In other FinTech news, CBOE and Bloomberg create EMS links, and Misys readies a SA-CCR module for FusionRisk.
ITG Launches Execution Analysis Tool
ITG, an independent broker and financial technology vendor, reports that it has launched ITG Execution Analysis, a web-based analytics tool for clients seeking additional insights into their fill-level data and broker-neutral algorithm usage.
“Through the use of FIX-based, fill-level data, ITG Execution Analysis focuses on algorithm usage, spread capture, venue and broker reporting, as well as other key execution level metrics,” say ITG officials.
The ITG Execution Analysis offering is “designed to allow users to perform in-depth analysis of their post-trade, fill-level data,” says Ian Domowitz, managing director and head of analytics at ITG, in a prepared statement.
The new solution also allows for custom data selection, filter settings and date ranges, and enables users to focus on orders of interest on a P&L distribution graph, or against their peers’ orders to observe their performance using totally customizable display preferences, officials say.
CBOE Creates Link Between PULSe and Bloomberg’s EMSX
Chicago Board Options Exchange (CBOE) has joined with Bloomberg to establish direct connectivity between the CBOE’s PULSe trader workstation and Bloomberg’s Execution Management System (EMSX), which can be accessed through the Bloomberg Professional service, vendor officials say.
The connection between CBOE and Bloomberg will widen access to the PULSe trader workstation, “allowing Bloomberg EMSX users to send, execute and confirm orders electronically with CBOE floor brokers and other PULSe users,” say CBOE officials.
CBOE’s PULSe trader workstation is an execution management system that helps traders with direct market access (DMA), routing and “high-touch” broker relationships, officials say. PULSe offers connectivity to CBOE, C2 Options Exchange (C2) and CBOE Futures Exchange (CFE) and other equity and options exchanges. “Value-added features include Rule 15c3-5 risk controls, 12 leg complex orders, specialized index trading tickets and CBOE extended trading hours access,” say CBOE officials.
Bloomberg’s EMSX offers access to 6,000 broker-dealer destinations, including algorithmic suites, officials say. “EMSX integrates news, indications of interest and real-time market and portfolio analytics into a customizable workspace so that users can monitor execution quality and improve trading decisions and performance from pre-trade through post-trade,” officials add.
“More than 17,000 EMSX users will now have the ability to electronically link directly to the CBOE PULSe community,” says Andy Lowenthal, CBOE senior vice president of business development. “Additionally, EMSX users will be able to electronically access the excellent open-outcry liquidity in CBOE’s SPX and VIX options,” Lowenthal adds.
Misys Debuts SA-CCR Module for FusionRisk
Financial software and systems vendor Misys has launched a new packaged solution to help banks comply with the Basel Committee’s Standardized Approach for Counterparty Credit Risk (SA-CCR), Misys officials say.
The Misys FusionRisk SA-CCR solution is intended to help banks “achieve a consistent and compliant risk policy for derivative counterparty exposures. This is accomplished by allowing a bank to apply the same risk methodology across capital reporting and internal risk limits management,” officials say. “It will hold all the supervisory data required by the regulation, mapping trade information and capturing all asset classes, right netting sets, collateral and margin agreements.”
SA-CCR is a regulation focused on counterparty credit risk exposure associated with over-the-counter (OTC) derivatives, exchange-traded derivatives and long or dated settlement transactions. The Basel Committee has asked the framework to be changed by January 1, 2017, when SA-CCR will replace the Current Exposure Method (CEM) and the standardized method (SM) in the Basel capital adequacy framework.
“The regulation will require more data inputs, calculation challenges and granular drill-downs across business lines than before,” say Misys officials. “The solution is built on the SA-CCR (BCBS 279) specifications and can run exposures in parallel with old and new calculation methods for a smooth transition to the new regulations.”
The vendor adds that risk managers can analyze and drill down to different levels of exposure and limits in an easy to use and flexible dashboard. “The SA-CCR Exposure at Default (EaD) computations are available for all further accounting and regulatory computations such as Risk Weighted Assets, IFRS 13, Credit Value Adjustments (CVA) and others,” according to Misys.
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