Intelligent Design for Institutional Technology, Waters Technology

New technologies aiming to solve problems, rather than paper them over, are a refreshing change of pace.

I don’t think anyone can realistically say that we, and by ‘we’, I mean the world at large, are safely out of the woods yet when it comes to the financial crisis. From an industry perspective, diminished activity in equities is still hurting firms across the market spectrum, commission-only traders are struggling, and even healthy companies are reporting flat financials.

There’s no shortage of companies out there with The Next Big Thing, of course, even if the relatively sparse footfall and low stand count (plus the abridged size) of TradeTech Europe this year gave a stark reminder that most are having tough times. Compliance vendors are having, on the whole, a great time, though, and the apparent solution of throwing everything possible at spot FX, on the part of platform developers, must be paying dividends somewhere. Even if (mostly) everyone agrees that there are just too many platforms. By ‘everyone’, I mean everyone apart from those developing the platforms, of course.

Reaction
Technology has always been designed to fill a need, ever since ancient man realized that it was a lot easier to kill a lot more people if the rock was sharp and had a handle. Over the past few years, though, it’s felt at times as if firms were fitting around technology, rather than the other way around. It’s alarming, not just because of the spend incurred as a result, but also because we’ll eventually end up being used as batteries, farmed in vast fields by uncaring metal overlords, waiting to be rescued by Keanu Reeves, if that pattern of thought is followed to its conclusion.

Recently, though, there have been a few technologies that have identified a problem with the market and wrapped themselves around it, though. Tradition’s ParFX (formerly TraFXpure), for instance, aims to mitigate economic advantage from advanced technology through its platform, while Squawker aims to solve the problem of performing block trades in an order book. Initiatives such as that between Liquidnet and SIX Swiss Exchange provide innovative ways to connect liquidity, and cross-platform surveillance tools allow for the search of voice records by keyword.

Essentially, it’s a good trend. It encourages the intelligent use of technology, rather than having it simply because it’s there, and it whittles the wheat from the chaff, so to speak. As always, I’m interested to hear from anyone doing anything exciting and new with technology in the capital markets space.

Liquidity, not structure, key for Europe’s new alternative venues, Trade News

Adequate liquidity provision will be reign as the central issue for the growing number of new European equity venues, senior buy- and sell-side participants agreed at a panel discussion yesterday.

Three emerging equities venues present at the event – MarketBourse, Aquis Exchange and Squawker – all have differentiated structures and fees, but will face tough competition despite being welcomed by buy- and sell-side firms.

For the buy-side, represented by David Miller, senior dealer at Invesco Perpetual, and Neil Smith, senior equity dealer at State Street Global Advisors, the issue of liquidity remains far from easy to solve.

While not being direct participants in the venues, buy-siders Miller and Smith welcomed the opportunity to direct their brokers to interact with ‘custom’ liquidity suited to their specific requirements and preferences under the structures put forward by both Squawker and MarketBourse.

Meanwhile Ben Springett, head of electronic trading, Europe for agency-broker Instinet, said like most brokers confronted with declining commission rates and relatively low volumes, his firm would welcome the subscription pricing model offered as an industry revolution by Alasdair Haynes, CEO, Aquis Exchange. Taking a lead from other industries such as media and telecoms, Haynes postulated that subscription pricing would lead inexorably to more trading and hence narrower spreads and better execution for the benefit of all; an old argument perhaps, but still a good one in the current climate in the industry.

Choose your partners

Rather than focusing on price to grow liquidity, both Squawker and MarketBourse are betting that buy-side clients, nervous about information leakage and toxic liquidity, will back models that allow them to decide what kind of counterparties they want to trade with and instruct their brokers accordingly.

According to Christopher Gregory, CEO, Squawker, the new platform has 36 members live and a further 45 in the on-boarding process. Squawker facilitates ‘private anonymous conversations’ with qualified sell-side counterparties and uses FIX indications of interest to automate the process of identifying possible matches. “Matching counterparties rather than orders” was the way Gregory summed up Squawker’s USP.

