Imagine Software https://www.imaginesoftware.com Real-Time Portfolio, Risk Management & Regulatory Software for Financial Firms Wed, 20 Dec 2017 16:55:08 +0000 en-US hourly 1 2017 American Financial Technology Awards: Most Innovative Platform for Risk, Compliance and Reporting https://www.imaginesoftware.com/2017-american-financial-technology-awards-most-innovative-platform-for-risk-compliance-and-reporting/ https://www.imaginesoftware.com/2017-american-financial-technology-awards-most-innovative-platform-for-risk-compliance-and-reporting/#respond Fri, 08 Dec 2017 20:13:32 +0000 https://www.imaginesoftware.com/?p=2631 https://www.imaginesoftware.com/2017-american-financial-technology-awards-most-innovative-platform-for-risk-compliance-and-reporting/feed/ 0 Imagine Wins Most Innovative Platform for Risk, Compliance & Reporting https://www.imaginesoftware.com/imagine-wins-most-innovative-platform-for-risk-compliance-reporting/ https://www.imaginesoftware.com/imagine-wins-most-innovative-platform-for-risk-compliance-reporting/#respond Fri, 08 Dec 2017 18:16:25 +0000 https://www.imaginesoftware.com/?p=2628 NEW YORK, Dec. 5, 2017 — Imagine Software, the leading provider of portfolio management, risk and regulatory solutions for financial services firms worldwide, has won the “Most Innovative Technology Vendor for Risk, Compliance and Reporting” award at the 13th Annual American Financial Technology (AFTA) celebratory dinner on December 4. Hosted by Waters magazine and WatersTechnology.com, the AFTA’s recognize excellence in the deployment and management of financial technology in the asset management and investment banking communities.

Imagine’s award recognizes a technology provider that embraces innovative development techniques, as well as operating models that deliver valuable products and services to capital markets clients. Waters noted the strong current of innovation evident in the winning initiatives, adding that this year’s AFTA Awards present the picture of an industry standing on the precipice of immense change—and getting ready to take the plunge.

Lance Smith, Co-Founder and CEO of Imagine, said, “We are honored to receive this prestigious award from Waters Technology and are delighted by the recognition of our history of innovation, honed by 25 years of working closely with financial institutions around the world. This particular award recognizes our newest product, Real-Time Risk and Compliance (RRC). RRC was built to deliver risk management, compliance monitoring, and reporting on millions of positions and trades per day, and across many thousands of accounts. All in real time.”

About Imagine Software

Founded in 1993, Imagine Software is the leading provider of real-time portfolio, risk management and regulatory solutions for global financial services firms.  Imagine provides institutional-grade functionality, broad cross-asset instrument support and the ability to employ and scale any trading strategy for businesses of all sizes and complexity. Firms rely on Imagine to manage their entire portfolio and risk management operations, create product and business-specific solutions, deliver on-time regulatory reports and scale for growth. Today, Imagine services clients in more than 25 countries throughout the Americas, Europe and Asia-Pacific regions.

Headquartered in New York City, Imagine has offices in Hong Kong, London and Sydney. For more information, visit www.imaginesoftware.com or contact Imagine Software at 212.317.7600 and follow us on Twitter and Linked In.

For further information and media inquiries, please contact:

Debra Douglas
Director of Marketing
Imagine Software
debrad@imagine-sw.com
212-317-7615

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NEW YORK, Dec. 5, 2017 — Imagine Software, the leading provider of portfolio management, risk and regulatory solutions for financial services firms worldwide, has won the “Most Innovative Technology Vendor for Risk, Compliance and Reporting” award at the 13th Annual American Financial Technology (AFTA) celebratory dinner on December 4. Hosted by Waters magazine and WatersTechnology.com, the AFTA’s recognize excellence in the deployment and management of financial technology in the asset management and investment banking communities.

Imagine’s award recognizes a technology provider that embraces innovative development techniques, as well as operating models that deliver valuable products and services to capital markets clients. Waters noted the strong current of innovation evident in the winning initiatives, adding that this year’s AFTA Awards present the picture of an industry standing on the precipice of immense change—and getting ready to take the plunge.

Lance Smith, Co-Founder and CEO of Imagine, said, “We are honored to receive this prestigious award from Waters Technology and are delighted by the recognition of our history of innovation, honed by 25 years of working closely with financial institutions around the world. This particular award recognizes our newest product, Real-Time Risk and Compliance (RRC). RRC was built to deliver risk management, compliance monitoring, and reporting on millions of positions and trades per day, and across many thousands of accounts. All in real time.”

