Predator Buy-Side

Predator Buy-Side covers the needs of private banks, asset- and wealth-managers, mutual funds, unit trusts, insurance companies, hedge funds, pension funds and independent investment advisors by offering a state-of-the-art Order Management System / Execution Management System (OMS / EMS) for all asset classes with extended connnectivity to all major brokers and global markets.

Market Data Integration

Bid/ask from over 200 electronic exchanges worldwide.

Traders can check all the prices for their order book and the best quotes for a single security from different market places, at a glance, on one single working tool.

The importance of market depth:

    • Aggregate a fragmented market
    • Reduce market impact
    • Condition for ‘best execution’
    • Guide for best suited execution strategy

The benchmark for traders, best execution, gets more and more complicated to achieve in the post-MiFID (or RegNMS) environment.

Today, traders must be able to deal with multiple price types from multiple sources to trade multiple instruments.

Predator integrates real-time data from the connected markets with datafeeds from various vendors (Bloomberg, Thomson-Reuters, SIX Financial Information, etc.) used for trading information like market overview, market depth, news tickers, etc.

Internal Matching Engine

The Internal Matching Engine is Predator’s specific feature acting like a stock exchange and therefore allowing to match buy and sell orders from clients and/or inhouse (Nostro) instead of sending each order to an electronic exchange.

The Internal Matching Engine helps clients by providing more liquidity and lower execution costs. It helps traders maximize large order execution, reduce market impact and obtain price improvement by using the internal liquidity.

The trader has the option to manually cross internal orders or to send them to the automate matching engine. Partial internal order cross is also possible, remaining order size being sent to an external dark pool, exchange  or broker.

Algorithmic Trading

Algorithmic Trading allows entering orders with computer algorithms deciding on aspects of the orders such as the timing, price, or quantity of the order, or in many cases initiating the order without human intervention. Algorithmic Trading is widely used today, for example to divide large trades into several smaller trades in order to minimize market impact, and risk. Sell side traders, such as market makers and some hedge funds provide liquidity to the market, generating and executing orders automatically. In this “high frequency trading” (HFT), computers make the decision to initiate orders based on information that is received electronically, according to strategies defined by human traders.

PREDATOR is unique in providing clients with 3 basic options for using algorithms:

    • Pre-installed algos provided by Teleinvest
    • Broker defined algos
    • Developing and inserting individual algos

Straight Through Processing

The STP represents the host interface to non-Teleinvest applications, suited for straight through processing of orders and their execution information.

Its goal is to completely automate the trading process without the need for re-typing the orders. The STP allows the banks to load into the Predator trading platform information like custom securities catalogue, positions, valuation prices, corporate actions etc.

The STP  has the advantage to:

    • Reduce the operational risk by eliminating the manual interventions
    • Minimise the time for trade settlement
    • Increase the quality of the settlement data
    • Minimise the operational costs

Currently the STP module can use several protocols as the Teleinvest STP protocol, FIX and FIXML protocols.

Features

Buy-Side OMS/EMS

An EMS or Execution Management System is the logical complement to an OMS, as it handles the details pertaining to the order once it is executed or filled. Predator helps the trader to keep track of orders, be they executed wholly or partly, cancelled or amended, stopped or re-introduced, including proper allocation of aggregated orders which need to be attributed to different portfolios or clients. The system also provides interfaces to host systems or banking systems used in the back-office.

Predator’s OMS / EMS offers extended order management (O.M.S) and execution management (E.M.S.) for all asset classes and markets in a single system.

The Predator OMS / EMS  addresses all the workflow of buy-side trading desks, from portfolio management to trading, investment fund allocation, audit, reports and compliance. Predator OMS / EMS provides extensive connectivity to a wide range of networks (ECNs), brokers, DMA access and complete real time market-data.

Key Features

    • Supports all major elements of  buy-side trading desk workflow
    • Adapted for equities, fixed income, listed and OTC derivatives, money markets and FX
    • Allow organization of lists using dynamic filters, fully customizable by the user
    • Offers consolidated view of trading activity, EDA, DMA and direct access to broker algorithms
    • Provides a broad range of advanced execution tools, import/export capabilities
    • Smart Order Routing, Program Trading, Position keeping, Internal Matching Engine from a single screen
    • Fully STP solution for buy-side organizations
    • Comprehensive control and audit trail of the trading process

Direct Market Access

Direct Market Access (DMA) on Predator allows customers to access liquidity more directly  on a given market venue.

Using DMA, the client takes control over the way a transaction (“trade”) is executed and enjoys some important advantages:

    • DMA eliminates sources of errors or execution irregularities, as the broker does not work orders but only provides his exchange member ID
    • DMA orders are fast as they allow the trader to take advantage of market opportunities quickly, before less sophisticated competitors
    • DMA offers lower transaction cost because it does not require exchange membership

Real-Time Order Routing

Predator’s Real-Time Order Routing module is allows automatic precise routing of orders to a chosen market place, via selected channels (directly or via brokers).

