FlexTrade Systems has launched DeepFeed, a service available through the FlexTrader order management system that consolidates all bids and offers on the books of every major ECN with market maker quotes, providing traders a real time, in-depth view of the market.
In implementing DeepFeed, dealers utilise FlexTrader's rules-based technology to specify parameters for those ECNs and prices they want to view. The package provides optimum routing across all ECNs, sweeping of ECN books and identification of hidden orders by individual names and across portfolios.
FlexTrade Systems president, Vijay Kedia says: "DeepFeed is real time and offers a much broader matrix of bids/offers, giving traders the ability to instantly analyse, scan and sweep fragmented markets."
Traders can also utilise DeepFeed to estimate slippage in real time based on value or size of order wave, and analyse trends and market direction for individual securities, by sector, portfolios, industry and other groupings.
Kedia says DeepFeed will prove especially appealing to quantitative traders who painstakingly calculate market impact and other potential outcomes of pre-trade decisions.
The software is currently in use at Jefferies & Company. Senior vice president and portfolio trading desk co-head, Robert Sehr, says: "We are impressed with FlexTrade's efforts to differentiate themselves from traditional trading systems with the introduction of DeepFeed. The ability to view and utilise depth of book can provide a unique advantage to our clients."
Founded in 1996, privately held FlexTrade Systems claims a global client base of approximately 75 buy- and sell-side firms, including many large program trading desks at major investment banks, hedge funds and investment management firms. The FlexTrader system is configurable across Sun, Linux and NT.