InvestTech Systems hired to study portfolio accounting system for Florida State Board
TALLAHASSEE, Fla. - The Florida State Board of Administration hired InvestTech Systems Consulting to conduct a portfolio accounting system evaluation and selection study for the $106 billion pension system. InvestTech is developing a plan for Florida's portfolio accounting system and trading systems, helping the board to get ready for T+1 and conducting an investment operations review.
ECNs gain market share for 7th straight quarter
NEW YORK - Electronic communications networks gained market share of Nasdaq trading volume for the seventh consecutive quarter, according to an institutional research report by J.P. Morgan H&Q.
At the end of the third quarter, share volume handled through ECNs jumped to a record 47%, up from 45% for the second quarter this year and 35% for the third quarter of 2000. According to the report, institutional demand for direct-access trading is "perhaps the most profound trend helping ECN volume growth."
Gregory Smith, J.P. Morgan analyst, said ECNs are benefiting from the increased focus on transaction costs, the growing presence of direct-access trading vehicles and the compounding effect of liquidity.
TCW uses LongView2000 management system
LOS ANGELES - TCW Group implemented the LongView 2000 trade order management system to support domestic equities and convertibles in its Los Angeles and New York offices. LongView's portfolio management segment includes modeling and order-generation capabilities. TCW officials declined to name the order management system being replaced.
BondEdge begins European fixed-income analytics system
LOS ANGELES - CMS BondEdge launched the European version of its fixed-income analytics system. In addition to its established reporting and analysis capabilities, BondEdge will offer global performance attribution analysis.
BondEdge clients will have access to a global database of 50,000 securities, including sovereigns, supranationals and futures. The system provides more than 20 benchmark government yield curves and more than 40 currencies, updated daily from FT Interactive Data.
GMAC launches online commercial mortgage database
NEW YORK - GMAC Commercial Mortgage launched a new online commercial mortgage database for institutional investors.
The database, called Realpoint.com, covers 66,000 properties and nearly 550 deals, said Jim Titus, senior vice president and managing director at GMAC. He said Realpoint was a natural outgrowth of GMAC's position as one of the largest originators of commercial mortgages, currently servicing nearly $125 billion.
In addition to specific information on securities, loans and properties, Realpoint provides market updates and industry research.
Newkirk, unit offer online adviser platform
ALBANY, N.Y. - Newkirk Products and its MasteryPOINT Financial Technologies subsidiary will offer financial service providers "The Wealth Advisor Platform," an automated online system that gives 401(k) participants sufficient information to make asset allocation choices without being offered investment advice.
The system is scheduled to be launched in January, according to Todd Bloomfield, president of MasteryPOINT Financial Technologies.
Newkirk will license the platform from Investment Technologies, a provider of investment decision-making tools for defined contribution plan sponsors and wealth management professionals.
BNY ESI teams with Jaywalk
NEW YORK - BNY ESI & Co. Inc., the brokerage subsidiary of The Bank of New York, entered into an agreement with Jaywalk Inc. to integrate Jaywalk's research into the BNY ESI system platform for institutional clients. Jaywalk is a third-party consolidator of independent research on the web.
BNY ESI will provide clients with Jaywalk's investment research from 11 independent channels as well as Jaywalk's automated commission management tools for investment managers to use the service for soft dollar arrangements.
Jaywalk's investment research employs quantitative, fundamental, technical, sell strategy and intellectual property analyses for coverage of equity securities on a per-report basis. Investors can design the system to track specific lists of stocks, portfolios, researchers and groups of researchers.
INDATA clients gain access to Liquidnet
SAN DIEGO - INDATA will link up with Liquidnet to allow clients of INDATA Precision Trading system electronic access to the Liquidnet platform. Liquidnet is a web-based electronic trading platform for large institutions designed to allow trading of large blocks of stocks anonymously with minimal market impact costs.
SOCRATES expands company coverage
BOSTON - The SOCRATES system of analytics for socially and environmentally responsible investment portfolios is now four times larger with the addition of all companies in the Russell 3000 Index and the KLD Broad Market Social Index.
The new version of SOCRATES expands the social research tool from its original company coverage of the S&P 500 and the Domini 400 Social Index.