28 March 2006
PROQUOTE ENHANCES TRADING SERVICES
Proquote, the London Stock Exchange’s market data and trading terminal business, has today launched an Order Management System (OMS) for stockbrokers.
The OMS allows firms to capture, route and execute orders from a number of sources. These include its own front office users, private investors and customers’ existing systems using an Order Entry application, or electronically via a FIX Interface or database link. It facilitates improved straight through processing because orders can be entered and executed with Retail Service Providers, the Exchange’s SETS Order Book or via a broker. The trade execution information is then forwarded to the back office for settlement without the need for human intervention.
By using the OMS firms will have full records of all the market rates from Retail Service Providers and the Exchange, which will help them meet the best execution requirements that come into effect under the Markets in Financial Instruments Directive (MiFID) in 2007.
Commenting on the launch of the OMS, Karen Young, Director of Proquote, said:
“This is a significant development for Proquote because we are now able to offer our customers a low cost order management and routing service that will improve efficiencies in their front office. In addition, enhanced straight through processing to the back office will reduce error rates and workload, which will mean significant cost savings.”
For further information, please contact:
Anya Velzeboer
London Stock Exchange
Press Office +44 (0)20 7797 1315
avelzeboer@londonstockexchange.com
Notes to editors:
About Proquote
The London Stock Exchange acquired Proquote in January 2003 and it is now run as a wholly-owned subsidiary of the Exchange. It combines extensive market knowledge and modern technology to deliver live market information and trading functionality to standard desktop PCs or laptops with minimal infrastructure required at the customer site.
Proquote provides over 3000 terminals to 200 corporate clients including Charles Stanley, Gerrards, Prudential Bache, Investec Henderson Crosthwaite and TD Waterhouse.
Since its launch, Proquote has won a number of industry awards, which include ‘Best Investor Innovation, Shares UK Equity Awards’ (2003) and ‘Best information Product, Systems in the City Awards’ (2004).
For more information about Proquote, please visit: www.proquote.net
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