Waters Buy-Side Technology Guide 2013

TECHNOLOGY
GUIDE 2013
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Testing Flexibility
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Chief Executive Tim Weller
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Welcome
to the ninth edition of the BST Guide. The buy

side has seen the tentative adoption of a number of new
technologies and operating models over the past 12 months,
chief among which are the extent to which firms have started
to embrace the cloud for all but the most mission-critical
applications, and the emergence of flexible working arrangements, made possible by mobile devices. Both these trends,
still in their nascence, provide capital-markets players with a
glimpse of the future, where applications live in the cloud and
are billed on a pay-as-you-go basis, and staff are afforded
the flexibility to do whatever is required. Its been a long
time coming, and while there are a number of poster-child
asset managers that are ostensibly already cloud-based, the
industry as a whole is nowhere near there yet.
But its crucial to remember that technology is no substitution for sound business principles. In other words, while
we all might be working differently 10 years from now, were
still going to need to focus on our core value propositions. In
this respect, asset managers will be judged solely on their
money-management performance.
The vendors/service providers featured in this guide
have, as in the last eight years, paid for their inclusion. The
information presented reflects what they believe to be most
important about their products and or services.
Victor Anderson
Editor-in-Chief
Waters and waterstechnology.com
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Contents
Product Profiles
Incisive Media Head Office
32-34 Broadwick Street
London W1A 2HG,
tel: +44 (0)20 7316 9000
Wharton Research Data Services: Open platform .............. 4

ACTIV Financial ................................................................... 6
Advent Software.................................................................. 7
Incisive Media US
55 Broad Street, 22nd Floor
New York, NY 10004
tel: +1 646 736 1888
Azul Systems....................................................................... 8
Azul Systems: Open platform.............................................. 9
BI-SAM .............................................................................. 10
Incisive Media Asia

14th Floor (Unit 1401-3)
Devon House, Taikoo Place
979 Kings Road Quarry Bay
Hong Kong
tel: +852 3411 4888
Citadel Technology............................................................ 11
Eagle Investment Systems ................................................ 12
Fidessa .............................................................................. 13
FlexTrade ........................................................................... 14
Incisive Media Customer Services

Haymarket House
2829 Haymarket
London SW1Y 4RX
tel 0870 787 6822 (UK)
tel: +44 1858 438421 (International)
INDATA .............................................................................. 15
InfoReach .......................................................................... 17
Linedata............................................................................. 18
Linedata: Open platform ................................................... 19
MIK Fund Solutions........................................................... 20
Incisive Media Investments Limited, 2013.

All rights reserved. No part of this publication
may be reproduced, stored in or introduced
into any retrieval system, or transmitted,
in any form or by any means, electronic,
mechanical, photocopying, recording
or otherwise, without the prior written
permission of the copyright owners.
Omgeo............................................................................... 21
Wharton Research Data Services...................................... 22
Xignite................................................................................ 23
Omgeo: Open platform ..................................................... 24
Open platform
Introducing WRDS
Quant Alpha Platform
n a crowded and increasingly competitive

market environment, equity investors are on
the constant hunt for novel trading ideas that
are additive to existing strategies and incorporate
unexplored sources of alpha with rigorous implementation.WRDS Quant Alpha Platform (WQA),
developed by a team of PhD researchers at Wharton
Research Data Services, is specifically designed to
provide a robust integration between cutting-edge
academic research and practical fundamental and
quantitative equity trading.
Our flagship WQA Composite Long-Short Strategy is an alpha-generating product that incorporates more than 40 signals. In addition to the tradi-
Figure 1. Historical annual total returns:

WQA Composite Long/Short Strategy
35
30.3%
30
20
15
27.1%
24.6%
25
15.1%
17.3%
12.9%
18.2%
17.8%
14.1%
10
5
0
0.5%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
tional quantitative signals, such as price momentum,

value, and accruals,WQA introduces a whole suite
of innovative alpha signals based on the most recent academic research.These include mutual fund
flows and holdings (dumb money and best ideas),
economic linkages between equity-level profitability and macro-level country exposure (geographical segment), sales growth benchmarked with organic productive asset expansion (abnormal sales
momentum), and sentiments in the option markets
(option smirk).
While past performance is no guarantee for future
results, the WQA Composite generated an average
annual return of 12.9 percent during the last 10
years (information ratio 1.9 and information coefficient 2.2 percent).
The WQA composite return of 12.9 percent is
in contrast to the poor performance of traditional
quantitative strategies. For example, traditional
strategies, such as price-momentum (2.1 percent),
price to book (4.4 percent), and accruals (5.8 percent), have all under-performed the WQA return.
Even if we consider the last five years (where the
effect of the 2007-2009 meltdown is pronounced),
our WQA produced a positive average annual return of 8.2 percent (price-momentum -1.2 percent,
price to book 2.9 percent, and accruals 3.3 percent).
Our rigorous signal-level neutralization results in
a long/short portfolio that is strictly neutral to the
Buy-Side Technology Guide 2013 waterstechnology.com
Open platform
Table 1. Annual total returns of WQA Composite Long-Short Strategy vs. generic
signals counterparts, for the period ending April 2013
One year
Five years
10 years
Beta
IR
WQA Composite
10.8%
8.2%
12.9%
-0.05
1.91
Price momentum
8.0%
-1.2%
2.1%
-0.02
0.45
Price to book
2.0%
2.9%
4.4%
-0.05
0.33
Accruals
-1.0%
3.3%
5.8%
0.01
0.93
market. For example, the 10-year beta of the WQA

