LatentZero, a provider of software to fund managers, has teamed up with eight brokers to provide access to their global algorithmic trading platforms via Minerva, its order management system.
The brokers are: Bank of America Securities, Citigroup, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs Algorithmic Trading, Lehman Brothers, Sanford Bernstein and UBS.
As well as providing direct access and algorithmic trading using the FIX protocol, Minerva version 3.5.1 offers cross-asset order management and trading capabilities and real-time market data integration on trading blotters.
“This agreement with eight leading firms clearly puts Minerva on the map as the first choice system for algorithmic trading,” says Dan Watkins, LatentZero’s CEO, North America. “One of the reasons for this is that we have separated our support for new algorithms from our main Minerva development operation. The algorithms are soft-coded, which means new ones can be provided as they are needed. Once users have this latest version of Minerva, new algorithms can be integrated without the need for a software upgrade. This is particularly important given the huge growth in algorithmic trading we are likely to see over the next year. Algorithms change extremely quickly and buy-side managers cannot afford to wait for system upgrades every time they want to add in new ones.”
Minerva is part of Capstone, a set of applications that includes Tesseract, a decision support and order generation solution; and Sentinel, LatentZero’s pre- and post-trade compliance product.