Piper Jaffray recently extended its New York broker-dealer operations with the addition of an options trading desk, and Derivatives.com was deployed from the outset to support the companyâs first foray into derivatives. According to managing director and head trader Greg Hurley, the desk provides liquidity in equity listed options for the firmâs institutional investor clientele in addition to its own proprietary trading book.
According to Hurley, the options desk derives highly tangible benefits from Imagineâs unique combination of portfolio and risk functionality. âImagineâs real-time capabilities are especially useful in todayâs market conditions,â Hurley notes. âWeâre particularly interested in monitoring volatility. So throughout the day, as we manage our derivatives and stock risks and examine residual exposures, weâre always watching the real-time greeks. Imagine allows us to easily spot the effects of volatilityâbecause itâs constantly reflected in the real-time P&L displays we see.â
The ability to quickly add or modify portfolio view configurations without the need for programming expertise has been put to good use at Piper Jaffray, enabling the firm to easily introduce highly customized calculationsâlike a special gamma-theta volatility display column used for book-level evaluations of implied volatility. âWeâre still in the process of learning how to take maximum advantage of Imagineâs full extent of features and capabilities,â Hurley says. âThis is a very robust system. Weâre quite happy with it and plan to expand our usage in the future.â
âImagine has proved to be an excellent fit for Piper Jaffray, and we feel privileged in being able to assist them with their day-to-day operational needs,â says Yvonne Dahl, Director of Sales and Marketing at Imagine. âWe look forward to supporting them as their requirements expand.â