Composite Long-Short Strategy against the Russell
3000 index is -0.05. Our model filters out uncontrolled exposures to common systematic factors and
generates trading signal values that are orthogonal
to basic characteristics tilts (such as size, industry,
price to book, value, momentum, and volatility
among others).
Unique aspects of WQA platform

Team of PhDs with close ties to the academic
research community, and research expertise that
combines deep knowledge of relevant academic
literature with solid practitioners experience that
enhances efficient execution.
Ability to back-test complicated strategies by
utilizing multiple data sources that allow users
to incorporate signal ideas from 100+ data feeds.
Parsimonious risk model to remove implicit exposure to common risk factors (such as industry,
value, size, momentum, volatility, and liquidity).
State-of-the-art implementation and symmetric
risk budgeting allowing superior exploitation of
alpha sources.
Comprehensive additivity analysis allowing traders to identify signal interactions in order to optimize weighting and diversification across signals. Flexible signal delivery channel that caters
to the needs of sophisticated quant shops for new
idea generation as well as fundamental shops for

initial equity screenings.
Continuous identification of ground-breaking
research insights to detect mispricing with fast
integration into the WQA platform.
The WQA platform provides a valuable tool for
investors testing new sources of alpha. Leveraging
the power of the academic research community,
WQA is the next level of analysis for testing new
strategies. The WRDS team of high-caliber researchers continuously features in top finance journals and practitioner publications, and is dedicated
to the development and expansion of our proprietary signal library.With the ability to use over 100
datasets available on WRDS, researchers can integrate text mining, event-driven news and intra-day
signals on a daily basis.The WQA platform provides
indispensable tools to compete and excel in todays
fast-evolving market conditions.
This article was written by Luis Palacios,

PhD, Wharton Research Data Services
(WRDS)
For more information, please visit
whartonwrds.com or contact: Jamie
Stewart, director of sales.
Email: jamste@wharton.upenn.edu
Tel: +1 215 746 4626
Product/Company Profile
ACTIV Financial
www.activfinancial.com
About the company

ACTIV Financial
ACTIV is a global provider of real-time, multi-asset financial market data and solutions. ACTIV offers
neutral, managed services for buy-side, sell-side and technology firms seeking a complete market data
solution that encompasses both global content management and data delivery. With global coverage
spanning more than 150 equity and derivative exchanges, ACTIV is the only truly end-to-end, independent market data utility in the industry. For more information, visit www.activfinancial.com.
Products
Enterprise Platform ACTIVs fully managed, global content platform combined with its low-latency
direct and consolidated feeds, makes ACTIV a
leader in market data solutions for the enterprise.
ACTIV has invested in hardware acceleration to
future proof for capacity requirements, facilitating message-rate growth without requiring costly
infrastructure upgrades.
ActivFeed ActivFeed is a highly compressed global
data stream that delivers a high-quality tick-stream
on every instrument in a small bandwidth footprint.
It plugs directly into a wide variety of third-party
applications, databases and messaging middleware
through ACTIVs API and can be used for trading
applications, tick-capture engines, market screening, portfolio valuations and more. A number of
multicast datastreams are distributed from ACTIV
data centers globally, which drives ActivFeed and

reduces required bandwidth up to 90 percent.
ActivNet ActivNet is a private network created to
globally distribute ACTIVs market data. This robust
infrastructure provides users direct and immediate
access to ActivFeed.
TradeDeck TradeDeck is a fully managed ultralow latency pre-trade risk gateway, providing
real-time intra-day adjustment and order monitoring with a kill switch for all trading activity. The
solution is fully integrated with enterprise credit
and margin risk-based calculations informed by
firm-level parameters not found in off-the-shelf
solutions. TradeDeck features extensive credit controls that allow intra-day margin calculations that
work in conjunction with pre-trade risk modules for
applying limits to notional value, buying power and
concentrated positions.
Contact
New York
Tel: +1 212 599 1600
Email: sales@activfinancial.com
London
Tel: +44 (0) 20 3178 3609
Email: sales.europe@activfinancial.com
Chicago
Tel: +1 312 578 9297
Email: sales@activfinancial.com
Tokyo
Tel:+81 (0) 3 4550 2255
Email: sales.asia@activfinancial.com
Advent Software
www.advent.com
About the company

Advent Software
Advent solutions bring the benefits of automation to the entire scope of investment management
operationsfrom portfolio management, reporting and accounting to research management to trading
and order management. No other technology provider offers such a comprehensive, single-source,
enterprise solution.
Powerful proven technology
Advent Software by the numbers
Advents 4,500 clients are located in 60 countries

around the world. They are amazingly diverse
in their investment strategies, client service
requirements, regulatory reporting practices,
staffing levels and systems architecture. Yet Advent
offers powerful, scalable solutions to support all
their operations.
Client input is a critical component in Advents
product development and enhancement process.
We actively engage clients in product validation
and testing before bringing any solution to market.
As a result, Advent solutions are focused on
meeting real-world needs and solving common
pain points.
Advent solutions have proven time and again to
improve operational efficiency, accelerate decision
making, enhance client service, and free investment managers to focus on what they do best.
More than 300 hedge funds use Advent solutions,

including 25 of the largest global hedge funds.
In addition, eight of the top 10 global prime

brokers, and eight of the top 10 global fund
administrators trust Advent technology.
More than 2,800 asset management firms rely

on Advents technology for their mission-critical
business processes.
More than 250 family offices rely on the accurate

reporting and improved client service of Advent
solutions.
More than 600 wealth managers have leveraged

the capabilities of Advents reliable and proven
investment management tools.
Contact
Advent Software
600 Townsend Street, 5th Floor
San Francisco, CA 94103
Tel: +1 800 727 0605

