Market Taker (Buy Side or Execution Management System; EMS)

You can connect to a Multi Dealer Platform via one of our API's. We support OptAxe, Digital Vega, Fenics Direct and kACE connectivity for this. Bloomberg Direct Order Router is available, but we have stopped our implementation for this as Bloomberg requires the client to provide hedge rate, hedge amount and hedge direction if you want to trade with a delta hedge. Given you normally don't have a vol, calculating the hedge amount is not trivial hence it leads to errors. We have already seen requests on our market making module with wrong hedge amounts, but even with wrong hedge direction!!!

We can also deliver Direct connectivity. Market makers who have implemented their API's as a product are:

• IMC
• Natwest
• SGCIB
• Nomura

We also implemented the following bank API's, but we noticed that they will not approve any client for connectivity:

• HSBC
• Morgan Stanley
• Bank of America Merrill Lynch
• Deutsche Bank
• Citi
• CIBC

Exotics are supported by Natwest, JPM, Citi and Nomura

Advantages using our solution:

1. We correctly determine the best price.

2. We can book the resulting deal.

3. We can perform a credit check.