Brien. "RJO's strong network of customers are demanding direct access to these fast-moving markets and RJO is providing them with state-of-the-art technology to manage their trading and risk."
CAT, MCD and the browser product all provide a futures order entry system as well as quotes and charting capabilities. All users can access real-time account information. All three systems provide straight through processing functionality from the exchanges to RJO's back office system. The upgrades deployed on Feb. 1 include:
- Pre-trade Risk Evaluation now includes an automated feature that calculates client's risk on a real time basis. Marked to the market, the system evaluates the order and compares it to the total account equity, total account position as well as current market movement.
- Depth of Market and One-Click execution is now available for all products on eCBOT, Globex, and when appropriate it will be available for the EUREX US, Euronext LIFFE Eurodollars products. The market depth includes bid/offer size for the next five ticks both up and down, and traders have one-click execution of market and limit orders.
- The addition of streaming, real-time quotes provides up-to-the second market data from all domestic and major global futures exchanges.
Colleen Mitchell, RJO's President, noted that RJO is one of the few large Futures Commission Merchants (FCMs) to have largely developed its own trading technology internally with direct involvement of RJO's customers, rather than relying on off-the-shelf technology from third party providers.
"RJO's goal is to provide state-of-the-art yet cost-effective technology that meets the direct needs of all traders and brokers, who value personal attention and service from their FCM," Mitchell said. "The increased use of electronic trading technology by our growing customer base demonstrates the wisdom in this approach."
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