This may sound more like a dating website than an organised trading facility, but the buy-side panellists were definitely supportive of the ideas and sentiments underlying it.

Meanwhile, Tony Mackay, CEO, MarketBourse, saw his company as an “exchange between broker dark pools”. The idea once again is to allow buy-side clients and their sell-side brokers to pick and choose the kind of counterparties that see their potential orders. Market Bourse is not as far forward in terms of implementation as Squawker, but again both buy-side and sell-side saw value in its proposition.

New exchanges set out their stalls at TradeTech, Banking Technology

The next generation of trading venues went head-to-head on the first day at TradeTech in London– each keen to present its model of how best to match buyers with sellers.

“This is all about liquidity,” said Alasdair Haynes, chief executive at Aquis Exchange. “In Europe we trade four or five times less value than the US, yet the population in Europe is larger and the GDP is the same. We need to grow the market. Changing the business model will allow for greater liquidity.”

Aquis is a pan-European trading venue that will use a subscription-based pricing model, which Haynes likens to a mobile telephone pricing package that charges users based on how much call time, text messages and data they use, or a TV package in which certain channels are included, based on what the user is willing to pay. Haynes argued that both television and mobile phone subscription models have seen significant growth in the last five years, despite the recession – and insisted that bringing an equivalent model to equities could help to prompt significant growth.

Other solutions include Christopher Gregory’s new sell-side negotiation venue, Squawker, which will provide a forum for brokers to interact anonymously with each other and trade large blocks of stock. Squawker will act essentially as a counterparty matching service, rather than matching actual orders, as traditional exchanges and MTFs have done.

“This is a discretionary service, in which participants express to us what they are interested in doing, and who they are willing to trade with,” he said. “Our model will provide clarity in an electronic environment and provide efficiencies. There is a gap in the market, because until now no venue has existed to bring the sell-side together to exchange blocks of stock efficiently.”

Meanwhile, former Chi-X Global founder Tony Mackay has established Market Bourse, a new trading venue that is based around the concept of social networking rules. On Market Bourse, participants will be able to specify who they want to trade with – and who they want to avoid. The venue is explicitly targeted at segments of the market, such as institutional investors, who feel disadvantaged by the current market infrastructure and may wish to avoid certain kinds of participant, such as high-frequency traders.

“We recognise that the market is made up of lots of different constituents,” said Mackay. “Over the last 10-15 years, hedge funds and HFTs have become much more active while exchanges have got rid of all the functionality. I perceive a change on the buy side. They are not happy with what’s going on. We are putting the power back on the buy-side. We are giving them choice about who they don’t want to interact with. If they don’t want to interact with HFT, they can do that and the broker is bound by that. On Market Bourse, users will flag who they want an order to interact with.”

Of the three new entrants, Squawker received the most praise from buy-side fellow panellists.

“Chris’ model is interesting,” said David Miller, head of trading at Invesco Perpetual. “If I choose a broker to trade a big block, Chris’ model will enable the broker I’ve chosen to find the other side. His model is the one that has immediate value for us. It’s about moving blocks from a buyer to a seller as efficiently as possible.”

Neil Smith, senior equity dealer, Europe at State Street Global Advisors, added that his firm typically finds the greatest difficulty in trading small and mid-cap stocks – a situation that has worsened as overall levels of liquidity in equity markets have declined.

“With the market liquidity dropping, it’s become really difficult moving those stocks around,” he said. “That’s where Squawker could add some real value to the buy side. However, my concern for the Squawker model is you’d need a lot of data to start your business. From the buy side, we are very cautious about the way we interact with new ideas. I hope Chris succeeds quickly, because I think he needs to.”

Squawker opened earlier this month; Aquis Exchange plans to open later this year, subject to regulatory approval.

Charting a Return to Block Trading – The Trade News

Greater liquidity fragmentation and the rise of algo trading have fuelled a greater need for specialised block trading solutions, according to Christopher Gregory, co-founder and CEO of sell-side block trading system Squawker.

Squawker will have a staggered launch throughout April and according to Gregory, the growing difficulty to execute in size fuelled its development, as market participants continue to carve up large orders to interact on exchanges and multilateral trading facilities (MTFs).

