New York, New York (January 14, 2004) â OM today announced that clients of its Order Management ASP can now route orders to Archipelago Exchange (ArcaEx), Chicago Stock Exchange (CHX), and the Boston Stock Exchange (BSE). This expansion of the ASP service provides brokers using the OM solution with access to key execution venues, ensuring best execution for their clients. OM clients already can access all the NYSE services â including BBSS, DOT, and Direct+ -- as well as the AMEX, and NASDAQ.
"A key objectives for OM is to provide our clients with seamless access to major execution venues," said Paul DiBlasi, Director of Business Development for OMâs Banks & Brokers Business. "The best way to do that is to work cooperatively with the exchanges to integrate with their technology, which is the system of choice on the floors."
"At the Chicago Stock Exchange, weâre leveraging our technology infrastructure to enhance communications between upstairs firms and brokers on the trading floor," said John Kerin,CTO, Chicago Stock Exchange. "OM and other FIX vendors are connecting to the Exchangeâs BrokerPlex system, enabling our members to be more efficient and more responsive to the needs of institutional clients."
"ArcaEx has always had an open architecture allowing flexibility for investors accessing our trading platform," said Steve Rubinow, Chief Technology Officer, Archipelago Exchange. "OM leverages that flexibility by providing connectivity to the liquidity on ArcaEx and its best execution model."
Mike Curran, Executive Vice President and Chief Operating Officer of the BSE said, "The Boston Stock Exchange is fully committed to meeting the needs of our members, and we are pleased to work with our members and their technology providers to support their efforts to achieve best execution for their trades."
Brokers using OMâs ASP also have access to the primary sources of buy side order flow
â the TNS and Macgregor networks. In addition, OMâs ASP has certified with, and can receive orders from, all the prominent buy side order management systems including Advent, Longview, Charles River, Macgregor, and Eze Castle.
"We firmly believe that creating an open trading environment that includes all the key execution venues, networks, and buy side OMS vendors is the best way to serve our clients," said Paul DiBlasi.
Brokers using OMâs order management system can currently send IOIs to their buy side clients. OM intends to expand the scope of this functionality by connecting to the major IOI networks during the first half of 2004.