London-based investment bank Dresdner Kleinwort Wasserstein (DrKW) is offering a Direct Market Access (DMA) service to UK retail stockbrokers.
UK retail stockbrokers will now be able to send electronic orders directly to the LSE, NYSE, Nasdaq and European exchanges using their DrKW bestconnecttm FIX connection or Internet front-end, and without needing to use a central counterparty.
Clients will be able to place exchange orders, including limit orders, and obtain real time market prices by interacting with exchanges’ order books via a single electronic interface.
“We are delighted to be broadening DrKW’s offering to UK retail stockbrokers so that they can give their customers more choice and flexibility for trading equities,” says Maneesh Jain, Director, Equities Electronic Broking at DrKW. “This move means UK retail customers will be able to access global exchange order books easily and cost effectively. For stockbrokers it removes the complexity of dealing with a central counterparty and having to put up margin. DrKW recognises that the European regulatory landscape is changing with the introduction of MiFID (formerly known as ISD2). This launch demonstrates that we are building a solution for our clients which is MiFID compliant and enhancing our offering to be ready for the regulatory changes that may take effect across Europe.”