+1 415 543 7696
Email: info@advent.com
Website: www.advent.com
Azul Systems
www.azulsystems.com
About the company

Azul Systems
Azul Systems is an innovative and proven supplier to the financial sector, delivering unmatched Java
performance for over 10 years. Our business-driven solutions deliver tangible and immediate return on
investment for our customers by elevating Java application performance to unprecedented levels and
maximizing the value of their existing hardware investments. Azuls depth of expertise and commitment to
high performance is demonstrated by its industry-leading no-pause ultra-low-latency Zing JVM that delivers certainty of execution and guaranteed throughput for Java-based capital markets solutions.
Products
Azul Zing establishes a new standard for ultralow-latency with predictable, no-pause real-time
behavior, eliminating the business risk associated
with application pauses, latency spikes and traditional memory ceilings. Zing is essential technology
wherever Java performance is critical to business
results. Zing provides a competitive advantage to
companies in the financial sector by allowing them
to better manage risk, take advantage of more
profitable trading opportunities and unlock the true
power of their Java applications.
Zing enables developers to deliver solutions that
meet the strictest performance requirements
without the stalls, glitches and jitter associated
with Java. Designed and optimized for x86 servers
running Linux, Azuls Zing is the only JVM that
meets or exceeds service level requirements for

throughput-intensive and latency-sensitive applications within the capital markets sector.
At its core, Zing uses the Azul C4 (Continuously
Concurrent Compacting Collector) which eliminates
new and old gen stop-the-world garbage collection pauses. Zing also reduces performance tuning
to a single parameter, freeing product development
to focus on implementing new trading strategies
rather than on costly and frequent JVM tuning
cycles that inevitably fall short of requirements.
Zing is a 100 percent Java-compatible, plugand-play, full-featured JVM that requires no code
recompilation or special configuration. The product
also includes a real-time, zero-impact monitoring
and management tool that provides complete visibility into application behavior.
Contact
Scott Sellers
Tel: +1 650 230 6500
Email: president@azulsystems.com
Open platform
Optimizing application performance

for real-time business
In the era of real-time business, organizations in the
financial services world require consistent, predictable application performance to stay competitive.
Azul Systems delivers by eliminating the pauses and
latency spikes inherent in Java-based applications that
can adversely impact business.
Tiny fractions of a second matter greatly in todays financial markets.When dealing with electronic
speeds, the consistency of response times is critical to
the success of a business. Any delay in processing a
trade, for example, can mean the loss of millions of
dollars to the competition.With so much at stake, financial markets require their Java-based trading platforms, risk-analysis engines and market-making applications to perform in microseconds consistently
and predictably. In todays real-time business world,
this is the financial services industry standard.
But consistent and predictable performance in
Java-based electronic financial market environments
is hardly, well, consistent and predictable. Because of
Javas inability to adjust in real time as transaction volumes or required memory sizes fluctuate, pauses in
application performance occur and response times
are dramatically impacted.Therefore, in order to stay
competitive and ensure business success, financial
markets must embrace technology that eliminates
these profit-stealing issues, eliminate those pauses and
latency spikes, and perform as expected.
Designed specifically for ultra-low latency DMA,
algo trading and order matching, this technology is
driving the new performance standard for todays
high-velocity, Java-based electronic markets that demand predictable and reliable real-time behavior.
Armed with a new approach to optimizing application performance, banks, hedge funds, and proprie-
tary traders can achieve success and come out on top

in an increasingly competitive market.
Scott Sellers is the CEO and co-founder

of Azul Systems, a company focussed on
enabling real-time business by addressing
Java and JVM performance and related
issues. Azuls Zing, the leading JVM for
the real-time business, brings predictable
high-performance responsiveness,
dramatically improves service delivery,
increases operational and capital
efficiency, and unlocks innovation.
BI-SAM
www.bi-sam.com
About the company

BI-SAM
BI-SAM provides technology solutions for asset managers, wealth managers, asset servicers and asset
owners. BI-SAMs market-leading B-One platform offers a single, integrated solution for data management, performance measurement, attribution, risk management, GIPS composite management and client
reporting. Designed to streamline business and investment processes, the B-One solution integrates with
middle- and back-office systems and utilizes a single data source across all modules, resulting in a more
accurate and efficient solution to help improve client service and reduce operational risk.
Products
The B-One solution provides a single, integrated
platform for:
Data management
Performance measurement and attribution
Risk management and attribution
Client reporting
Composite management and GIPS compliance
Fixed
Income
Ex Post Risk
Attribution Attribution
Ex Ante Risk
Attribution
Equity &
Balanced
Attribution
Performance
Measurement
OW MANAGEM
KFL
EN
T
OR
W
Data
Import
Data
Controls
DE
Manager
Reports
B-One: A single platform for data management,

performance, attribution, risk, client reporting and
GIPS composites and compliance.
Data
Repository
DATA MANAGEMENT
DATA
AD
Retail Fact
Sheets
LIN
Composites
CONSUMERS
Web
Services
E MANAGEM
Institutional
Report Books
EN
BPortal
Private Wealth
Reports
Contact
Paris - Head office
43-47 Avenue de la Grande
Arme , 75016 Paris
Tel: +33 (0)1 42 85 73 00
Email: france@bi-sam.com
London
Tel: +44 (0) (0)20 3008 5830
Email: uk@bi-sam.com
10
New York
Tel: +1 646 590 0300
Email: usa@bi-sam.com
Hong Kong
Tel: +852 3971 9101
Email: asia@bi-sam.com
Boston
Tel: +1 617 933 4419
Email: usa@bi-sam.com
Australia
Tel: +61 3 8610 6333
Email: asia@bi-sam.com
Citadel Technology
www.citadeltechnology.com
About the company

