eSignal and Refco have formed a partnership to integrate Refcos order routing technologies with the eSignal 7 series analytical software. Refco and Lind-Waldock clients will have access to market data, advanced charting, alerts, and technical tools from eSignal. Also, users will be able to use a paper trade function to test their trading strategies and learn which transactions would produce favorable results.
CyberTrader, the direct access subsidiary of Charles Schwab, has announced that it will offer its customers direct order-execution connectivity to the Chicago Mercantile Exchange for the trading of CMEs E-mini S&P 500 and E-mini NASDAQ-100 stock index contracts. Customers of CyberTrader will be able to place market and limit orders on the available futures products and monitor their trading activity. CyberTrader currently provides its customers with connections to ECNs, options exchanges and more than 450 market makers.
The Chicago Board of Trade has signed a licensing agreement with Rolfe & Nolan for the use of RANorder Pro, a high performance trading front-end system. The system will be offered by CBOT for individual members to use for trading access. In addition, clearing firms can use RANorder Pro as a backup order entry system. RANorder Pro will be available at the end of November 2003 under the e-cbot DIRECT label. In addition, Rolfe & Nolan will supply the CBOT with ASP services, which will include the provision of all required production and disaster recovery infrastructure, the implementation and management of all network and Internet connectivity, and ongoing application and operational support.
Celent Communications has released a report on the anti-money laundering (AML) software market profiling 16 of the leading vendors and providing a competitive analysis of their products. Celent predicts that by 2006, 94 percent of large financial institutions in the U.S., 76 percent of mid-tier firms and 49 percent of small firms will have implemented new AML technologies. Celent estimates that between 2003 and 2005, banks, broker-dealers, and insurance carriers in the U.S. will spend $632.2 million on AML software solutions and related hardware and services. Ranking the Vendors of Anti-Money Laundering Solutions is available at www.celent.com.
The Sydney Futures Exchange has recently launched a Relocation Scheme targeting individual traders and proprietary trading firms considering relocating or opening offices in the Asia-Pacific region. In addition to promoting Sydneys climate, beaches and growing reputation as a financial center, the SFE will be offering incentives to traders and firms. Incentives include: fee rebates during the first year of trading, discounted or free access to the SFE trading systems during the first year of trading, discounts or waivers on trading membership, free training on SFE systems, relocation assistance, and tax advice.
In an effort to further educate its customers about its J-Trader software, patsystems has launched a new trading simulator. The new training tool, called J-Simulator, functions exactly the same as J-Trader except that all orders are both directed to and matched by the patsystems matching engine rather than being sent to an exchange. Users may keep positions overnight, see real-time profit and loss on their open positions, and paper trade against real market price movements. J-Simulator will be available to all customers who will be able to re-brand it and pass it on to end-users.