E-Crossnet, the European equity crossing network, has launched CrossIT, a new trade management interface. Developed in-house by the technology arm of the London-based crossing venue, CrossIT greatly aims to improve the ease by which clients are able to confidentially sweep their orders into E-Crossnet to net them off against natural liquidity allowing them to exploit the maximum transaction cost savings that E-Crossnet can offer.
CrossIT, E-Crossnet’s new trade management interface, enables clients to both enter single orders and upload program trades, more quickly and efficiently than previously. Already, a number of clients have successfully installed and traded through CrossIT, an application that runs on the desktop, which gives them real-time updates on order status and execution reports over their network.
CrossIT’s trade management capabilities provide all the benefits and functionalities of FIX, through the automated translation of non-FIX to FIX messages, without demanding further investment. The flexibility of the system, in addition to the configuration capabilities, will allow clients to adapt CrossIT to suit their own trading processes.
“CrossIT has enabled us to enter orders into E-Crossnet with greater speed and efficiency. It is a flexible application, which can be adapted to suit our individual styles of trading,” says Mark Denny, Head of Dealing, Investec Asset Management.
FIX enabled clients already enjoy access through a variety of routes including Bloomberg, Radianz, TNS, Autex and MacGregor networks as well as via encrypted tunnels over the Internet.
Both these technological developments, CrossIT and FIX connectivity, greatly enhance clients’ ability to route orders directly from their Order Management System (OMS) into E-Crossnet.
“CrossIT is available free at the point of use to all of E-Crossnet’s clients and a number of them have already gone live with the system,” claims Alan Dean, Chief Technology Officer at E-Crossnet. “We are giving fund managers and their traders the ability to sweep their orders into the cross, in order to net off against natural liquidity, and providing them with real-time updates on their order status and execution reports via FIX. The ease-of-use, increased speed and efficiency of how trades are entered into and returned from E-Crossnet minimises the time our clients spend out of the market, and maximises the transaction cost savings that crossing delivers.”