The Bank of New York announced that BlackRock, Inc. has implemented BNY ESI & Co., Inc.’s TEAMTrader trade management system. BNY ESI is the agency brokerage subsidiary of The Bank of New York.
One of the largest publicly traded investment firms in the United States, BlackRock manages assets on behalf of both institutional and individual investors worldwide. TEAMTrader will seamlessly connect into BlackRock’s accounting system. As portfolio managers enter new trades, the orders will be sent electronically to BlackRock’s trading desk via TEAMTrader.
Traders can then perform a number of functions before electronically routing the orders to BNY ESI or any other Financial Information Exchange (FIX) compatible broker, or execution destination.
TEAMTrader was designed to offer a quick and easy-to-use single blotter/screen system for clients to manage all of their order flow electronically. Clients can pre-define routing criteria for their smaller orders, allowing them to automatically route to a particular broker, thereby eliminating the need for any manual intervention. Or, clients can group similar orders together into a block order and benefit from lower commissions.
The entire blotter can be customized with visual indicators alerting traders to special instructions, directed brokers, and any other important trade information.
TEAMTrader also offers a number of trade reports as well as an order history screen and other tools for auditing and compliance. From pre-trade to execution and through to post-trade settlement, TEAMTrader offers a wide variety of tools for managing trades. All activity is electronic
and
therefore minimizes errors and prepares for T+0 settlement.
“The launch of TEAMTrader in the trading department at BlackRock further underscores our commitment to offering our clients one of the most efficient trading services available in the marketplace,” said Lou Gitlin, head of equity trading at BlackRock. “This implementation will enable our traders to execute clients’ trades with the brokerage community quickly and cost-effectively.”
“The Bank of New York is fully committed to offering mission-critical trading solutions to clients seeking access to pools of liquidity in equity markets,” said Carey S. Pack, president of BNY ESI. “We are pleased
to
provide
TEAMtrader
to BlackRock as they implement cutting-edge technologies that address the specialized needs of both traders and the enterprise as a whole.”