About Imagine Software

Founded in 1993, Imagine Software is the leading provider of real-time portfolio, risk management and regulatory solutions for global financial services firms.  Imagine provides institutional-grade functionality, broad cross-asset instrument support and the ability to employ and scale any trading strategy for businesses of all sizes and complexity. Firms rely on Imagine to manage their entire portfolio and risk management operations, create product and business-specific solutions, deliver on-time regulatory reports and scale for growth. Today, Imagine services clients in more than 25 countries throughout the Americas, Europe and Asia-Pacific regions.

Headquartered in New York City, Imagine has offices in Hong Kong, London and Sydney. For more information, visit www.imaginesoftware.com or contact Imagine Software at 212.317.7600 and follow us on Twitter and Linked In.

For further information and media inquiries, please contact:

Debra Douglas
Director of Marketing
Imagine Software
debrad@imagine-sw.com
212-317-7615

]]>
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Analyze Exposures to Bitcoin in Real-Time https://www.imaginesoftware.com/analyze-exposures-to-bitcoin-in-real-time-2/ https://www.imaginesoftware.com/analyze-exposures-to-bitcoin-in-real-time-2/#respond Mon, 20 Nov 2017 22:04:03 +0000 https://www.imaginesoftware.com/?p=2610 Investors looking to analyze the correlation between bitcoin and companies influenced by cryptocurrency use Imagine’s regression tools to access historical prices of bitcoin. With this data, investors track the relationship between holdings and bitcoin using a historical price time series of a portfolio containing holdings with cryptocurrency exposure. They then create a custom calculation (“custom column”) to calculate beta between the daily, weekly, and monthly price of each holding, and that of USDBTC within a certain time frame, e.g., 90/180/365 days.

Recently, the price of bitcoin has reached a record high—increasing by more than 500% since early this year. Due to its decentralized nature and the popularity of block chain technology, there are those who believe in a bright future for cryptocurrency. Furthermore, the performance of bitcoin investments has attracted the attention of traditional investors looking to hop on the bandwagon through investments in companies likely to be impacted by this new technology.

Read more on this topic HERE.

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Investors looking to analyze the correlation between bitcoin and companies influenced by cryptocurrency use Imagine’s regression tools to access historical prices of bitcoin. With this data, investors track the relationship between holdings and bitcoin using a historical price time series of a portfolio containing holdings with cryptocurrency exposure. They then create a custom calculation (“custom column”) to calculate beta between the daily, weekly, and monthly price of each holding, and that of USDBTC within a certain time frame, e.g., 90/180/365 days.

Recently, the price of bitcoin has reached a record high—increasing by more than 500% since early this year. Due to its decentralized nature and the popularity of block chain technology, there are those who believe in a bright future for cryptocurrency. Furthermore, the performance of bitcoin investments has attracted the attention of traditional investors looking to hop on the bandwagon through investments in companies likely to be impacted by this new technology.

Read more on this topic HERE.

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Hundreds of Interactive Dashboards a Click Away https://www.imaginesoftware.com/dashboards-just-a-click-away/ https://www.imaginesoftware.com/dashboards-just-a-click-away/#respond Wed, 08 Nov 2017 03:11:21 +0000 https://www.imaginesoftware.com/?p=2586 The sheer volume of data that Portfolio and Risk Managers must navigate throughout the day has grown tremendously as strategies have become more complex and the regulations more demanding. Every wasted click, sort, or search for the relevant data they need is a potential opportunity lost. Deciphering complex relationships of data from disparate systems, paper reports, and in different formats increases the chance of errors and slows down their productivity.

When investors, clients, managers, regulators, or compliance departments request a report on their fund’s VaR, stress tests, or performance, it should be just a click away. That’s exactly what Imagine’s Dashboards and reports are designed to provide. 

Imagine Dashboards give users the tools to cut through the data noise with intuitive simplicity. Powered by our comprehensive data and analytics, Imagine Dashboards are fully interactive and real-time. From managing trading strategies with multi-factor exposures, to fulfilling investor demands for P&L attribution, to monitoring their compliance department’s AIFMD, UCITS or 40 Act limits, Imagine’s users are leveraging these groundbreaking dashboards.

Click here for a closer look at dashboards like these and others built for P&L andperformance, exposure analysis, stress testing, FX, VaR, Greeks, beta & correlation, and more.

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The sheer volume of data that Portfolio and Risk Managers must navigate throughout the day has grown tremendously as strategies have become more complex and the regulations more demanding. Every wasted click, sort, or search for the relevant data they need is a potential opportunity lost. Deciphering complex relationships of data from disparate systems, paper reports, and in different formats increases the chance of errors and slows down their productivity.

When investors, clients, managers, regulators, or compliance departments request a report on their fund’s VaR, stress tests, or performance, it should be just a click awayThat’s exactly what Imagine’s Dashboards and reports are designed to provide. 

