- Single front-end display replaces need for bond traders to compare separate screens to determine best price for instrument.
29th January 2003 - Finexpo Conference, London - Mighter Gissing, the financial industry's leading provider of market data contribution solutions, today launched Electra, a Bond Trading Gateway which increases the efficiency of fixed income trading on multiple Electronic Communications Networks (ECNs).
With the recent proliferation of fixed income ECNs - each with its own protocols and APIs for sending and receiving data, and its own front-end application for viewing prices and executing orders - many traders are having to manage several front-end applications on their desktops, and manually compare each screen to determine the best price for an instrument. In addition, financial institutions must develop individual interfaces with each ECN to contribute prices, receive market data or capture trades.
Electra streamlines the process of interfacing to each of the different ECNs by sitting between the institutions' market data LAN and the ECNs, communicating directly with each for the receipt of bond data and the contribution of prices. Bond data is stored and maintained in the Electra Kernel, one of the key components in the Electra Bond Trading Gateway, which constantly updates the best price on receipt of a new quote.
With many institutions generating their bond prices using a pricing engine, Electra can also enable quotes and orders to be contributed to multiple market data vendors. Electra rationalises traders' desktops by providing a single front-end for displaying aggregated and contributed prices, whilst allowing those prices to be traded upon.
Richard Gissing, Managing Director, Mighter Gissing comments: "With the growth in the ECN market, fixed income traders need to bring order and efficiency to the data they receive if they are to keep trading effectively. Electra is an innovative product that has been developed to make traders' lives easier by simplifying the data contribution, aggregation and trading process to reduce manual intervention. The contemporary development techniques we employ mean that our solutions require less hardware and on-going support over time, our clients recoup the cost and start saving money in year one."
For more information please contact:
Sheena Clark, +44 (0)20 8466 8350