Citadel Technology
Citadel Technology offers a software suite for seamlessly integrated functionality spanning the investment process. Continuous development and hands-on collaboration with our users who include several of the worlds
leading asset managers, sovereign wealth funds, hedge funds, pension funds, hedge fund administrators and
prime brokers have led to a powerful understanding of an asset managers technology needs throughout the
investment process. The result is a robust software platform built by practitioners for practitioners.
Products
From a full front-office investment system to individually licensed technologies for the front office,
middle office, and back office, Citadel Technologys
tightly integrated, yet loosely coupled, modules
offer functionality that spans the investment management process across all asset classes, whether
listed or over-the-counter.
Developed and managed by world-class,
experienced technologists, the platform features
streamlined workflows and intuitive user interfaces. Citadel Technologys offerings, which can be
provided as a managed service or deployed as local
installations, include:
ERAM Citadel Technologys pre-trade, OEMS
and trade management system. ERAM has robust
functionality to perform configurable pre-trade
compliance checks and enable seamless order,
execution and trade management across listed,

OTC cash, and derivative asset classes.
Portfolio Monitor A flexible, powerful dashboard
with real-time views of positions, P&L, market
value, risk exposure and a variety of further
portfolio detail with enhanced charting and graphing capabilities. High-performance processing
of calculations combined with flexible pivot table
functionality allows users to dynamically re-aggregate portfolio displays.
Risk Analyzer Citadel Technologys powerful and
configurable tool that provides flexible and dynamic
capabilities to run stress-tests and scenario
analysis including simulations, asset-specific risk
sensitivities, and VaR.
QR Dashboard Offers extensive functionality
providing risk decomposition and performance
attribution analysis leveraging vendor-provided or
client-proprietary factor models.
Contact
Citadel Technology
131 South Dearborn Street
Chicago, IL 0603
Tel: (312) 395-2100

Email: sales@citadeltechnology.com
Website: www.citadeltechnology.com
11
Eagle Investment Systems

www.eagleinvsys.com
About the company

Eagle Investment Systems
Eagle is committed to helping financial institutions worldwide grow assets efficiently with its innovative
portfolio management suite of data management, investment accounting and performance-measurement
solutions that are delivered over its secure private cloud, Eagle ACCESS. Since 1989, Eagle has deployed
trusted solutions and services that create operational efficiencies and help reduce complexity and risk.
Eagle Investment Systems LLC is a subsidiary of BNY Mellon. Additional information is available at
www.eagleinvsys.com.
Products
Data management
Eagles comprehensive data management solution
for the financial services industry is designed
exclusively to facilitate data quality, consistency
and availability for the full range of investment
business systems, including trading, accounting,
performance, risk, and compliance.
Investment accounting
Eagles investment accounting solution
supports clients regulatory, operational and
customer needs, addresses complex accounting
requirements, and supports multiple lines of

business on one platform, thus maximizing clients
technology investment.
Performance measurement
Eagle Performance is a comprehensive platform
that provides an extensive set of performance
calculations, equity and fixed-income attribution
analysis, GIPS composite management, and
benchmark management, and enables an
automated performance data lifecycle from
consolidation, to return calculation, ad hoc analysis
and client reporting.
Contact
Americas
Mal Cullen, managing director, head of the
americas and Eagle ACCESS
Tel: +1 781 943 2079
Email: sales@eagleinvsys.com
12
EMEA/APAC
John Legrand, managing director, head of
EMEA and APAC
Tel: +65 6432 0580
Email: jlegrand@eagleinvsys.com
Fidessa
www.fidessa.com
About the company

Fidessa Group
Eighty-five percent of the worlds premier financial institutions trust Fidessa to provide them with their multiasset trading and investment infrastructure, their market data and analysis, and their decision-making and
workflow technology. With $10 trillion worth of transactions flowing across our global connectivity network each
year, Fidessa offers unique access to the worlds largest and most valuable trading community, from global
institutions and investment banks to boutique brokers and niche hedge funds.
Products
Providing full asset class coverage, Fidessas buy-side
OMS manages the order flow of some of the worlds
largest asset managers and supports multiple, global
trading desks from a single, central installation. A
core part of Fidessas buy-side suite, it seamlessly
integrates with our portfolio modeling solution, our
compliance service and our EMS. It can be installed
standalone or integrated with third-party systems
and provides order handling, allocations, commission
management, integrated analytics and sophisticated
reporting via a powerful workflow engine.
Fidessas trade execution tools and analytics form the
core of the Buy-side Workstation. The Workstation is a
fully hosted, broker-neutral platform supplied with market data and trading integration via Fidessas network,
which provides FIX connectivity between 3,500 buy-side
firms and 750 brokers across 200 global markets.
Sentinel, Fidessas multi award-winning compliance service, provides asset managers with the ability
to automatically detect and prevent mandate and
regulatory breaches on a pre- and post-trade basis.
This powerful compliance engine keeps pace with
a global regulatory rules library covering all major
regulatory bodies and jurisdictions. Taking responsibility for rule coding, regulatory updates, data
management, list maintenance, security and platform
upgrades, Fidessa maintains the service so you can
be sure its always current.
A range of flexible operating models are offered
for all of Fidessas buy-side solutions, from on-site
installation to full application hosting and management. Our Managed Connectivity Service provides
broker and venue management, including connectivity to all major buy-side trading destinations.
Contact
North America
Megan Costello
President, buy-side, North America
Tel: +1 617 235 1000
Email: info@fidessa.com
Europe
Robin Strong
Director, buy-side market strategy
Tel: +44 (0) (0)20 7105 1000
Email: info@fidessa.com
13
FlexTrade
www.flextrade.com
About the company