Imagine Dashboards give users the tools to cut through the data noise with intuitive simplicity. Powered by our comprehensive data and analytics, Imagine Dashboards are fully interactive and real-time. From managing trading strategies with multi-factor exposures, to fulfilling investor demands for P&L attribution, to monitoring their compliance department’s AIFMD, UCITS or 40 Act limits, Imagine’s users are leveraging these groundbreaking dashboards.

Click here for a closer look at dashboards like these and others built for P&L andperformance, exposure analysis, stress testing, FX, VaR, Greeks, beta & correlation, and more.

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MiFID II and Evolving Equity Execution  https://www.imaginesoftware.com/mifid-ii-and-evolving-equity-execution/ https://www.imaginesoftware.com/mifid-ii-and-evolving-equity-execution/#respond Fri, 20 Oct 2017 18:38:24 +0000 https://www.imaginesoftware.com/?p=2550 BY:  HAMLIN LOVELL  /  The HedgeFund Journal

Fragmentation of equity market microstructure and liquidity has manifested in a near doubling of trading venues from 17 in 2007 to 30 a decade later, while average ticket sizes have been divided by seven, dropping from EUR 28-30,000 to EUR 4-5,000 over the same period. The increased complexity of navigating these markets has forced asset managers to raise their game. “Execution efficiency is a cost of doing business and it is getting harder and harder not to invest a lot of money,” says Francois Banneville, Societe Generale’s Prime Services Head of Execution, who has seen most of his clients reorganise their desks over the past two years. There have been two key trends. “One big theme was trading across asset classes. Another was trading electronically, partly to manage costs and increase the STP rate, but also to tackle more efficiently the evolving market microstructure,” he notes.

Against this backdrop, Societe Generale Prime Services has also seen its share of organisational change, starting with the acquisition and integration of Newedge into Prime Services in 2015, which THFJ covered. “We made a positive, bold, early move in acquiring Newedge. They are passionate about what they do and a leader in Listed Derivatives Clearing and Execution which complemented our Cash Equity business,” Banneville says. Initially, high touch equity execution was kept close to research but now, as Banneville points out, “MiFID II requires a complete decoupling of research and execution, not just unbundling. So, we have regrouped all cross-asset listed agency execution (high touch and low touch) under one roof, to present an even more comprehensive, integrated and holistic offering.” The global cross-asset execution team of 180 includes around 50 in the US hubs (New York, Chicago), 50 in London, 45 in Paris and satellite offices of Frankfurt, Madrid and Zurich, and 35 in APAC spread across Hong Kong, Sydney, Tokyo, Mumbai, Seoul and Taipei.

Multi-asset class, real time, IT infrastructure 

This global franchise spans all asset classes and demands that IT systems keep pace. Societe Generale Prime Services spent almost a year carrying out a beauty parade of six or seven risk software providers. “We wanted consistency between intraday and end of day P&L and risk metrics and across asset classes,” explains Pascal Marciano, COO Prime Services Risk. (This is partly to avoid false alarms over margin calls that can arise from asynchronous systems). Imagine met SG’s criteria: “It really is real time and integrates calculations across all asset classes. Every time futures are cleared, or equities or Portfolio Swaps are traded, they feed immediately into Imagine, which instantly updates the VaR, greeks, threshold alerts etc.,” explains Didier Livio, Global Head of Prime Services Risk. SG partnered with Imagine to customise the system in ways that other Imagine clients now benefit from. The implementation and internal validation process took two years and is approaching completion with global roll out in US, Europe and Asia. A current project is customised margining around cross-margining, netting and offsets. The next step is giving SG clients access to an Imagine interface (whether or not they are themselves clients of Imagine).

A wide client base has been drawn to the breadth of the Societe Generale Prime Services offering, which includes clearing, financing (through swaps, security loans, margin lending, repoes and synthetic means such as Portfolio Swaps and TRS), security lending, collateral transformation and execution, OTC clearing and FCM services, as we detailed in our 2015 profile. Societe Generale Prime Services has always been renowned for its CTA and macro franchise and is now growing its presence in equities. The equity roster includes clients trading more traditional long/ short equity funds, quantitative strategies and those trading both cash and synthetic equities.

Integrated equity execution: high, mid and low touch 

In equities, Banneville’s unit has huge coverage of listed markets and he does not underestimate the costs of having obtained this, in terms of developing execution systems, settlement processes and clearing processes. SG’s market share is around 4-5% on most European equity exchanges, while it is the largest in listed derivatives on CME Group with 17.5%. Listed volatility futures, such as the VIX and dividend-adjusted equity futures, are part of the suite (elsewhere in Societe Generale Prime Services, OTC derivatives such as dividend swaps and variance swaps are also traded).

