Source: Bank of New York
BNY Brokerage Inc., a member of BNY Securities Group and subsidiary of The Bank of New York, has linked its DEx (Direct Execution Services) trading platform with the Macgregor XIP Order Management Network (OMN), expanding the trading capabilities of Macgregor's clients and giving them electronic direct access to all electronic markets.
The integration gives Macgregor's clients direct market access by allowing them to direct order flow from XIP on their desktops through BNY Brokerage's DEx platform. Money managers using XIP can now efficiently access the SonicPort front-end to work orders directly into the marketplace to reach all points of liquidity including ECNs and Nasdaq's order routing systems, as well as the NYSE and other exchanges.
Through this integrated platform, clients can take advantage of the full range of SonicPort's services, including sophisticated trading order types, such as pegging and discretion; a proprietary smart order routing algorithm; web-based trade data reporting; built-in risk management tools; a FIX API connection; and a dedicated and professional trade support unit. In addition, BNY Brokerage's proprietary algorithms are available through SonicPort, as well as directly through Macgregor XIP.
Stephen Alepa, executive vice president of Macgregor, said, "We continue to offer our clients additional ways to improve their execution quality. Our clients are excited to integrate Sonic's sophisticated direct market access tools, including market aggregation and smart routing, into their workflows. Our clients also appreciate the ease with which they can access Sonic from our OMN and the end-to-end support we can provide for the solution."