FlexTrade
Founded in 1996, FlexTrade is the industry pioneer and global leader in broker-neutral, execution management systems for equities, foreign exchange, options and futures. With offices in North America,
Europe and Asia, FlexTrade has a worldwide client base spanning more than 175 buy- and sell-side firms,
including many of the largest banks, hedge funds, asset managers, commodity trading advisors and
institutional brokers.
Products
FlexTRADER, our award winning, fully customizable EMS, comes with pre-defined trading strategies
and tactics for portfolio and single-stock trading. The platform provides organically developed
real-time and post-trade analytics as well as risk
and cost-optimized portfolio trade scheduling;
predictive analytics, advanced integrations with
major OMSs; integrated real-time allocations
and cash management; smart order routing; a
sophisticated dark-pool router; a fully integrated
high-performance complex-event processing (CEP)
engine; commission management; complete transaction and IOI quality management; and a dynamic
strategy matrix.
Other FlexTrade solutions that enhance and
seamlessly integrate with FlexTRADER include:
FlexTRADEREXP Hosted (ASP) version of FlexTRADER that is accessible via the internet.
FlexDMA A suite of DMA and algorithmic servers that provide a direct and efficient path to
multiple points of execution, including ECNs, and

exchanges.
FlexEdge An analytics platform providing
advanced forecasting capabilities for trading US
equities.
FlexTQM A comprehensive transaction cost analysis system offering real-time and historical analysis
for portfolios and single stocks.
FlexPTS (Portfolio Trade Scheduler) Enables
traders to determine the best trading trajectory for
portfolios while minimizing market-impact cost and
the risk of underperforming benchmarks.
FlexSpread Cross-currency program for equity
pairs trading and risk arbitrage.
FlexFX Enables clients to gain access to various
FX execution venues and create trading strategies.
FlexOPT Comprehensive options trading that
enables clients to aggregate options liquidity in the
platform (options on equity, index, futures and FX).
FlexFutures Trades futures with integrated analytics and rules-based trading capability.
Contact
Americas
Europe, Middle East, Africa
Tel: +1 516 627 8993, ext. 2 Tel: +44 (0) 207 929 2332
Email: sales@flextrade.com Email: sales_eu@flextrade.com
14
Asia-Pacific
Tel: + 65 6829 2569
Email: sales_asia@flextrade.com
INDATA
www.indataipm.com
About the company

INDATA
INDATA is a leading industry provider of software and services for buy-side firms, including trade order
management (OMS), compliance, portfolio accounting and front-to-back office. INDATAs iPMIntelligent
Portfolio Management technology platform allows end-users to efficiently collaborate in real time across the
enterprise and contains the best-of-class functionality demanded by sophisticated institutional investors.
The companys mission is to provide clients with cutting-edge technology products and services to increase
operational efficiency, while reducing risk and administrative overhead.
Products
INDATA iPMIntelligent Portfolio Management is a
platform and set of technologies for buy-side firms
that allow end-users to collaborate in real-time
across the enterprise. iPM is designed to increase
end-user productivity, enhance the investment
process and offer real-time risk, compliance and
performance monitoring as well as integrated tools
for marketing.
The key differentiator of INDATAs iPM technology
is that it guides users daily workflow allowing
them to operate more efficiently and make better
decisions, whereas traditional legacy systems are

merely bookkeeping packages that require enduser input rather than proactively alerting users to
situations and/or processes that need immediate
or future attention.
iPM can be utilized in the cloud, a concept that
greatly simplifies the installation, maintenance and
ongoing support of the product suite. Simply put,
we make it easy for our clients to focus on using
the software and services that meet their needs
without worrying about monitoring and managing
ancillary hardware and software.
Contact
Sylvia Morgan
Marketing communications manager
Tel: +1 888 454 4060
Email: info@indataipm.com
Indata
115 E. Putnam Avenue,
Greenwich, CT 06830, USA
Website: www.indataipm.com
15
trading technologies for financial-market professionals
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InfoReach
www.inforeachinc.com
About the company

InfoReach
Founded in 1995, InfoReach has one of the longest-running track records of any EMS platform and has
set the industry standard for trading technology and customer service. Our focus has always been on
building the strongest execution platform in its class, catering to both manual and algorithmic traders,
while also providing premier customer service and support. Our products have evolved to include global
coverage of equities, options, futures, forex and fixed-income products. InfoReachs unique experience
working with hedge funds, asset managers and sell-side trading operations has truly made us the product
of choice for those seeking stable, efficient and high-performance products.
Products
InfoReach TMS, our flagship product, is an independent, broker-neutral, multi-asset trading platform that ties together all the tools, technologies,
global market connectivity and execution capabilities that traders need in a single system. TMS consolidates pre-/at/post-trade analysis, pre-built and
broker-provided algorithms, real-time, interactive
charts and position monitoring, multi-asset and
portfolio trading capabilities, order management
and FIX connectivity in a multi-broker execution
management system. TMS also offers highperformance, low-latency access to more than 140
brokers, ECNs, MTFs, exchanges, ATSs, dark pools
and other major sources of global liquidity for electronic and automated trading of equities, options,
futures and forex. With enterprise-level scalability

and performance, TMS lets institutional traders
create the individualized trading environment that
works best for them.
HiFREQ is a powerful algorithmic engine that gives
traders the ability to employ HFT strategies for
equities, futures, options and FX trading without
having to invest the time and resources in building
and maintaining their own technology infrastructure.
Second Opinion is an interactive, enhanced transaction-cost analysis (TCA) service that can help you
improve operational efficiency and performance in
trading. It provides real-time, pre-trade, at-trade
and post-trade analytics that factor in virtually all of
the variables that can affect trade outcomes.
Contact
Americas
20 South Clark Street
Suite 2150
Chicago, IL 60603
Email: sales@inforeachinc.com
EMEA
Herengracht 282
1016 BX, Amsterdam
The Netherlands
Email: peter.vanwely@inforeachinc.com
17
Linedata
www.linedata.com
About the company