Societe Generale Prime Services offers three main execution channels for cash equities and listed derivatives: high touch (voice), low touch (electronic including DMA algorithms) and mid touch (program trading). Banneville points out that they “are large enough to be global but small enough to be nimble and integrated without siloes. Clients can choose one point of contact for coverage, or many specialists from our cross-region and asset class matrix.”

The integration of high and low touch activity does not imply any automatic sharing of information between them and indeed, electronic order flow is by design segregated from voice flow. “It is paramount that the teams do not have access to the same books,” explains Banneville. Confidentiality is so important for some clients, including certain quantitative funds and those focused on latency, that they are only referred to internally by designated code names.” On the other hand, certain clients give Societe Generale Prime Services permission to selectively advertise part or all of their order flow. They can even specify precise instructions on where the information can, and cannot, be disseminated.

Societe Generale Prime Services is agnostic on whether clients are using cash or non-cash instruments and if they execute electronically or not. Some clients are 100% electronic and all trade something electronically. Around 70% of equity flows are electronic. In listed derivatives, the market is polarised so clients are either exclusively electronic (usually for low latency), or intensively use voice. The fact that clients still want high touch execution shows how broking is still a people business. “Each time we increase our high touch offering, we improve client penetration, quality of coverage and the stickiness of the relationship,” points out Banneville. “Everyone knows that electronic execution is more efficient, but some funds have a shortage of traders, and others appreciate the market colour and intelligence around flows, such as index re-balancing or calendar rolls that can come from a conversation with a trader,” he explains.

Similarly, clients’ preferences for venues will vary. In simple terms, “there are two types of clients. Some are afraid of the dark, for different reasons. Others want as much liquidity as possible for larger orders,” Banneville finds. Societe Generale Prime Services has its own ECN (Electronic Crossing Network) and clients may also tap into most of the dark pools, but by 2018, ECNs may become Systematic Internalisers (SIs). How much dark liquidity moves onto other venues, such as SIs or MTFs, is one of the big imponderables. Banneville seems confident that at least some of it will remain (either below the double 4% of venue volumes/8% of market volumes cap or subject to the Large In Scale (LIS) waiver).

Smart algorithmic execution 

Algorithmic order flow goes through a smart router. Societe Generale Prime Services handles listed derivatives and cash on one platform to carry out cross-asset trades, such as equitisation or basis trades, ‘natively’. “The algo can take care of benchmark historical volume, dynamic volume, price constraints and volume constraints such as VWAP,” explains Banneville. “Based on asset-class, tactical decisions after orders are sent include how to sweep and reload, which markets to access, how to rank venues in order of priority, how to control for slippage and so on.” Algorithms are being tailored to individual clients’ needs and are adaptive. “For Cash Equity, we change the smart order router priority based on QVM (quality venue measurement) over the past month,” explains Banneville. Some clients delegate the choice of algorithm to the ‘algorithm wheel’, determining which algorithm to use based on the security or instrument, volatility regime,

bid/offer spread, order size, average daily volumes etc. “Clients are becoming more quantitative and savvier as electronification progresses and MiFID II comes.” And algorithms are ubiquitous: “the market is becoming geeky. You cannot escape electronic execution any more. Even if you trade manually, at some stage the order will go through an algorithm,” reveals Banneville.

Co-location 

Societe Generale Prime Services is seeing more and more demand for strong and robust colocation. It has its own colocation system (but is not in the super ultra-low latency space). Banneville observes that “the network of colocation services matters as much as colocation itself.” Their benchmarks are radically different. “Colocation is measured in microseconds (millionths of a second) while networks of co-location are measured in milliseconds (thousandths of a second),” he says. Milliseconds are also the periodicity of time stamping for MiFID II purposes.

Measuring best execution 

Measuring best execution and market impact could become more important and Banneville speculates that “MiFID II could change not only liquidity but also market behaviour. Many market makers that currently inhabit dark pools have become, and will become, systematic internalisers. We may see less mean reverting behaviour and more signal-based strategies.” The downside of this, however, is that Banneville fears “the same average daily volumes may lead to larger market impact, based on what we see in the US.”

Market impact can be the largest constituent of Transaction Cost Analysis (TCA), which was until recently often delegated to brokers. Now Societe Generale Prime Services’ clients are recruiting quants from investment banks or universities to develop their own systems and standardise TCA over markets. Best execution is a multi-factor concept. Quants document how markets are accessed, their microstructure, deviation between initial and arrival price, the amplitude of the trade over the life of an order, and a whole range of other considerations. “Best selection rhymes with best execution and we have always marketed ourselves on the quality of our execution and algorithms,” says Banneville. “We are a global tier one player for execution. Being more nimble than the bulge bracket lets us cover all asset classes and regions.”