“Squawker was born out of the fact that machine driven trading of all varieties – high frequency trading, algo or quant trading – is diverging from human driven trading and it’s no longer safe for a human to interact manually on electronic order books,” Gregory said.

The market infrastructure veteran cites the sustained drop in average trade size on the London Stock Exchange in recent years, which continues to decrease around 3% each month, as evidence that order books have become very mature and offer only shallow, fast-moving liquidity. 

While buy-side firms have a number of options for executing block trades, including venues such as Liquidnet and broker dark pools, sell-side firms have no independent mechanism to trade blocks against each other, asserts Gregory.

“Sell-side participants will be invited to join Squawker because unlike the buy-side, they have no solution to trading blocks amongst each other. As sell-side firms collect order flow from their buy-side customers, liquidity is concentrated on a smaller number of firms on the sell-side than on the buy-side, improving the chance of finding a match between firms in the same pool,” Gregory said.

However, the core idea behind Squawker – which hopes to on-board 70-100 sell-side counterparts in April – is not to offer execution, but a basis for two sell-side counterparts to negotiate a block trade anonymously, which is then executed bilaterally.

The platform collects trading interest from counterparties and suggests matches for orders based on the trade information, trading history and profile of they way different firms behave in the system.

Gregory sees this structure as the converging of person-to-person trading and electronic straight-through-processing, as negotiations will generate a FIX message that can be read by order management systems, compliance infrastructure and yield trade performance data.

The venue announced it has selected BNP Paribas Securities Services as its pan-European central settlement provider, while its infrastructure will be hosted by trading technology provider BT Radianz. 

As execution does not take place on the system, Squawker will not be classed as an MTF, but will have to navigate impending changes to European regulation under MiFID II, which is expected to be implemented in 2015.

“Squawker is a discretionary system and no trades execute automatically, unlike a block match or order book, so it is not be classed as an MTF. Right now, under MiFID, Squawker is regulated as a broker and depending on final rules, may be classed as an organised trading facility under MiFID II,” he said.

Squawker Prepares Algo-Free Equity Market – Banking Technology

Capital markets are broken because liquidity is fragmented and there is no way for the sell-side to pool its liquidity – but that will soon change, according to Christopher Gregory, co-founder and chief executive at start up trading venue Squawker.

Due to launch across Europe next month, Squawker is a sell-side only service that aims to match banks and brokers and allow them to trade large blocks of stock with each other. On the platform, there will be no automated crossing, no algorithmic flows, no high-frequency trading and no market data business. Instead, the company will follow similar principles to an online dating site or a social network: participants will be introduced to each other based on their characteristics, behaviour and interests, but it will then be up to them to negotiate a deal.

“This is about solving a problem for human beings,” Gregory told Banking Technology. “There is a growing divergence between human and machine trading. Order books provide fast, thin liquidity, lots of little orders. But it’s very hard to interact with the market as a human being, because the liquidity is too shallow and is often gone before you can get there.”

Europe’s average equity market trade sizes have consistently fallen in recent years. In January 2012, the average trade size on the London Stock Exchange was £6,081, according to figures provided by Morgan Stanley. A year earlier, the figure was £7,817. Long-term investors often blame HFT for the decline, on the basis that fear of being picked off by predatory HFTs forces participants to avoid market impact by using smaller than average order sizes – a process that produces a gradual downward spiral.

Buy-side venues, such as Liquidnet, have established a strong following by establishing a network based on buy-side only flow, with non-displayed matching to ensure that long-term investors are able to interact with each other. However, according to Gregory there is still a fundamental need to use the sell-side, because Europe’s estimated 3,500 buy-side firms need the span margining and risk management services the sell-side provides, and because it also need a means to ensure its flow is matched against the right counterparty. That is a problem, because the sell-side is bound by a market structure that perpetuates fragmentation.