Linedata
For over 20 years, Linedata has served global buy-side institutions by applying market and client expertise to provide innovative and tailored mission-critical software and services. With 1,000 employees
worldwide and 700 clients operating in more than 50 countries, Linedata supports the business requirements and investment workflows of portfolio managers, traders and compliance officers. The comprehensive platform offers optimized costs, real-time transparency and reduction of operational risk.
Products
Linedata Front Office Platform is broker neutral and
provides a unique, integrated application to support
portfolio management, trading and compliance
requirements including:
Linedata Longview, a multi-asset class order management system, supports full modeling, rebalancing,
order generation, pre-trade compliance and cash
management. Linedata Longview is multi-currency
and multi-geography which offers the scalability and
throughput capacity to handle the volumes needed.
Linedata Trader offers execution management functionality through a flexible workspace and reliable pretrade compliance checks and integrated workflow.
Linedata Compliance, a compliance-monitoring and
breach-management solution, offers compliance
coverage in pre-trade, pre-allocation and post-trade
transactions of the trading process. With reporting

capabilities across all markets, regulatory agencies
and asset types, it monitors investment restrictions,
meeting the most stringent audit trail requirements.
Linedata Reporting, a reporting package accessible
via the web, provides sophisticated reports for both
internal and external reporting.
Linedata provides seamless trading integration to
over 400 destinations through 50 partners accessing
ATSs, dark pools, broker algos, TCA etc.
Trusted partner, not just a software provider
With strong training, implementation, consulting
and managed services, Linedata offers a complete
approach to asset management. Linedatas products
can be deployed via on-site deployment, Linedata
Hosting, facilities management, or remote hosting.
Contact
Headquarters
19 rue dOrlans
92 523 Neuilly-sur-seine Cedex
France
Tel: +33 (1) 47 77 68 25
Fax: +33 (1) 47 08 11 78
Website: www.linedata.com
Email: getinfo@linedata.com
18
Other offices
Bishopsgate Court
4/12 Norton Folgate
London E1 6DB, UK
Tel: + 44 (0)20 7469 8600
2-6 Place du Gnral De Gaulle
92160 Antony, France
Tel: + 33 1 47 11 70 00
260 Franklin Street

Boston, MA 02110, USA
Tel: + 1 617 912 4700
Unit 901-902, 9/F
Li Po Chun Chambers
189 Des Voeux Road Central
Hong Kong
Tel: + 852 3583 7900
Open platform
When less really is more

Over the last few years, asset managers have been aggregating disparate asset trading desks and consolidating Order Management Systems (OMSs) to support
these multi-asset trading desks. There are powerful
external drivers pushing the industry in this way, including market evolution and regulation. Not to be
overlooked are the equally powerful internal drivers which include changing portfolio management
dynamics, cost savings, risk reduction, efficiency and
liquidity. The combined effect of these drivers provides a compelling argument to get with the program.
What should you look for in a multi-assetclass trading system?

Flexible configuration, asset-specific workflows
and an interface that can be designed around the
roles of disparate users.
Full support of all asset classes you trade including extensive security master detail, workflows and
compliance capabilities.
Currency hedging tools.
Flexible calculations to perform the right calculations.
Integrated compliance with full look-through for
derivatives and funds.
Trade date and settlement cash support to help
manage the different settlement and maturity issues of your instruments.
Support for linked and contingent trades across asset classes.
Changes to investment styles and market evolution
partnered with cost and risk reductions means that
global multi-asset trading is a reality. There will be
a clear advantage to firms that are able to adapt their
mindset and technology to embrace the changes and
A change in market paradigm will

produce winners and losers. With
investors being the judge, can you
afford to lose? Gavin Little-Gill
offer clients a better performance at a lower cost. A
change in market paradigm will produce winners and
losers.With investors being the judge, can you afford
to lose?
Gavin Little-Gill is managing director of
Linedata Asset Management, North America.
19
MIK Fund Solutions

www.mikfs.com
About the company

MIK Fund Solutions
MIK Solutions enables asset managers to integrate data from siloed in-house and external vendor sources and convert it into meaningful, interactive information for better decision-making. From sophisticated
approaches to portfolio monitoring, performance and attribution, and risk management to operational
functions that include security master, price management, treasury and compliance, fund managers rely
daily on MIK to leverage data to provides insights and take action.
Products
Data warehouse: Data aggregation and storage;
full data time series and audit; vendor adapters
accounting systems, market data, and risk vendors;
performance and attribution reporting; portfolio
analysis and statistics; and automated reporting
and distribution.
Real-time portfolio monitoring and trade origination: Single or multi-manager oversight and
controls in real time (allocation/trading/monitoring); real-time and historical attribution, performance and PNL reporting; slicing and dicing in any
conceivable way; and what-if scenarios.
Enterprise security master: Global asset coverage

for all listed, fixed-income and OTC security types;
standardized adapters to reference data, pricing
and valuation vendors (with recon between each);
and rules-based pricing source hierarchies, price
selection/creation and posting.
Broker vote/commission tracker/event tracker:

Centralized broker, event and commission data
capture and reporting system; improves tracking,
analysis and reporting on soft-dollar commissions.
Price manager: Comprehensive user interface for

analyzing current and historical pricing information; pricing rule designer for creating custom
pricing and valuation rules; and complete audit trail
of all historical prices, valuation adherence, and
pricing sources.
Equity finance, margin and cash management:

Broker financing and borrow data capture, reporting and optimization; position optimization and
allocation management and alerts; and attribution
of funding costs to any level (strategy, PM, region).
Compliance: 13F/13G/13D/beneficial ownership,
Form PF, OPERA, Fin48; Ucits.
Contact
Marshall Saffer, chief operating officer
1633 Broadway, 28th floor, New York,
New York 10019
20
Email: msaffer@mikfs.com
Tel: 212.468.2002
Website: www.mikfs.com
Omgeo
www.omgeo.com
About the company

Omgeo
At Omgeo, we are the operations experts, automating trade lifecycle events between investment managers, broker/dealers and custodian banks. We enable 6,500 clients and 80 technology partners in 52 countries to process
trades in a standardized way. By automating and streamlining post-trade operations, we enable clients to accelerate the clearing and settlement of trades, and better manage and reduce operational and counterparty credit risk.
Across borders, asset classes, and trade lifecycles, Omgeo is the global standard for operational efficiency.
Products
Omgeos solutions promote effective, standardized
communications, delivering quantifiable benefits
including fewer errors and failures, minimized
delays, lower costs, and greater counterparty transparency and satisfaction.
Omgeo ALERT is the industrys largest and most
compliant web-based global database for the maintenance and communication of account and standing
settlement instructions (SSI).
Omgeo Benchmarks provides the capability to monitor and analyze operational performance against
industry standards, as well as counterparty timeliness and performance, while leveraging existing
investments in Omgeo post-trade solutions.
Omgeo Central Trade Manager (Omgeo CTM) is a
single platform for centrally matching cross-border
and domestic equity, fixed income, exchange traded
derivatives and contract for difference transactions.

Omgeo Connect provides investment management
firms with consolidated access to select Omgeo
services and robust settlements management via a
single point of entry within an ASP environment.
Omgeo OASYS is our US domestic trade allocation
and acceptance service that communicates trade
and allocation details between investment managers
and broker/dealers.
Omgeo ProtoColl supporting OTC derivatives and
beyond (repos, TBAs, sec lending, FX forwards). An
end-to-end collateral management solution complete with sophisticated workflow that streamlines
your collateral process.
Omgeo TradeSuite ID is the post-trade processing
service for executions, allocations, confirmations
and affirmations on domestic and cross-border
trades of US securities.
Contact
Americas
Tel: +1 866 49 6436
Email: askomgeoamericas@omgeo.com
Asia
Tel: +65 6775 5088
Email: askomgeoasia@omgeo.com
Europe
Tel: +44 (0) 20 3116 2424
Email: askomgeoeurope@omgeo.com
Japan
Tel: +813 4589 3950
Email: askomgeoasia@omgeo.com
21
Wharton Research Data Services

www.whartonwrds.com
About the company

Wharton Research Data Services
Wharton Research Data Services (WRDS), of The Wharton School, University of Pennsylvania, is the
leading comprehensive, internet-based data and research service. WRDS bridges research and practice
through its broad engagement with the global business community. Our analytics team, doctoral-level
support, and rigorous data review give you the confidence to perform expansive and innovative research.
WRDS Advantages
Single source for leading global financial
research databases.
new sources of alpha. Leveraging the power of the

academic research community, Quant Alpha is the
next level of analysis for testing new strategies.
Identification of stock-price anomalies and seminal paper replications.
Access to the WRDS Cloud Computing environment (over 200 terabytes of data).
Analytical tools to provide academic insight to

the investment community.
Access to the Wharton knowledge base and latest innovations in research.
WRDS SEC Analytics Suite

WRDS SEC Analytics Suite simplifies research by
allowing you to quickly and easily develop tailored
datasets from all SEC filings, parsing millions of
regulatory reports based on your custom criteria.
The tool is great for broad business usage ranging
from due diligence and forensic accounting to disclosure research and investment management.
Products
WRDS Quant Alpha Platform
WRDS Quant Alpha Platform, developed by a
team of PhD researchers at WRDS, is specifically
designed to provide a robust integration between
cutting-edge academic research and practical
fundamental and quantitative equity trading. Quant
Alpha provides a valuable tool for investors testing
WRDS Microstructure Cloud

WRDS Microstructure Cloud is a flexible and
powerful solution designed to accommodate the
exponential growth in research of the NYSE TAQ
data. The WRDS Microstructure Cloud provides the
architecture to enable fast access to and analysis of
all the tick-by-tick data.
Contact
Jamie Stewart, director of sales
Tel: +1 215 746 4626
Email: jamste@wharton.upenn.edu
Website: www.whartonwrds.com
22
Xignite
www.xignite.com
About the company

Xignite
Xignite offers 40-plus financial data APIs providing real-time, historical, and reference market data to
more than 1,000 clients. The companys Market Data Cloud platform fulfills more than 6 billion requests
per month. The company also powers data distribution solutions for exchanges, data vendors and
financial institutions.
Products
Mutual funds and ETFs

