US investment firm BlackRock has implemented BNY ESI's TeamTrader electronic trade management system.
As portfolio managers enter new trades, the orders will be sent electronically to BlackRock's trading desk via TeamTrader. Traders can then perform a number of functions before electronically routing the orders to BNY ESI or any other Financial Information Exchange (FIX) compatible broker, or execution destination.
Users can pre-define routing criteria for their smaller orders, allowing them to automatically route to a particular broker, or they can group similar orders together into a block order for lower commissions. The entire blotter can be customised with visual indicators alerting traders to special instructions, directed brokers, and any other important trade information.
The TeamTrader system also offers a number of trade reports as well as an order history screen and other tools for auditing and compliance.
Lou Gitlin, head of equity trading at BlackRock, comments: "This implementation will enable our traders to execute clients' trades with the brokerage community quickly and cost-effectively."