BURLINGTON, MA, March 17, 2005 â Charles River Development, a leading provider of fixed income order management systems (OMS) to the global investment management community, today announced that the Charles River Investment Management System (Charles River IMS) has enabled its first live link to the MarketAxess trading platform. MarketAxess operates one of the leading platforms for the electronic trading of corporate bonds and certain other types of fixed-income securities, serving as an electronic platform through which its more than 500 active institutional investor clients can access the liquidity provided by its 22 broker dealer clients. Clients using the interface have immediate access to MarketAxessâ U.S. and European high-grade corporate, crossover, agency and emerging markets bond liquidity directly from the Charles River Trader blotter, a key component of Charles River IMS. Putnam Investments is live and three additional clients are undergoing implementation.
"We are very pleased with the electronic interface between Charles Riverâs and MarketAxessâ respective services," said Paul Quistberg, chief operating officer of fixed income at Putnam Investments. "Not only are we achieving faster times to market, but we have automated and streamlined a very time-consuming manual process. This type of STP initiative enables our traders to handle just the exceptions rather than single trade processing, giving them more time to create value for our clients."
The FIX-based interface handles generic orders, solicited orders and unsolicited orders originating in Charles River Trader, which facilitates electronic trading and order management across multiple trading desks, all security types and time zones. Charles River Compliance, a real-time compliance monitor that is also part of Charles River IMS, ensures all trades are compliant with various account, portfolio-level and enterprise-wide rules prior to execution. The outcome is a controlled trading environment where investment managers can monitor fixed income trading compliance in real time. Charles River Manager, the third component of Charles River IMS, provides advanced portfolio management capabilities.