Clients are choosing brokers for their breadth of services and quality of execution. But in a fragmented market, there is space for multiple participants. The reality is that clients may rotate around a pool of brokers to optimise execution quality. THFJ

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With Societe Generale Prime Services’ Francois Banneville

BY:  HAMLIN LOVELL  /  The HedgeFund Journal

Fragmentation of equity market microstructure and liquidity has manifested in a near doubling of trading venues from 17 in 2007 to 30 a decade later, while average ticket sizes have been divided by seven, dropping from EUR 28-30,000 to EUR 4-5,000 over the same period. The increased complexity of navigating these markets has forced asset managers to raise their game. “Execution efficiency is a cost of doing business and it is getting harder and harder not to invest a lot of money,” says Francois Banneville, Societe Generale’s Prime Services Head of Execution, who has seen most of his clients reorganise their desks over the past two years. There have been two key trends. “One big theme was trading across asset classes. Another was trading electronically, partly to manage costs and increase the STP rate, but also to tackle more efficiently the evolving market microstructure,” he notes.

Against this backdrop, Societe Generale Prime Services has also seen its share of organisational change, starting with the acquisition and integration of Newedge into Prime Services in 2015, which THFJ covered. “We made a positive, bold, early move in acquiring Newedge. They are passionate about what they do and a leader in Listed Derivatives Clearing and Execution which complemented our Cash Equity business,” Banneville says. Initially, high touch equity execution was kept close to research but now, as Banneville points out, “MiFID II requires a complete decoupling of research and execution, not just unbundling. So, we have regrouped all cross-asset listed agency execution (high touch and low touch) under one roof, to present an even more comprehensive, integrated and holistic offering.” The global cross-asset execution team of 180 includes around 50 in the US hubs (New York, Chicago), 50 in London, 45 in Paris and satellite offices of Frankfurt, Madrid and Zurich, and 35 in APAC spread across Hong Kong, Sydney, Tokyo, Mumbai, Seoul and Taipei.

Multi-asset class, real time, IT infrastructure 

This global franchise spans all asset classes and demands that IT systems keep pace. Societe Generale Prime Services spent almost a year carrying out a beauty parade of six or seven risk software providers. “We wanted consistency between intraday and end of day P&L and risk metrics and across asset classes,” explains Pascal Marciano, COO Prime Services Risk. (This is partly to avoid false alarms over margin calls that can arise from asynchronous systems). Imagine met SG’s criteria: “It really is real time and integrates calculations across all asset classes. Every time futures are cleared, or equities or Portfolio Swaps are traded, they feed immediately into Imagine, which instantly updates the VaR, greeks, threshold alerts etc.,” explains Didier Livio, Global Head of Prime Services Risk. SG partnered with Imagine to customise the system in ways that other Imagine clients now benefit from. The implementation and internal validation process took two years and is approaching completion with global roll out in US, Europe and Asia. A current project is customised margining around cross-margining, netting and offsets. The next step is giving SG clients access to an Imagine interface (whether or not they are themselves clients of Imagine).

A wide client base has been drawn to the breadth of the Societe Generale Prime Services offering, which includes clearing, financing (through swaps, security loans, margin lending, repoes and synthetic means such as Portfolio Swaps and TRS), security lending, collateral transformation and execution, OTC clearing and FCM services, as we detailed in our 2015 profile. Societe Generale Prime Services has always been renowned for its CTA and macro franchise and is now growing its presence in equities. The equity roster includes clients trading more traditional long/ short equity funds, quantitative strategies and those trading both cash and synthetic equities.

Integrated equity execution: high, mid and low touch 

In equities, Banneville’s unit has huge coverage of listed markets and he does not underestimate the costs of having obtained this, in terms of developing execution systems, settlement processes and clearing processes. SG’s market share is around 4-5% on most European equity exchanges, while it is the largest in listed derivatives on CME Group with 17.5%. Listed volatility futures, such as the VIX and dividend-adjusted equity futures, are part of the suite (elsewhere in Societe Generale Prime Services, OTC derivatives such as dividend swaps and variance swaps are also traded).

Societe Generale Prime Services offers three main execution channels for cash equities and listed derivatives: high touch (voice), low touch (electronic including DMA algorithms) and mid touch (program trading). Banneville points out that they “are large enough to be global but small enough to be nimble and integrated without siloes. Clients can choose one point of contact for coverage, or many specialists from our cross-region and asset class matrix.”

The integration of high and low touch activity does not imply any automatic sharing of information between them and indeed, electronic order flow is by design segregated from voice flow. “It is paramount that the teams do not have access to the same books,” explains Banneville. Confidentiality is so important for some clients, including certain quantitative funds and those focused on latency, that they are only referred to internally by designated code names.” On the other hand, certain clients give Societe Generale Prime Services permission to selectively advertise part or all of their order flow. They can even specify precise instructions on where the information can, and cannot, be disseminated.

