Macgregor, a provider of buy-side trade order management systems and FIX engines to the buy-side, has formed a “strategic relationship” with Pipeline Trading Systems, a New York-based provider of high performance trading technology.
Macgregor says its buy-side order management system clients will as a result enjoy improved trading efficiencies and performance through a seamless blotter-to-blotter interface to Pipeline’s innovative new alternative trading system (ATS).
“We are always looking for ways to bring additional value to our clients,” says Stephen Alepa, EVP Macgregor Financial Network. “Adding new leading-edge companies like Pipeline to the stable of liquidity sources available over the Macgregor Financial Network (MFN) adds to our clients’ choices for achieving best execution. We aim to provide a solution that enables traders to achieve their investment strategies, whatever their trade size or execution destination. Customers seeking a way to quickly trade large blocks will appreciate the Pipeline offering.”
The Pipeline ATS is built around a hidden order book designed to enable institutions to anonymously negotiate large blocks of NYSE-listed companies, NASDAQ stocks, and Exchange Traded Funds (ETFs). The book operates without revealing bids or offers, resulting in complete anonymity and without leaking information to the marketplace that can result in front-running, penny jumping, or backing away.
“As part of our continuing effort to improve performance on every trade, we constantly search for new or innovative trading strategies to minimize market impact,” says Robert Rasile, Managing Director of the Charlotte Equity Trading desk for Evergreen Investment Management Company. “Having Pipeline integrated with our Macgregor OMS provides our traders with a system to quickly and efficiently access blocks of stock while maintaining anonymity.”
“Macgregor is regarded in the industry as the leading OMS provider for a reason – Macgregor has proven its ability to help firms achieve best execution and improve trading performance for many years,” says Pipeline President Fred Federspiel. “We are pleased to join the top financial technology companies that are part of the Macgregor Financial Network offering best-in-class solutions to leading buy-side firms.”
Pipeline Trading Systems is a subsidiary of e-Xchange Advantage Corporation. Its ATS enables traders at institutions and brokerage firms to anonymously negotiate large blocks of NYSE-listed companies, NASDAQ stocks, and Exchange Traded Funds (ETFs) in an environment free from the problems of backing away and front-running. Fred Federspiel, president of Pipeline Trading Systems, founded parent-company e-Xchange Advantage (eXA) in 1999 to develop electronic solutions for institutional block trading.