ESP Technologies, The Buy-Side Solution, providing broker-neutral global order routing, post-trade management technology and settlement aggregation, announced today the completed integration of its Clearvoyance post-trade preclearing aggregation technology with Linedata via the firm's Order Management System, LongView Trading.
ESP's Clearvoyance enables buy-side firms to benefit from a significant reduction in the number of trade settlements and allocations when purchasing stocks across multiple venues in an effort to achieve best execution. This integration allows Linedata clients to benefit from settlement aggregation while still preserving all original broker execution, performance and commission details in the OMS for post-trade analysis and accounting purposes.
"Now, buy-side clients of Linedata's LongView Order Management System can streamline their allocation and settlement processes without requiring any change to their existing FIX routing infrastructure or broker and commission rules," said ESP Managing Director, David Sher.
"Through Clearvoyance, buy-side firms gain the flexibility to choose the timing and scope of settlement aggregation, as well as which brokers, execution services, and accounts participate." "With the dramatic increase in settlements and allocations caused by market fragmentation, we are pleased to offer our buy-side clients timely solutions, such as ESP's, that reduce cost and make the back-end process more efficient," said Dan Pagano, Linedata Vice President of Strategic Alliances for North America.
According to a September, 2007 Tabb Report on Buy-Side Clearing, buy-side firms are currently spending anywhere from $20-$170 million annually on trade processing and settlement in the US alone.