Societe Generale Prime Services is agnostic on whether clients are using cash or non-cash instruments and if they execute electronically or not. Some clients are 100% electronic and all trade something electronically. Around 70% of equity flows are electronic. In listed derivatives, the market is polarised so clients are either exclusively electronic (usually for low latency), or intensively use voice. The fact that clients still want high touch execution shows how broking is still a people business. “Each time we increase our high touch offering, we improve client penetration, quality of coverage and the stickiness of the relationship,” points out Banneville. “Everyone knows that electronic execution is more efficient, but some funds have a shortage of traders, and others appreciate the market colour and intelligence around flows, such as index re-balancing or calendar rolls that can come from a conversation with a trader,” he explains.

Similarly, clients’ preferences for venues will vary. In simple terms, “there are two types of clients. Some are afraid of the dark, for different reasons. Others want as much liquidity as possible for larger orders,” Banneville finds. Societe Generale Prime Services has its own ECN (Electronic Crossing Network) and clients may also tap into most of the dark pools, but by 2018, ECNs may become Systematic Internalisers (SIs). How much dark liquidity moves onto other venues, such as SIs or MTFs, is one of the big imponderables. Banneville seems confident that at least some of it will remain (either below the double 4% of venue volumes/8% of market volumes cap or subject to the Large In Scale (LIS) waiver).

Smart algorithmic execution 

Algorithmic order flow goes through a smart router. Societe Generale Prime Services handles listed derivatives and cash on one platform to carry out cross-asset trades, such as equitisation or basis trades, ‘natively’. “The algo can take care of benchmark historical volume, dynamic volume, price constraints and volume constraints such as VWAP,” explains Banneville. “Based on asset-class, tactical decisions after orders are sent include how to sweep and reload, which markets to access, how to rank venues in order of priority, how to control for slippage and so on.” Algorithms are being tailored to individual clients’ needs and are adaptive. “For Cash Equity, we change the smart order router priority based on QVM (quality venue measurement) over the past month,” explains Banneville. Some clients delegate the choice of algorithm to the ‘algorithm wheel’, determining which algorithm to use based on the security or instrument, volatility regime,

bid/offer spread, order size, average daily volumes etc. “Clients are becoming more quantitative and savvier as electronification progresses and MiFID II comes.” And algorithms are ubiquitous: “the market is becoming geeky. You cannot escape electronic execution any more. Even if you trade manually, at some stage the order will go through an algorithm,” reveals Banneville.

Co-location 

Societe Generale Prime Services is seeing more and more demand for strong and robust colocation. It has its own colocation system (but is not in the super ultra-low latency space). Banneville observes that “the network of colocation services matters as much as colocation itself.” Their benchmarks are radically different. “Colocation is measured in microseconds (millionths of a second) while networks of co-location are measured in milliseconds (thousandths of a second),” he says. Milliseconds are also the periodicity of time stamping for MiFID II purposes.

Measuring best execution 

Measuring best execution and market impact could become more important and Banneville speculates that “MiFID II could change not only liquidity but also market behaviour. Many market makers that currently inhabit dark pools have become, and will become, systematic internalisers. We may see less mean reverting behaviour and more signal-based strategies.” The downside of this, however, is that Banneville fears “the same average daily volumes may lead to larger market impact, based on what we see in the US.”

Market impact can be the largest constituent of Transaction Cost Analysis (TCA), which was until recently often delegated to brokers. Now Societe Generale Prime Services’ clients are recruiting quants from investment banks or universities to develop their own systems and standardise TCA over markets. Best execution is a multi-factor concept. Quants document how markets are accessed, their microstructure, deviation between initial and arrival price, the amplitude of the trade over the life of an order, and a whole range of other considerations. “Best selection rhymes with best execution and we have always marketed ourselves on the quality of our execution and algorithms,” says Banneville. “We are a global tier one player for execution. Being more nimble than the bulge bracket lets us cover all asset classes and regions.”

Clients are choosing brokers for their breadth of services and quality of execution. But in a fragmented market, there is space for multiple participants. The reality is that clients may rotate around a pool of brokers to optimise execution quality. THFJ

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FIA Expo in Chicago – Booth 117 https://www.imaginesoftware.com/fia-expo-in-chicago-booth-117/ https://www.imaginesoftware.com/fia-expo-in-chicago-booth-117/#respond Mon, 16 Oct 2017 17:12:05 +0000 https://www.imaginesoftware.com/?p=2532 Imagine is attending the 33rd annual FIA Expo in Chicago.  Visit our team at booth 117 and see our Margin and Real-Time Risk & Compliance demos.

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Imagine is attending the 33rd annual FIA Expo in Chicago.  Visit our team at booth 117 and see our Margin and Real-Time Risk & Compliance demos.

