Goldman Sachs has extended the functionality of its REDIPlus multi-broker execution management system (EMS) in Europe. Users in the region can now route orders to other brokers' algorithms – a feature that the investment bank launched in the US late last year.
Goldman Sachs is pushing the system as a viable 'single window' to replace multiple broker interface systems and compete with EMS provided by software vendors such as FlexTrade and Portware.
Brad Hunt, managing director and head of Electronic Transaction Services in Europe, says that clients are increasing the amounts and types of business they trade electronically, and although they still maintain multiple broker relationships, it is not efficient to use multiple systems. "We added the algorithmic functionality into the REDIPlus multi-broker service, as our objective is to enable clients to route and trade from a single front end," he says.
The connectivity to other brokers is currently achieved either directly with the broker, via network provider BT Radianz, or indirectly via Thomson Order Routing, which enables clients to access Thomson Financial’s vast broker community.
Goldman Sachs says it is also working to establish connections with additional network providers.