Pershing, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has entered into a software licensing agreement with GL Trade.
The agreement enables Pershing to provide enhanced global equity execution capabilities to its introducing broker-dealer and independent registered investment advisor (RIA) customers.
GL TRADE's order management system and proprietary order routing network allows Pershing to electronically execute customers' equity orders for both U.S. and international destinations through a single connection. This streamlined connectivity will enable Pershing to better service customers' orders, whether they are received electronically through an order management system or via phone to Pershing's trading desk. This high-speed access to Pershing's exchange memberships and global broker network, combined with Pershing's advanced order-routing rules, straight-through processing and the ability to queue up equity orders during off-market hours, will enhance the level of service the firm provides to its customers.
GL TRADE's software will enable Pershing to:
- Connect through a broad array of industry protocols, including, Bloomberg, GL NET, Reuters, SWIFT and FIX;
- Normalize orders in the same manner regardless of time zones, differences in security identifiers and execution methods;
- Offer real-time, electronic reporting of order execution that can include commissions, fees, average price and settlement date; and
- Employ Pershing's proprietary, automated algorithmic trading technology in selected markets--both in the U.S. and internationally.
Craig Messinger, managing director of trading services at Pershing, said, "As a leading provider of a broad array of open architecture trading solutions to the global capital markets, we continuously explore opportunities to offer our introducing broker-dealer and RIA customers solutions that help them enhance their competitive positioning. GL TRADE's sophisticated order management and routing network will further enable us to execute our customers' global equity trades in a more efficient and effective manner."
Ryan Keough, managing director of trading and client connectivity solutions at GL TRADE Americas, said, "We are delighted to team with Pershing to help enhance its global equity execution capabilities. Through GL TRADE's flexible technology and robust systems, Pershing will now be able to offer its customers a wider range of trading solutions to help them maximize their success."