UK - A new platform called BidRoute is set to be launched at the end of this month which aims to create the first automated auction service for portfolio trading.
The system’s objective will be to enable traders to put a portfolio of stocks out to multiple brokers around the world.
It is hoped to achieve this in the same time it would take traders to deal manually with a small number of brokers with whom they have established relationships.
Brokers should also be able access to trades previously closed off to them, as well as obtaining feedback on their performance in the bid process.
The principals of Bidroute are: Barry Marshall, Gartmore’s former chief operating officer for its investment division; Kevin Houstoun chairman of the FIX Technical Committee and Julian Lee who has worked in front officer IT for investment management firms.
Marshall said the tool would empower the investment management industry in addition to benefiting brokers, investors and regulators alike.
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