“If you want to trade a larger block of stock today, the real problem is who to talk to,” said Gregory. “How do you find a counterparty? The sell-side exists to aggregate buy-side flow, but it then becomes siloed because each firm views the others as competitors. What’s missing is an anonymous venue to connect the bigger banks such as Goldman Sachs and Morgan Stanley.”

Gregory’s previous experience in financial markets since the year 2000 includes senior roles at SunGard global execution services, clearing technology provider Penson, a five-year spell at UK technology company Fidessa and most recently a role at the UK capital markets division of IT and consultancy firm Tieto. He began work on Squawker in May 2011.

All the software behind Squawker was written in-house by the firm’s own team, over a period of two years. The servers will be hosted by BT Radianz in its European data centres, allowing users of that service to connect using their existing connectivity. The firm is also expected to announce the identity of its central settlement counterparty imminently.

The factors Squawker will take into account when matching include behaviour, trading size and areas of repeated interest. To protect against users ‘fishing’ or ‘pinging’ for information with no intention of actually accepting a trading match, the venue will allow members to only trade with firms that accept above a certain proportion of their matches. Users will be able to set how they want to trade, for example using a consolidated VWAP trade or consolidated mid-price buy. They will then enter into a private structured conversation through FIX messages. There is no name give-up – participants will remain anonymous.

In addition, Gregory has said that Squawker will not seek to make market data a profit centre. The profits that exchanges are alleged to make from market data have often provoked controversy, with MTF leaders such as BATS Chi-X Europe’s Mark Hemsley accusing the exchanges of obstructing the path towards a pan-European consolidated tape because of their own vested interests. Transactions that happen on Squawker will be published, but each firm will be responsible for doing its own reporting.

“This is unique in the sense that we match counterparties, not orders,” added Gregory. “We’ve made a conscious decision not to make charging for market data a profit centre. This is not just another ‘me too’ platform. We have looked long and hard at other trading venues, learned their lessons and we are solving a real need that nobody else has addressed.”

Squawker Plucks EU Quote Data from SIX – Inside Market Data

 
Squawker will capture real-time quote data from exchanges and multilateral trading facilities located in 16 countries across Europe via SIX FI’s MDF consolidated market data feed, to support its calculation of consolidated mid-price and end-of-day consolidated volume-weighted average prices (VWAP), which the venue will disseminate to its trading participants.

Squawker began looking for a market data provider to supply quote data for use in its price calculations nine months ago, says co-founder and chief executive Christopher Gregory. “There were only a few providers of a true pan-European consolidated feed, and SIX offered the right combination of cost-effectiveness and quality,” he says, adding that “SIX already had comprehensive coverage—including all the instrument information, as well as the price data,” for all European exchange-listed instruments that Squawker plans to trade, including equities and exchange-traded funds; bonds, warrants and convertibles; swaps, rights, forwards and futures; and currencies, money markets and floating-rate notes.

While Squawker will receive the quote data from SIX FI in real time, it will not stream the real-time prices to its participants, but will instead notify them of the consolidated mid-price or the end-of-day VWAP prices at specific trigger points, such as when a buyer and seller agree to a trade.

“On Squawker, we match counterparties together. We don’t match orders. It’s an introduction between a buyer and seller,” Gregory says. “Users tell us what they would like to buy or sell, and they express their interest in trading at the consolidated midpoint (or at the VWAP), and if both sides agree, we calculate what the consolidated mid-price (or VWAP) is using the SIX market data. Then, if they agree to trade, we use social network techniques to allow them to enter into an anonymous discussion to agree a volume.”

Squawker will connect to SIX FI’s MDF feed via the Radianz financial extranet from telecom and network provider BT, which the venue announced in November will host and manage the technology infrastructure behind its negotiation platform in its datacenters, and will provide brokers with access to its marketplace.

No Block Trade Roadblock Squawker has already completed the integration of the datafeed into its infrastructure in preparation for the platform’s launch, says Gregory, a former senior executive at Fidessa and chief executive of Penson in Europe, who—along with director of sales and trading Christopher Brazier, who was formerly head of UK sales for global execution at BNP Paribas—founded the venue last year to improve the sell-side’s ability to execute institutional block trades.

