Portware announced today a new out-of-the-box trading platform that is cloud-based, allowing firms to access trading products with minimal IT infrastructure.
Dubbed Portware Pro, the platform allows configuration for individual firms and individual traders, though it does not allow firms to incorporate their own in-house proprietary systems, as does Portware’s existing Enterprise platform.
Portware Pro targets institutional asset managers and hedge funds on the buyside, as well as sellside firms that don’t need the greater levels of customization offered by Enterprise. Scott DePetris, chief operating officer for Portware, said if users want to later upgrade to Enterprise, they can transition seamlessly.
“What we are trying to do is lower the total cost of ownership of our very robust trading platform,” DePetris said.
Having the platform based on the cloud reduces the amount of IT spending firms need to use the system, according to DePetris. Market data, FIX connectivity and analytics can all be based off-site and fully integrated into the trading platform, allowing firms to get up and running quickly with a minimum of initial expenditures, he said.
Though security is always a concern with cloud-based products, Portware claims that no trade data is ever communicated over the wire, since the system sends pixel updates for the trading screen rather than raw trade data that could potentially be intercepted and read.
The cloud also allows remote access from anywhere in the world.
“Take for example a head trader who is constantly moving between [a firm’s] London, Hong Kong and U.S. offices,” DePetris said. “All of your settings and all of your screens remain the same, because you’re remotely logging into it.”
For additional security, log ins can be tied to a specific IP address. Portware has tried to minimize latencies, and there is no noticeable delay when connecting remotely, DePetris said.
Cloud environments have seen wider adoption recently due to increased security and the promise of reducing implementation costs.
Sang Lee, managing partner at Aite Group, said firms today are under pressure to optimize execution performance, but they are concerned about the internal support and deployment costs for complex trading systems. As a result, there has been increased demand for cloud-based solutions, he said.
Among the services offered by Portware Pro are real-time data and analytics, pre- and post-trade transaction cost analysis, connectivity to order management systems and portfolio trading technology.
Ary Khatchikian, president and co-founder of Portware, said in a statement the new product takes a proven solution and makes it available to traders with minimal cost, zero start-up time and complete access to all liquidity points.
Founded in 2000, Portware provides integrated access to more than 450 global trading destinations. According to the company, Portware Enterprise has been implemented at more than 130 financial firms, including investment management firms, hedge funds and sellside program trading desks.
