Charles River Development, a leading provider of financial software and consulting services to the global investment management community, today announced a partnership with JPMorgan's recently announced Electronic Execution Services (EES) group that will give Charles River clients the opportunity to use JPMorgan's algorithmic stock trading tools in conjunction with the Charles River Investment Management System (Charles River IMS).
The alliance will enable traders using Charles River IMS, a comprehensive software suite for portfolio management, order management, electronic trading, and securities compliance, to execute FIX-based equity securities orders according to JPMorgan's sophisticated algorithms directly from the Charles River IMS trade blotter.
JPMorgan designed its algorithms to minimize market impact and maintain relative anonymity in a way that gives clients the ability to customize the tools to meet their own trading profile. Clients control the strategy of the stock execution (such as price-limits/aggressiveness/price dependent speed of execution) while the computer controls the details (deciding exactly when/where/at what price to send each small component stock order). JPMorgan traders use the same core algorithms to execute stock for their proprietary statistical arbitrage strategies.
"Teaming with Charles River illustrates our continued commitment to aligning client interests with fast and dependable execution," said Daniel Keegan, head of electronic execution services for JPMorgan’s Equities Americas business. "It's an exciting partnership that will have immediate benefits for all involved."
"JPMorgan algorithmic stock trading tools are a proven trade execution mechanism that offers our joint clients the opportunity to maximize performance," said Peter K. Lambertus, CEO and president at Charles River Development. "We are pleased that JPMorgan put us first on their list for OMS integration and we worked closely with them to quickly integrate their strategies into our version 7.2.3 of Charles River IMS, scheduled for release later this month."
The Charles River IMS v7.2.x series is the second deliverable in Charles River's next-generation technology strategy to offer its market-leading investment management suite on an open, platform-independent, services-based architecture that is able to scale and transform in conjunction with an investment manager's evolving business model. Charles River's new technology strategy introduces a Java-based Compliance engine, Web-based reporting tools, an XML/XSL Trade Gateway, and additional Messaging and Web Services APIs for systems integration. In addition, Charles River's new technology incorporates numerous functionality upgrades including enhanced portfolio modeling capabilities, mortgage trading and TBA processing functionality (including EPN connectivity), FIX-based fixed income allocations, and support for ISO15022 standards.