“As people have used algorithms to execute trades on traditional electronic order books, the trade sizes have gotten smaller and smaller,” Gregory says. “Squawker is not a high-frequency system; it is designed to run at the speed of human beings. There is no high-frequency or algorithmic trading,” he adds.

New Sell-Side Venue Squawker Aims For the Cloud – Markets Media

Squawker, a new pan-European sell-side focused block trading venue that is set to launch early next year, is hoping that signing up with the “financial infrastructure establishment” that is the BT Radianz Cloud Community will allow it to give it the lift-off it needs.

The new London-based negotiation venue, which aims to allow sell-side firms to execute block trades anonymously using social-networking technology, says its agreement with communications provider BT will mean it will use the Radianz services to host and manage Squawker’s technology infrastructure, and provide brokers with direct access to find and negotiate block trades on Squawker.

“What is key to Squawker is that the venue we pick to use is stable,” Christopher Gregory, co-founder and chief executive of Squawker, told Markets Media.

“And the BT Radianz Cloud is part of the financial infrastructure establishment. Basically, everyone is on the Radianz Cloud. There is so much of the order flow and so much of the infrastructure is based on Radianz connectivity and infrastructure.

“It’s a natural place for Squawker to have its systems hosted and for clients to use to access Squawker because they are already on the Radianz Cloud; it’s just another virtual connection and, crucially, not a new piece of infrastructure for the sell side to connect to.”

The BT Radianz Cloud now offers connectivity to over 40 of the world’s leading data centers where significant clusters of capital markets community customers are present, including the data centers of exchanges.

“The BT Radianz Cloud is rapidly becoming the industry standard, linking together the world’s major trading venues and financial institutions, and as such Squawker is an important addition to our cloud community,” said Robin Farnan, managing director of BT Radianz Services and BT Unified Trading.

Despite the current low trading volumes and uncertain macroeconomic environment in Europe, Gregory is confident that Squawker will be a success when it is set to launch at the end of the first quarter next year.

“Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while,” said Gregory. “Squawker is part of the vanguard of the next generation of trading systems.”

Gregory says that Squawker will be targeting the “OTC block market”, the 10%-15% of pan-European equity trading that is still negotiated predominantly over the telephone.

“There is no venue for the sell side to find and negotiate block trades,” said Squawker.

“Squawker is based around the idea of putting matching counterparts, by introducing natural buyers and natural sellers together, and they decide and negotiate—they interact—as people together to agree a trade.

“At the moment, there is no central venue and the way it is done is that if you don’t know who has the block and who the natural counterpart is, to trade you have to either open up to a competitor, try to go through an agency broker, go through a market maker or you may use an inter-dealer broker.

“It is kind of manual. Relationships will always be there so people will always trade through relationships. But if you don’t know who to call because you are trading in some mid-cap stock, say, it is very hard to know how to pick up the phone. What happens at the moment is a lot of that order flow ends up into an algorithm and gently fed into the order books and so the sell side at the moment are paying a significant implementation shortfall because they have to gently drip the orders into the order book when really ideally they want to be able to find the natural counterpart and do it as a block.”

Squawker, Gregory says, is targeting the whole of the sell side—investment banks, market makers, agency brokers, proprietary and principal trading firms—and says that the new venue will not allow algorithmic flow “which causes so much concern and angst in the industry”. Every trading decision will be made by humans and Squawker says it will keep computer-generated algorithms at bay which “may attempt to game other counterparts’ order flow”.

Squawker is registered as a discretionary system and is therefore regulated as an investment firm, not a multilateral trading facility, under current MiFID rules. Under the new MiFID II rules, which are expected to come into force by late 2014, these investment firms may need to become either an MTF or a systematic internalizer, although this is still somewhat up in the air and Gregory says that he hopes that Squawker will fall under either the organized trading facility or broker crossing system banners—both of which may not even make the final MiFID II cut.

Squawker Chooses BT Radianz for Infrastructure Provision – Waters Technology

Squawker, an electronic trading venue due to go live in the first quarter of next year, has entered into a strategic partnership with BT Radianz.

