Charles River Trader - Equity Full Order and Execution Management Consolidate Systems in a Single Platform Available as a stand-alone module or as part of the Charles River Investment Management Solution (Charles River IMS), Charles River Trader provides order management and execution management in a single, fully customizable user interface that gives traders complete market visibility. Users can monitor real-time data and create, place and execute orders. Charles River Trader is integrated with more than 150 trade and liquidity providers and 550 global Charles River FIX Network brokers. Interfaces with more than 60 algorithmic brokers offer direct access to over 600 global and regional trading strategies. . Key capabilities include: • Manage single stock and list/portfolio execution strategies • Monitor real-time market, order, and analytic data, including order P&L • Quickly organize orders based on multiple criteria, with spreadsheet-like filtering, grouping and sorting • Monitor compliance throughout the entire order lifecycle • Easily add new brokers, strategies, and placement templates • Synchronize all multi-monitor displays to active order
Traders can customize multiple blotter displays to show all necessary trade information on one or more monitors – real-time Level I and Level II pricing, pre-trade TCA, order benchmarking, time and sales, and watch lists – saving keystrokes and enabling faster order execution.
Multi-Asset Class Support • Equities • Fixed Income • Rate and Credit Derivatives • Foreign Exchange • Options • Commodities • Futures
Order and Execution Management (OEMS) Charles River Trader provides a real-time dashboard for managing daily trading operations, workflows and execution. Dynamic Trader Blotter columns visually show real-time data changes – execution status, order status and gain/loss – via color and magnitude displays. Within the Trader Blotter, traders can manually or automatically import orders using spreadsheets or files. The system can be integrated easily with external applications using Extensible Markup Language (XML) files, application programming interfaces (APIs), or Web services. Advanced FIX auto-routing evaluates order characteristics, real-time market data, and pretrade TCA calculations, enabling routing of orders to preferred destinations.
OMS Capabilities • Direct Brokerage • Trader Routing • Auto FX • Commission Rules • Fee Defaults • Reporting
Tight integration with the Charles River Compliance module allows traders to monitor compliance throughout the trade lifecycle, including pre-trade. Users can reduce errors and risk by identifying potential issues before a trade is executed. Charles River Trader supports multi-monitor set-ups for custom desktop layouts and Trader Blotter profiles, based on individual needs and preferences. This allows a variety of custom views to be configured, such as single stock vs. portfolio trade, domestic vs. international, and groupings by asset type, with integrated and linked market data. Traders can easily create and manage programs, and drag and drop to move orders between programs. Orders can be easily split, cancelled, replaced, or cloned directly in the Trader Blotter.
Customizable toolbars and quick entry capability speed order creation.
Global Connectivity The Charles River Network delivers fast and reliable direct access between buy-side clients and sell-side brokers. It supports global electronic trading via FIX and provides access to hundreds of global liquidity venues, including over 550 global brokers and 150 buy-side firms. Full integration between Charles River Trader and the Charles River Network ensures broker-neutral, low-latency FIX connectivity to all major trading destinations worldwide. Traders can quickly send orders directly from the Charles River Trader Blotter to multibroker trading venues, crossing networks, broker algorithms, program desks, alternative trading systems, dark pools, and smart routers. Connections are fully tested and monitored by dedicated Charles River Network operations teams. Charles River FIX Network Services offer clients complete FIX software administration, connectivity management and support for each sell-side broker and trading destination. These services eliminate the need for client FIX network administration and increase network reliability through continuous monitoring and ongoing testing and certification.
FIX Network Highlights • Reliable, redundant point-topoint connectivity • Access brokers, ECNs, ATSs, fixed income and FX venues • Monitor Indication of Interests (IOIs), fills, real-time pricing, trade and end-to-end connectivity status • Connect via dedicated telecommunications infrastructure or Virtual Private Network (VPN) • Minimize setup and firewall maintenance with network option combining simplicity of a hub with flexibility of point-topoint
OEMS From a single, consolidated desktop within the Order Management System, traders can access full, customizable Execution Management capabilities.