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Updating your Gateway URL https://www.imaginesoftware.com/updating-your-gateway-url/ https://www.imaginesoftware.com/updating-your-gateway-url/#respond Fri, 24 Mar 2017 16:42:53 +0000 https://www.imaginesoftware.com/?p=2236 Please be advised that all users must update their login settings as a result of the recent change to Imagine’s web address. Users of the Imagine Trading System, I/O Services, Java API and C# API are affected.

Affected users should update the Gateway URL login setting to http://gateway.derivatives.com. For details specific to your use of Imagine, click the appropriate link:

Imagine Trading System | I/O Services | Java API | C# API | Imagine Web Services

Imagine Trading System

To ensure uninterrupted access to our services, please make the following change upon your next login:

1. Upon accessing the Imagine login window (illustrated below) click the Settings button.

2. From the resulting configuration window, update the Gateway URL setting to http://gateway.derivatives.com and click OK.

3. Log in as you normally would. If you experience any problem logging in following this change, change the Gateway URL setting to its previous setting (likely http://www.derivatives.com) and  contact our help desk to report the problem.

I/O Services/Java API

If you are set up to share your properties file between the I/O Services (or Java API) and the Imagine Trading System, updating your Imagine Trading System login settings (as described above) will also propagate the change to the I/O Services (or Java API), meaning you don’t need to do anything more.

If you do not share your properties file, then you need to edit your properties file as follows:

1. Change ics.conn.gatewayUrl = www.derivatives.com

to

ics.conn.gatewayUrl = gateway.derivatives.com

The default location of your properties file is:
C:\Program Files (x86)\Imagine Software\its\Bin\jfe_properties.txt

2. Once you have made the change to your properties file, also make the same change here:
%LOCALAPPDATA%\Imagine Software\its\jfe_properties.txt

C# API

Any instance where you have hard-coded the gateway URL into your code, update that instance to http://gateway.derivatives.com. For example, from the sample file Service.cs, the following reference may exist:

server.setGateway(“http://www.derivatives.com“);

In this example, you’d change that to:

server.setGateway(“http://gateway.derivatives.com“);

Imagine Web Services

If using the browser interface (aka “client”), switch from the old url, https://client.prod.derivatives.com/client/  to new url,  https://api.derivatives.com/batch/client/

If using the service, update the old url, https://service.prod.derivatives.com/service/batch?wsdl to the new url, https://api.derivatives.com/batch/service/batch?wsdl

If you are using WS client provided by Imagine, this is defined in the service-url line in webservices.properties.

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Please be advised that all users must update their login settings as a result of the recent change to Imagine’s web address. Users of the Imagine Trading System, I/O Services, Java API and C# API are affected.

Affected users should update the Gateway URL login setting to http://gateway.derivatives.com. For details specific to your use of Imagine, click the appropriate link:

Imagine Trading System | I/O Services | Java API | C# API | Imagine Web Services

Imagine Trading System

To ensure uninterrupted access to our services, please make the following change upon your next login:

1. Upon accessing the Imagine login window (illustrated below) click the Settings button.

2. From the resulting configuration window, update the Gateway URL setting to http://gateway.derivatives.com and click OK.

3. Log in as you normally would. If you experience any problem logging in following this change, change the Gateway URL setting to its previous setting (likely http://www.derivatives.com) and  contact our help desk to report the problem.

I/O Services/Java API

If you are set up to share your properties file between the I/O Services (or Java API) and the Imagine Trading System, updating your Imagine Trading System login settings (as described above) will also propagate the change to the I/O Services (or Java API), meaning you don’t need to do anything more.

If you do not share your properties file, then you need to edit your properties file as follows:

1. Change ics.conn.gatewayUrl = www.derivatives.com

to

ics.conn.gatewayUrl = gateway.derivatives.com

The default location of your properties file is:
C:\Program Files (x86)\Imagine Software\its\Bin\jfe_properties.txt

2. Once you have made the change to your properties file, also make the same change here:
%LOCALAPPDATA%\Imagine Software\its\jfe_properties.txt

C# API

Any instance where you have hard-coded the gateway URL into your code, update that instance to http://gateway.derivatives.com. For example, from the sample file Service.cs, the following reference may exist:

server.setGateway(“http://www.derivatives.com“);

In this example, you’d change that to:

server.setGateway(“http://gateway.derivatives.com“);

Imagine Web Services

If using the browser interface (aka “client”), switch from the old url, https://client.prod.derivatives.com/client/  to new url,  https://api.derivatives.com/batch/client/

If using the service, update the old url, https://service.prod.derivatives.com/service/batch?wsdl to the new url, https://api.derivatives.com/batch/service/batch?wsdl

If you are using WS client provided by Imagine, this is defined in the service-url line in webservices.properties.