Through the partnership, BT Radianz will host and manage Squawker’s technology infrastructure and provide brokers with access to the venue.

Squawker will be a ‘toxic-free’ venue, with all trades enacted by humans, as opposed to computer-generated algorithms. The venue incorporates elements of social media into its apparatus, as covered by Sell-Side Technology earlier this year.

“Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while,” says Christopher Gregory, co-founder and CEO, Squawker. “By collaborating with BT, we are able to ensure the highest-quality trading venue for our global clients, with easy access to our services via a proven, trusted and established provider.”

Squawker plots 2013 launch with BT Radianz connectivity – Banking Technology

Start-up trading venue Squawker is to use BT Radianz to host and manage its technology infrastructure when it launches early next year.

Squawker is a sell-side to sell-side block trading venue that is based on social networking principles, in which participants can choose which counterparties they wish to expose their orders to. The idea is to encourage sell-side firms to post large blocks of liquidity, without the risk of causing excessive market impact.

Under the deal, BT Radianz, which operates a financial extranet, will handle connectivity to Squawker through its cloud technology. The advantages of cloud technology are its relatively low cost and high scalability; the main disadvantage is that large financial institutions have previously expressed concerns over its security. However, with the rise of companies such as Amazon Web Services, which recently concluded a high profile with Nasdaq OMX, the technology is gradually becoming more accepted in financial services.

“By collaborating with BT, we are able to ensure the highest quality trading venue for our global clients, with easy access to our services via a proven, trusted provider that is well known among the sell-side,” said Christopher Gregory, co-founder and chief executive at Squawker. “Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while.”

As a discretionary platform, Squawker will be different to other European trading venues such as the multilateral trading facilities, which are bound to offer free access under the upcoming MiFID II legislation being discussed in the European Parliament. Squawker matches participants based on price, volume and time; the final deal is then negotiated bilaterally.

The platform also claims to be free from computer-generated algorithms, which have become ubiquitous on most lit stock exchanges and trading venues. On Squawker, all trades will be made by human traders – a measure the platform says makes it the first ‘toxic-free’ trading venue. While alternatives such as dark pools and broker crossing networks exist for buy-side flow, Squawker aims to target sell-side flows, which it says have yet to find a suitable equivalent.

“The sell-side doesn’t have a way of finding their preferred counterparty,” said Gregory. “There are lots of solutions for the buy-side, but the sell-side has nowhere to go for a large order without showing its hand. We are here to change that.”

Squawker® gives BT Radianz Cloud Community Direct Access to Find and Negotiate Block Trades

BT Radianz Services to Host and Manage Squawker’s Technology Infrastructure
and Provide Global Access to Block Trading Negotiation Venue

 London (UK) – 12 November 2012 – Squawker®, the negotiation venue for sell-side block trading, today announced it has entered into an agreement with BT  in which BT Radianz services will be used to host and manage Squawker’s technology infrastructure, and provide brokers with access to Squawker, the world’s first toxic-free* electronic trading venue. Members of the BT Radianz Cloud – the world’s largest secure networked financial community – will have easy access to Squawker’s secure, anonymous forum where they can find liquidity and personally interact, negotiate and build on block trades with their trading counterparts. 

Robin Farnan, MD BT Radianz Services and BT Unified Trading, BT, comments: “BT is absolutely committed to providing the highest quality of managed services, with all the stability, fault-tolerance, disaster recovery and continuity that is expected and required for today’s trading venues. The BT Radianz Cloud is rapidly becoming the industry standard, linking together the world’s major trading venues and financial institutions, and as such Squawker is an important addition to our cloud community.” 

Christopher Gregory, co-founder and CEO, Squawker, comments: “Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while. By collaborating with BT, we are able to ensure the highest-quality trading venue for our global clients, with easy access to our services via a proven, trusted and established provider.” 

Squawker is currently in its production environment implementation phase and is due to go-live in the first quarter of 2013.