Products include: XigniteFunds,
XigniteFundFundamentals.
Security Master
Products include: XigniteGlobalMaster,
XigniteGlobalBondMaster, XigniteBondMaster.
Equities
Products include: XigniteBATSRealTime,
XigniteGlobalQuotes, XigniteGlobalHistorical,
XigniteNASDAQLastSale, XigniteGlobalRealTime,
XigniteIPOs, XigniteVWAP.
Companies
Products include: XigniteAnalysts,
XigniteGlobalFundamentals, XigniteHoldings,
XigniteEarningsCalendar, XigniteNews,
XigniteReleases, XigniteLogos,
XigniteCompensation, XigniteFinancials,
XigniteFundamentals, XigniteEstimates.
Fixed income and credit

Products include: XigniteMoneyMarkets,
XigniteInterBanks, XigniteRates, XigniteBonds.
Futures and options
Products include: XigniteFutures,
XigniteGlobalOptions,
XigniteGlobalRealTimeOptions.
Forex and metals
Products include: XigniteCurrencies,
XigniteMetals.
Indexes and markets
Products include: XigniteIndices,
XigniteExchanges, XigniteCalendar.
Contact
Headquarters
1825 South Grant Street, Suite 100
San Mateo, CA 94402 U.S.A.
Tel: +1 650 655 3700
Toll-Free: +1 866 965 7627
New York Office

48 Wall Street, Suite 1100
New York, NY 10005 U.S.A.
Tel: +1 212 918 4979
Email: info@xignite.com
23
Open platform
Accelerating settlement
The imperative for settlement efficiency:
Why now?
The move to shorter settlement cycles (SSC) in the
US, Europe and other major markets has been accelerated by the experience of the global financial crisis.
The SSC initiative will occur in Europe first through
the CSD Regulation, with the US likely to follow. It
is expected that this will drive some Asia-Pacific markets such as Australia and Japan to move from T+3 to
T+2 or less.
Benefits of shorter settlement timetables

Regulators, policymakers and market participants
recognize the benefits of SSC as reduced risk, lower
operating costs and increased liquidity. And recent
research from Omgeo shows that over 70 percent of
survey respondents believe that SSCs are beneficial
to the industry.
A reduction in counterparty risk was cited as the
most important benefit of T+2, but there is also a
strong business case for accelerating settlement: reducing the amount of time assets are tied up in the
settlement process means participants can reinvest
faster, as well as manage their capital more efficiently.
State of readiness
Despite the support for SSC, many middle and back
offices are not currently prepared for a move to T+2,
particularly in smaller and mid-sized firms.This lack
of readiness could create compliance and operational
issues that gain board level and regulatory attention.
Buy-side firms need to focus on getting the right
mix of technology, processes and infrastructure in
order to achieve SSC. According to research, timely
24
Recent research from Omgeo

shows that over 70 percent of survey
respondents believe that SSCs are
beneficial to the industry Tony Freeman
receipt of trade details is considered to be the most
important factor in achieving T+2, which makes the
case for same day affirmation (SDA) as best practice.
SDA is a process where trades are verified on trade
date.
Omgeo continues to work with the industry
to provide solutions that help market participants
achieve SDA and SSC.
Tony Freeman is global head of industry
relations at Omgeo. Formed in 2001, Omgeo
is jointly owned by the DTCC and Thomson
Reuters.
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TECHNOLOGY

Less Research More Alpha

Identification of data anomalies and seminal paper replications

Single source for leading global financial research databases

Comprehensive support (PhD level) and access to Wharton expertise

Access WRDS Cloud Computing environment (over 200 terabytes of data)

Analytical tools to provide academic insight to the investment community

Proprietary linking programs and utilities to speed research

Access to the Wharton knowledge base and latest innovations in research

Over 30,000 users in 30 countries

Global Commercial Director Jo Webb

to the ninth edition of the BST Guide. The buy

waterstechnology.com Buy-Side Technology Guide 2013

Complete access for your

Breaking news and in-depth analysis on the

Wharton Research Data Services: Open platform .............. 4

Incisive Media Asia

Incisive Media Customer Services

Incisive Media Investments Limited, 2013.

waterstechnology.com Buy-Side Technology Guide 2013

n a crowded and increasingly competitive

Figure 1. Historical annual total returns:

tional quantitative signals, such as price momentum,

Buy-Side Technology Guide 2013 waterstechnology.com

market. For example, the 10-year beta of the WQA

Unique aspects of WQA platform

idea generation as well as fundamental shops for

This article was written by Luis Palacios,

waterstechnology.com Buy-Side Technology Guide 2013

About the company

data centers globally, which drives ActivFeed and

Buy-Side Technology Guide 2013 waterstechnology.com

About the company

Powerful proven technology

Advent Software by the numbers

Advents 4,500 clients are located in 60 countries

More than 300 hedge funds use Advent solutions,

In addition, eight of the top 10 global prime

More than 2,800 asset management firms rely

More than 250 family offices rely on the accurate

More than 600 wealth managers have leveraged

Tel: +1 800 727 0605

waterstechnology.com Buy-Side Technology Guide 2013

About the company

meets or exceeds service level requirements for

Buy-Side Technology Guide 2013 waterstechnology.com

Optimizing application performance

tary traders can achieve success and come out on top

Scott Sellers is the CEO and co-founder

waterstechnology.com Buy-Side Technology Guide 2013

About the company

B-One: A single platform for data management,

Buy-Side Technology Guide 2013 waterstechnology.com

About the company

execution and trade management across listed,

Tel: (312) 395-2100

waterstechnology.com Buy-Side Technology Guide 2013

Eagle Investment Systems

About the company

requirements, and supports multiple lines of

Buy-Side Technology Guide 2013 waterstechnology.com

About the company

waterstechnology.com Buy-Side Technology Guide 2013

About the company