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2017 Best Real-Time Portfolio, Risk and Regulatory Solution https://www.imaginesoftware.com/2017-best-real-time-portfolio-risk-and-regulatory-solution/ https://www.imaginesoftware.com/2017-best-real-time-portfolio-risk-and-regulatory-solution/#respond Mon, 20 Mar 2017 14:24:36 +0000 http://imaginesoftware.29kdev.net/?p=1816 https://www.imaginesoftware.com/2017-best-real-time-portfolio-risk-and-regulatory-solution/feed/ 0 Imagine Honored For Best Real-Time Portfolio, Risk and Regulatory Solutions https://www.imaginesoftware.com/imagine-honored-for-best-real-time-portfolio-risk-and-regulatory-solutions/ https://www.imaginesoftware.com/imagine-honored-for-best-real-time-portfolio-risk-and-regulatory-solutions/#respond Fri, 27 Jan 2017 22:35:09 +0000 https://www.imaginesoftware.com/?p=2184 LONDON – January 27, 2017 – Imagine received top honors as the ”Best Provider of Real-Time Portfolio, Risk and Regulatory Solutions” at the annual Hedge Fund Journal awards event celebrating outstanding industry achievements.

Rod Sparks, Publisher of The Hedge Fund Journal, said, “The Hedge Fund Journal Awards 2017 recognizes companies that have not only performed well against their own growth goals, but that have, more importantly, provided outstanding services to the hedge fund community to assist managers of all strategies to outperform their benchmarks in 2016. Congratulations to all of the winners.”

Scott Sherman, Imagine’s Co-Founder and Global Head of Business Development and Sales, said, “We are very proud to receive this award, which we share with our clients who challenge us each and every year to create the innovative solutions required to succeed in the demanding financial marketplace.”

# # #

About Imagine Software
Imagine Software, founded in 1993, provides real-time portfolio, risk management, and regulatory solutions for the world’s leading financial services firms in more than twenty-five countries throughout the Americas, Europe and Asia-Pacific regions. Imagine provides institutional-grade functionality and broad cross-asset instrument support for businesses of all sizes and complexity. Imagine was the first to launch a cloud-based portfolio and risk management system in 2000 to make it easy for clients to access, customize, and use the firm’s extensive analytics and products.

Headquartered in New York City, Imagine has offices in Hong Kong, London, and Sydney. For more information, visit www.imaginesoftware.com or contact Imagine Software at 212-317-7600, and follow us on Twitter and LinkedIn.

For further information and media inquiries, please contact:

Debra Douglas
Director of Marketing
Imagine Software
debrad@imaginesoftware.com
212-317-7615

]]>
LONDON – January 27, 2017 – Imagine received top honors as the ”Best Provider of Real-Time Portfolio, Risk and Regulatory Solutions” at the annual Hedge Fund Journal awards event celebrating outstanding industry achievements.

Rod Sparks, Publisher of The Hedge Fund Journal, said, “The Hedge Fund Journal Awards 2017 recognizes companies that have not only performed well against their own growth goals, but that have, more importantly, provided outstanding services to the hedge fund community to assist managers of all strategies to outperform their benchmarks in 2016. Congratulations to all of the winners.”

Scott Sherman, Imagine’s Co-Founder and Global Head of Business Development and Sales, said, “We are very proud to receive this award, which we share with our clients who challenge us each and every year to create the innovative solutions required to succeed in the demanding financial marketplace.”

# # #

About Imagine Software
Imagine Software, founded in 1993, provides real-time portfolio, risk management, and regulatory solutions for the world’s leading financial services firms in more than twenty-five countries throughout the Americas, Europe and Asia-Pacific regions. Imagine provides institutional-grade functionality and broad cross-asset instrument support for businesses of all sizes and complexity. Imagine was the first to launch a cloud-based portfolio and risk management system in 2000 to make it easy for clients to access, customize, and use the firm’s extensive analytics and products.

Headquartered in New York City, Imagine has offices in Hong Kong, London, and Sydney. For more information, visit www.imaginesoftware.com or contact Imagine Software at 212-317-7600, and follow us on Twitter and LinkedIn.

For further information and media inquiries, please contact:

Debra Douglas
Director of Marketing
Imagine Software
debrad@imaginesoftware.com
212-317-7615

]]>
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2016 Hedge Week Award Winner https://www.imaginesoftware.com/hedge-week-award-winner-2016/ https://www.imaginesoftware.com/hedge-week-award-winner-2016/#respond Thu, 08 Dec 2016 15:08:44 +0000 http://imaginesoftware.29kdev.net/?p=1934 https://www.imaginesoftware.com/hedge-week-award-winner-2016/feed/ 0