Portware, the leading provider of global multi-asset trading solutions, today announced that it has partnered with Cuttone & Co., a leading brokerage firm on the floor of the New York Stock Exchange, to provide integrated access to Cuttone's floor broker services for enhanced order management including participation in the Nyse parity allocation model.
The partnership also allows Cuttone to provide Portware clients with greater flexibility and execution opportunities throughout the day and leading up to and including the closing transaction via NYSE Discretionary Quote (dQuote).
• NYSE parity allocation - Portware clients who route limit orders to Cuttone & Co.'s designated strategies will be represented in the NYSE parity allocation model, which unlike traditional price/time models features the ability to share in executions alongside other participants -- floor brokers, designated market makers (DMMs) and the DOT limit order book. For many customers this can often result in enhanced participation in NYSE limit order executions and improved overall performance.
• NYSE dQuote - Portware clients routing orders to Cuttone will also benefit from greater flexibility and execution opportunities throughout the day and leading up to and including the closing transaction. As trading floor participants, brokers have the ability to represent customer interest in the closing auction both physically at the point of sale as well as electronically using a suite of tools available in the e-Broker hand held device. Designed to replicate their physical representation, brokers can oftentimes provide customers with greater control over their execution needs during this important time of the trading day.
Recent enhancements to NYSE broker technology enable Cuttone & Co. to accept large numbers of orders electronically and efficiently manage and represent them in the marketplace. Portware is the first trading systems provider to offer a fully integrated ability to access the benefits and managed solutions offered by Cuttone & Co., greatly streamlining client workflows.
Eric Goldberg, CEO, Portware comments: "Cuttone & Co. is a valuable addition to the 450 plus global destinations available via Portware, giving traders with new and more efficient ways to access NYSE liquidity. As the markets continue to evolve, Portware will work closely with all global liquidity providers to ensure that our clients have access to the broadest range of execution destinations and order routing strategies."
Keith Bliss, Senior Vice President, Cuttone & Co. said: "We are delighted to establish this relationship with Portware. As the leading execution management technology provider, we are excited to be its partner in providing Portware's clients with enhanced NYSE execution products. We believe that the NYSE parity allocation model combined with execution capabilities provided by floor brokers will greatly augment any firm's overall execution strategy."