ConvergEx Group, a leading provider of global brokerage and trading-related services, today announced that LiquidPoint customers will be able to meet the new Electronic Blue Sheet (EBS) reporting mandate when the SEC / FINRA rule goes into effect on November 1, 2013.
The new regulations require brokers to include Large Trader IDs and also to be able to provide time stamps for every execution report when submitting securities transaction information to financial regulators.
Using functionality available through LiquidPoint, ConvergEx's options technology business, customers can seamlessly capture the necessary data. LiquidPoint already stores the required execution information, including every order update received via Exchange FIX messaging and a time stamp to the millisecond upon receipt. LiquidPoint also supports input fields for Large Trader IDs or other proprietary identifiers. This data is available for both electronic trades as well as manual orders executed on exchange floors via LiquidPoint's BrokerPoint.
"Many of our clients have expressed concern regarding their ability to meet these new requirements," said Anthony Saliba, chief executive officer of ConvergEx's LiquidPoint. "However, at LiquidPoint, we have always taken a prudent approach towards compliance reporting and have architected our products to be flexible and prepared for new requirements as they arise. As always, we remain committed to proactively offering solutions for industry-wide issues such as this."
This data is available to clients on demand for their EBS reporting, and many of LiquidPoint's clients already receive the execution data daily by various means.
LiquidPoint offers flexible, customizable and comprehensive solutions, specifically designed to meet the diverse needs of institutional options traders. Combining sophisticated electronic trading tools with superior order execution services and outstanding customer support, LiquidPoint provides a complete platform to help maximize options execution efficiency while seeking to improve performance and overall results.