 

BT Radianz Services to Host and Manage Squawker’s Technology Infrastructure
and Provide Global Access to Block Trading Negotiation Venue

 London (UK) – 12 November 2012 – Squawker®, the negotiation venue for sell-side block trading, today announced it has entered into an agreement with BT  in which BT Radianz services will be used to host and manage Squawker’s technology infrastructure, and provide brokers with access to Squawker, the world’s first toxic-free* electronic trading venue. Members of the BT Radianz Cloud – the world’s largest secure networked financial community – will have easy access to Squawker’s secure, anonymous forum where they can find liquidity and personally interact, negotiate and build on block trades with their trading counterparts. 

Robin Farnan, MD BT Radianz Services and BT Unified Trading, BT, comments: “BT is absolutely committed to providing the highest quality of managed services, with all the stability, fault-tolerance, disaster recovery and continuity that is expected and required for today’s trading venues. The BT Radianz Cloud is rapidly becoming the industry standard, linking together the world’s major trading venues and financial institutions, and as such Squawker is an important addition to our cloud community.” 

Christopher Gregory, co-founder and CEO, Squawker, comments: “Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while. By collaborating with BT, we are able to ensure the highest-quality trading venue for our global clients, with easy access to our services via a proven, trusted and established provider.” 

Squawker is currently in its production environment implementation phase and is due to go-live in the first quarter of 2013.

 

BT Radianz Services to Host and Manage Squawker’s Technology Infrastructure
and Provide Global Access to Block Trading Negotiation Venue

 London (UK) – 12 November 2012 – Squawker®, the negotiation venue for sell-side block trading, today announced it has entered into an agreement with BT  in which BT Radianz services will be used to host and manage Squawker’s technology infrastructure, and provide brokers with access to Squawker, the world’s first toxic-free* electronic trading venue. Members of the BT Radianz Cloud – the world’s largest secure networked financial community – will have easy access to Squawker’s secure, anonymous forum where they can find liquidity and personally interact, negotiate and build on block trades with their trading counterparts. 

Robin Farnan, MD BT Radianz Services and BT Unified Trading, BT, comments: “BT is absolutely committed to providing the highest quality of managed services, with all the stability, fault-tolerance, disaster recovery and continuity that is expected and required for today’s trading venues. The BT Radianz Cloud is rapidly becoming the industry standard, linking together the world’s major trading venues and financial institutions, and as such Squawker is an important addition to our cloud community.” 

Christopher Gregory, co-founder and CEO, Squawker, comments: “Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while. By collaborating with BT, we are able to ensure the highest-quality trading venue for our global clients, with easy access to our services via a proven, trusted and established provider.” 

Squawker is currently in its production environment implementation phase and is due to go-live in the first quarter of 2013.

 

BT Radianz Services to Host and Manage Squawker’s Technology Infrastructure
and Provide Global Access to Block Trading Negotiation Venue

 London (UK) – 12 November 2012 – Squawker®, the negotiation venue for sell-side block trading, today announced it has entered into an agreement with BT  in which BT Radianz services will be used to host and manage Squawker’s technology infrastructure, and provide brokers with access to Squawker, the world’s first toxic-free* electronic trading venue. Members of the BT Radianz Cloud – the world’s largest secure networked financial community – will have easy access to Squawker’s secure, anonymous forum where they can find liquidity and personally interact, negotiate and build on block trades with their trading counterparts. 

Robin Farnan, MD BT Radianz Services and BT Unified Trading, BT, comments: “BT is absolutely committed to providing the highest quality of managed services, with all the stability, fault-tolerance, disaster recovery and continuity that is expected and required for today’s trading venues. The BT Radianz Cloud is rapidly becoming the industry standard, linking together the world’s major trading venues and financial institutions, and as such Squawker is an important addition to our cloud community.” 

Christopher Gregory, co-founder and CEO, Squawker, comments: “Squawker will provide a new solution to the block trading challenge that the industry has been grappling with for a while. By collaborating with BT, we are able to ensure the highest-quality trading venue for our global clients, with easy access to our services via a proven, trusted and established provider.” 

Squawker is currently in its production environment implementation phase and is due to go-live in the first quarter of 2013.