BNY Brokerage Inc. has linked its Direct Execution Services (DExSM) trading platform with the Macgregor XIP Order Management Network (OMNTM).
The integration gives Macgregor’s clients direct market access by allowing them to direct order flow from XIP on their desktops through BNY Brokerage’s DEx platform. Money managers using XIP can now access the SonicPortSM front-end to work orders directly into the marketplace to reach all points of liquidity including ECNs and Nasdaq’s order routing systems, as well as the NYSE and other exchanges.
Thus, clients are in a better position to utilize the full range of SonicPort’s services, including sophisticated trading order types, such as pegging and discretion; a proprietary smart order routing algorithm; web-based trade data reporting; built-in risk management tools; a FIX API connection; and a dedicated and professional trade support unit. In addition, BNY Brokerage’s proprietary algorithms are available through SonicPort, as well as directly through Macgregor XIP.