Squawker® High-Touch Negotiation Platform Adds Program Trading and Fidessa Modules for Improved STP

Squawker Now Accessible from Fidessa Spotlight – Streamlining Squawker with Dark Pool Workflows Without Compromising its Human, Algo-Free Nature

London (UK) – 15 July 2014 – Squawker®, the power behind the world’s only toxic-free, negotiated trading platforums and facilitator of compliant, algo-free trading communities, today launched its Program Trading and Fidessa modules for its Cash Equities trading community of more than 95 sell-side firms, and announced further improvements to the platform’s performance and stability. The new trading modules have been developed to meet the specific requests of Program Traders and Fidessa users respectively, streamlining negotiated trading with the trader’s algorithmic workflow and bringing OTC negotiated workflow into the trader’s automated algorithmic workflow, via Fidessa Spotlight.

Chris Gregory, CEO and co-founder, Squawker, comments: “Squawker’s Program Trading module enables traders to simply copy and paste programs direct into Squawker making it easy to input lists of orders. Squawker has the artificial intelligence to match the details of each instruction into its workflow, so that traders can Squawk orders which are difficult to execute over the order books or dark pools.

Users can also edit the visibility of their baskets, dark or lit, within Squawker by a simple right-click.”

Fidessa users now have direct connectivity with Squawker via their Spotlight workflow. Gregory continues: “Spotlight is the algorithmic automation system in Fidessa. It automates the sending of orders to multiple venues. The main ways of doing it in Spotlight are Ping and Spray. Spray is where an order is automatically cut up into smaller pieces and those smaller pieces are sent out to multiple venues in parallel. A Ping order, however, is sent to a single destination where it executes as much as is available, before moving onto the next venue and so on.”

Fidessa has enabled its customers to include Squawker in those destinations that receive FIX orders from Spotlight. Gregory adds: “On our side, we’ve enhanced Squawker’s intelligent memory functionality so that Spotlight orders are remembered within Squawker to dovetail Squawker’s workflow with that of Spotlight’s. For example, a trader’s Ping order to a dark pool stipulates that if a match is found, it should execute automatically, or the order should be cancelled. Within Squawker, nothing automatically executes. So when Squawker receives a Ping order, it remembers what you’re interested in trading, goes on to look for the other side for you and then links Squawker’s workflow to Spotlight’s workflow to eliminate the risk of over-trading when executing a block on Squawker.”

In addition, Fidessa’s connectivity with Squawker allows firms that send out natural Indications of Interest (IOIs) to the market to include Squawker in their recipient list. Squawker always maintains its human, algo-free nature, but Fidessa’s addition of Squawker to its destination list enables those IOIs to become actionable at the trader’s discretion. This streamlined integration makes it easier than ever before for traders to execute blocks off the back of their IOIs.

Further enhancements to Squawker’s platform include:

  • Enhanced Pop-up Alerts:
    As users increasingly use ‘Dark’ interests to hide their side and price, the Pop-Up Alerts have been enhanced to fully support Dark interests;
  • Counter-proposals in Negotiations: Users can now decline and counter propose price and quantity in a single step;
  • Easier Change Price in Negotiations;
  • More Prominent and More Configurable Fat Finger Checks.