Macgregor clients are currently trading international equity electronically over MFN. Brokers have already seen live trading via MFN in a number of these markets (e.g. Dutch, Finnish, South African, UK, Spanish, Italian, French, Swiss and German).
Stephen Alepa, EVP Networks & E-Markets at Macgregor, commented, "We take pride in the level of network and specialized FIX application and trading support we’ve provided in the US. Bringing that support to the international arena is the next critical step in our development. We will continue to expand the STP capacities of our investment community by including more global coverage via MFN."
Fully integrated into Macgregor’s OMS, MFN provides institutional clients with immediate connectivity to 115 brokers and every major ECN. MFN extends the functionality of the OMS by connecting the buy side to the sell side, providing increased access to liquidity as well as enhancing the speed and accuracy of the investment process.
T. Rowe Price was one of the first Macgregor clients to utilize MFN for international trading. Lauri Krulis, Senior Business System Analyst, T. Rowe Price, commented, "Electronic connectivity through MFN with as many brokers as possible across every market is an essential part of our STP efforts in our offices worldwide. Currently our Baltimore Traders are using MFN extensively and we are looking to implement the use of international order routing on our London and Hong Kong Trading Desks in the near future."
Over the last year, Macgregor has added an average of 100 connections per month to MFN. Alepa continued, "We have a team of over 20 professionals dedicated to supporting and developing MFN’s electronic trading and order routing capabilities. We’ve seen tremendous growth over the last 12 months, and we’re now ready to bring that FIX growth to the international arena." Broker reaction to this move has been overwhelmingly positive.
Tim Wildenberg, Managing Director, Global Head of Electronic Execution, UBS Warburg, commented, "Macgregor’s European FIX order routing will allow our clients to benefit from real time trade messaging and move closer to STP in a broader set of markets. We will work closely with Macgregor as they expand their market reach to Asia and other markets worldwide."
Joe Sommer, Director of US Electronic Trading and Connectivity Services, CSFB, stated, "Macgregor's new technology and service capabilities are an important step forward since more clients now demand the benefits of connectivity for all their trading operations around the globe. CSFB has worked closely with Macgregor and some of our most important clients to prove the undeniable value of straight through processing for international equities. This development complements CSFB's ability to provide seamless execution services in every major market."
Scott Stickler, Executive Director, Global Connectivity Product Manager at Morgan Stanley, said, "We’re excited that MFN is offering their fully supported electronic trading service in these new markets as we can continue to use their support services to confidently deliver indications and executions to their institutional clients’ trade blotters."
Jim Leman, Managing Director, Global Electronic Trading and Connectivity, Salomon Smith Barney, said, "We are pleased MFN has extended their service to include UK and European markets. This further increases our institutional clients’ ability to trade with us electronically. MFN’s expansion ties into Salomon Smith Barney’s broader connectivity strategy of providing electronic access to global markets for our clients."
As of November 1, Macgregor has 15 financial institutions trading internationally over MFN.