Stephen Alepa, EVP, Networks & E-Markets, at Macgregor, commented, "Macgregor is committed to connecting our clients to the resources they need to complete their specific STP workflows. By providing immediate access to all top brokers, ECNs** and ATSs†, our FIX network, MFN, is able to deliver powerful e-trading extensions to our clients through our OMS in the form of integrated indications of interest, electronic orders, executions and support for post-trade FIX allocations. Now, we’re expanding our reach even further by using the network to connect to GSTP’s TFM and other entities to provide that additional level of connectivity and value added services for our clients. We offer a suite of trading and trade processing services that is unique to the industry and are very excited about becoming a formal part of the GSTP community."
The Macgregor FIX Network (MFN) is fully integrated into Macgregor’s OMS. MFN provides clients with immediate access to over 115 brokers and every major ECN, and processes approximately 150 million shares per day. This built-in FIX connectivity extends the traditional reach of the OMS past the client’s internal workflow to include all of the external counterparties in the investment process, creating a true STP environment.
C. Steven Crosby, Acting Chief Executive Officer, at GSTP AG said, "Macgregor’s buy-side client base and their large network of brokers is a natural platform for GSTP concentrator services. We are very pleased that they will offer connectivity to the GSTP utility for their broad client base."
Izzy Kutnowski, Vice President and Director, Global Technology, at Toronto Dominion Asset Management, said, "We are a pilot member of GSTP, and the TFM is an integral part of our STP strategy. Macgregor provides our OMS, which is another key component of that STP workflow. Macgregor’s decision to offer concentrator services and build that connectivity to the TFM directly from our OMS really enhances the overall value of the system as an STP resource."
Concentrators play a critical part in helping the industry realize the benefits of GSTP. They provide connectivity to a broad array of user communities and link them with the matching capabilities of the GSTP utility, while also providing high value services to their clients. At present around 20 firms have expressed their intention to offer concentrator services. This includes a number of the 33 firms in the GSTP pilot.
The concentrator solution is attractive for participants wanting to benefit from the advantages of connecting to the TFM without getting directly involved in maintenance and operational infrastructure. The participants will benefit from reduced entry and operational costs and protect previous investments by reusing existing communication channels.