Predator’s Real-Time Order Routing module provides buy-side institutions with the abillity to define the routing rules based on order characteristics including client, account number, exchange, product  etc. to elctronic exchanges and broker-neutral networks worldwide.  Of course, Predator also provides the ability for orders to be manually routed between offices or sites.

It also provides buy-side institutions with a consolidated interface combining real-time market data and indications of interest with trading functionality. Generating orders is highly intuitive, whether clicking through market data or indications of interest, simply entering manually or managing baskets. User preferences can be set for default brokers, accounts and pricing, including automatic entry of the ask price for buy orders and bid price for sell orders. Program trades can also be created by importing baskets, e.g. from portfolio systems, in a variety of formats and released in waves for efficient trading. Orders status and execution values are available dynamically in real-time, including partials, average prices and report details. Executed orders can also be grouped for aggregate viewing by symbol, side, broker or account.

FIX Engine

The FIX  engine enables the client to connect to all FIX based networks or markets, extending the connectivity range for buy-side organisation. 

The software server is handling all types of FIX protocols from FIX 4.0 to FIX 5 and converts them to the Predator IFIS language. The FIX server is  developed in order to handle extreme message throughput with minimum latency.

The FIX  engine enables the client to connect to all FIX based networks or markets, extending the connectivity range for buy-side organisation. 

The software server is handling all types of FIX protocols from FIX 4.0 to FIX 5 and converts them to the Predator IFIS language. The FIX server is  developed in order to handle extreme message throughput with minimum latency.

The FIX  engine enables the client to connect to all FIX based networks or markets, extending the connectivity range for buy-side organisation. 

The software server is handling all types of FIX protocols from FIX 4.0 to FIX 5 and converts them to the Predator IFIS language. The FIX server is  developed in order to handle extreme message throughput with minimum latency.

Reports & Audit

The trader can obtain the whole history of an order or trade, from the moment it was entered in the platform until it is executed or deleted. Predator’s Report & Audit are valuable tools for compliance and control purposes.

Using the Audit module, any authorized person (the head trader, fund manager or auditor) can request a full or selective audit-trail on all or any data, for example : price & time stamp on order reception, order placing, changes, reception of execution etc. Definition of selection criteria is very simple.

Reporting capabilities are available to both users at the client and users within trading department. The data available for reporting is limited based on the viewing permissions assigned to the user. Predator provides the option to print paper tickets for each order, together with its matching fills, to send reports by email.

Predator provides a summary report for a specified date, for all orders placed and for all executions. The report is available to print on demand. At least one year of data is available on-line for viewing and reporting.

Predator provides a flexible reporting tool which allows users to run order, fill or position reports based on user defined  templates.  The reporting tool allows the user to run reports based on any combination of the following: date range, client(s), account(s), exchange(s), product(s), trader(s), status(es), client reference(s), price range etc.

Risk Management

One way of managing risk is knowing your position as regards to unexecuted orders on the market or long/short positions by client, trader, etc. Predator allows the real-time supervision of positions and setting individual limits or alarms.

Key features of Predator’s Risk Management module:

    • Adapted for Nostro (proprietary) or Client activity
    • Allows the introduction of limits for the traders and for the « books » of instruments
    • Real-time limit control for Real & Virtual Positions
    • Coupled to the Predator V.I.P. spreadsheet to allow real-time calculations for risk evaluation
    • Flexible concept built on risk management formulas

Transaction Cost Analysis

The Transaction Cost Analysis (TCA) module is monitoring the transaction costs of the trading activity, the brokers and other intermediaries’ performance. It is a key component for any market participant which is trying to achieve best execution goal, to optimize the trading strategies and the trading performance.

TCA module calculates the difference between transactions’ executed price, without any additional costs and the actually realized transaction, including direct costs, such as brokerage commissions, market fees, settlement costs, clearing costs and taxes, as well as indirect costs from market impact, market timing delays and missed trade opportunities.

Porfolio Management

Predator Portfolio Management lets portfolio managers focusing on essential activity by automating the investment and controlling the risk.

It allows the management and analysis of single or multiple portfolios based on modelling features for various portfolio models and asset allocation.

Predator portfolio management shows:

    • Performance distribution

    • Analysis on trader, position, asset class

    • Rsk, return ratio

    • Portfolio and exposure analysis

Key Benefits

    • Real-time portfolio information delivery for optimal decision-making

    • Flexibility to design an Order work flow that reflects your organisational requirements

    • Profiling clients and portfolios to tailored investment strategies

    • Automating the compliance control and account opening processes

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