Goldman Sachs collaborates with FlexTrade to improve real-time data delivery to the buy-side
LONDON–(BUSINESS WIRE)–FlexTrade Systems (@FlexTrade), a global leader in multi-asset execution and order management systems, has today announced that Goldman Sachs’ real-time Order Status Updates (OSUs) for algorithmic orders can be streamed directly into FlexTrade’s OEMS Order Blotter via a new proprietary API – fundamentally changing how Goldman Sachs delivers data to buy-side clients.
The announcement is part of Goldman Sachs’ new suite of real-time alerting and data analytics offering, GS Alerts, which is aimed at providing clients with seamless access to metrics from within their EMS/OMS blotter. The new OSUs package offers metrics for orders in developed and emerging markets in EMEA equities, including expected residuals, estimated quantity reserved for the close, and the average participation rate of the order.
Using a new API to deliver OSU data, rather than FIX, opens new possibilities regarding the frequency and type of data being delivered to FlexTrade clients, eliminating unnecessary overheads caused by additional message traffic. FlexTrade normalizes the delivery mechanism, ensuring a seamless experience for existing OSU users, while providing flexibility for the sell-side.
Alex Harman, Managing Director at Goldman Sachs, noted: “We are thrilled our OSUs are now available via FlexTrade. This is set to fundamentally change how we deliver data to the buy-side, providing clients with greater transparency and oversight of their orders. Until now, Order Status Updates have been delivered by the market in unstandardised formats and channels, presenting delivery challenges and impacting the buy-side’s experience consuming data. We have therefore opted to deliver OSUs via an API, increasing the breadth of data available to clients via a scalable and robust protocol.”
The new OSU analytics offering is directly integrated within FlexTrade’s OEMS Order Blotter, replacing the need to receive updates via additional screens or chat tools. Clients can organize their visible metrics to meet their unique trading requirements, as the complete data set is available in the FlexTrade blotter within specified standard columns – eliminating the need to request these metrics on a periodic basis. Additionally, the OSU data can be combined with FlexTrade’s alerting mechanisms and the FlexAlgoWheel framework, similar to traditional order status data. For example, if a trader has an expected residual, they can cancel or replace orders or build dynamic automation rules to increase their participation rate via FlexAlgoWheel.
Andy Mahoney, Managing Director, EMEA at FlexTrade Systems, stated: “Our clients include some of the largest, most complex financial institutions globally who regularly handle vast numbers of orders and executions. Adding any data, no matter how valuable to the end user, on top of a critical trading protocol has always been unnecessarily burdensome, which has stifled innovation. With API delivery of OSUs, it’s now possible for clients to receive a broadened range of analytics at an increased frequency, without adding message traffic or protocol overheads. Now, they can efficiently receive a comprehensive data set which improves transparency, helps adjust trading styles, and contributes to better decision-making.”
About FlexTrade
FlexTrade Systems is a provider of customized multi-asset execution and order management trading solutions for buy- and sell-side financial institutions. Through deep client partnerships with some of the world’s largest, most complex and demanding capital markets firms, we develop the flexible tools, technology, and innovation that deliver our clients a competitive edge. Our globally distributed engineering teams focus on adaptable technology and open architecture to develop highly sophisticated trading solutions that can automate and scale with your business strategies.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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