EMS Capabilities • Algorithmic Trading • Real-Time Data
Real-Time Market Data • Interface seamlessly with all major data providers
• View time and sales data for recent volume by venue and price level
• Capture/snap real-time prices across order lifecycle
• Create custom charts; access charts via navigations to third-party terminals or embedded components
• Create or import watch lists for any set of securities • Monitor interactive Level I and Level II (depth of market) data directly within the Trader Blotter
• Receive news for securities/portfolios to identify market events/trends
• Retrieve pre-trade TCA data for analysis and routing directly in the Trader Blotter • Access third-party applications and web pages in the Trader Blotter for contextsensitive drilldown and analysis
• Leverage web-based TCA screens for current orders • Assess potential trade risk and impact in real-time • Eliminate need to manage multiple systems or re-key critical data
• Create, trade, monitor and update programs directly in the Trader Blotter
• Act on an entire program as easily as a single order
• Customize program reporting and monitoring of execution progress for quick adjustments
• Perform one-click execution via placement templates
Algorithmic Trading Charles River Broker Packs allow users to access new liquidity destinations or deploy customized sell-side algorithms. A Broker Pack can be imported in one step – without any system upgrades or software changes – for quick trading using the latest strategies.
Direct Market Access (DMA) • View real-time time and sales data
Equity Trade Analytics • Manage orders based on country, level of liquidity and estimated cost impact • View and evaluate orders before placement
• Price Snapping • Integrated News • Integrated Pre- and Post-Trade TCA • Program Trading
• Trade Analytics
• Route orders directly to the market via DMA brokers
• Interactive Level I, Level II Display
• Real-Time Implementation Shortfall
Pre- and Post-Trade Transaction Cost Analysis (TCA) • Access data and value-added tools from over a dozen 3rd-party pre- and post-trade TCA providers
• Integrated Watch Lists
• Monitor intra-day implementation shortfall in real-time via gain/loss indicators and program slippage screens
• Execute/manage complex orders while automatically routing simpler orders
• Direct Market Access (DMA) • Automated Order Routing • Short Locate
OEMS, cont’d Derivatives • Employ templates and configurable defaults for swaps
• Integrates with MarkitServ, MarkitWire, and Markit
• Leverage embedded swap valuation and analytics
FX • Leverage currency pair-based internal crossing/netting
• Cover cross-border trading with Auto FX facility
• Access pre-configured trading calendar
• Easily manage FX forward rolls
• Integrates with FX execution venues
• Supports FX algo trading
Automated Order Routing • Evaluate order characteristics, market conditions and/or pre-trade TCA information to help automate workflows
• Manually work the order or directly route it to the market via a specific broker venue and/or broker algorithm
• Leverage a multi-broker DMA console to route/modify orders and view positions within the order book via a single click
• Ensure consistent order routing and automatically route low-alpha opportunities via FIX-based electronic trading
Integrated Post-Trade Matching and Settlement • Provides consistent view of the trade, from execution to settlement
• Ensures central or local matching via rulesbased functionality
• Allows fully automated post-trade processing with ability to route exceptions for review
Extensive Customization Options • Customize preferred execution paths, automated smart routing logic and criteria • Enable IOIs, dark pools and integration with block trading and crossing systems
• Integrate user-defined business logic directly into the Trader Blotter and final allocation process • Automatically track directed brokerage, commissions and fees
Streamlined Execution • Access markets quickly and eliminate keystrokes with drag-and-drop shortcuts & bump buttons
• Enable one-click execution via configurable broker bar • Leverage auto-routing rules
About Charles River Charles River provides an enterprise solution to automate the investment management process across asset classes and streamline front and middle office operations for buy-side firms. A single solution integrates software, hosting, application management, data, and FIX connectivity to support portfolio management, performance and risk, compliance monitoring, order and execution management and post trade processing. The company has more than 350 clients in 44 countries in the institutional asset and fund management, alternative investments, wealth management, insurance, banking, and pension markets. www.crd.com While the information in this document is presented as planned or projected, Charles River Development reserves the right to change plans, priorities and future enhancements at any time without notice. January 2016.