SS&C Technologies, a Northeast vendor, purchased the thinklink OMS/EMS from TD Ameritrade’s thinkorswim division to replace its aging Tradeware MarketCenter application.
The acquired hybrid OMS/EMS application was renamed MarketTrader and is targeted at the institutional buyside and hedge funds, as well as the sellside. It will augment the firm’s Antares order management system, which is specifically geared toward portfolio managers.
According to Charles Giessen, director of SS&C’s Financial Market Group, MarketTrader can get order flow via all the major networks, such as FIX, Bloomberg and Radianz. Traders can work orders by slicing and routing to ECNs, DOT and BBSS, as well as specific market makers, algo providers, crossing networks and dark pools, he said.
"It was easier to buy a system than develop one from the ground up," Giessen said. "The Tradeware app will be retired, and we’re going to migrate clients from it to the new system, hopefully by the end of the year."
MarketTrader has already been modified to be deployed to current sellside MarketCenter users, and the firm is now rolling it out to the buyside. "Our first priority was to consolidate the sellside applications and sellside clients," Giessen said.
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