toTradeWell
First, hi. I apologize about not responding sooner; a few things led to the gap. First, i upgrade my workstations at the office as part of our bi-annual upgrades and I lost my password for the Silicon. It took me a while to get it from the admins. Secondly, I also havent been visiting as frequently as the boards have gotten quiet. Sometimes thats for the better, it can make the dialogue more pointed when they do occur.
Ok, here are my comments:
I am a techie hard core. I grew up with technology, had one of the first TRS80s and AppleIIes and have been a huge proponent of technology at every company i have ever run or owned. At yamner, technology is a cornerstone of what we do. THe issue you bring up is what is most prudent, efficient or productive for clients.
That is, is a client best served in calling in to buy 100, 1000, 10000 or 100000 DELL versus using other means. First at most firms, you dont speak to a trader, yo uspeak to a salesperson or 'broker'. At our firm , you speak to a trader in two rings, ready to roll with your order, who knows you and knows what you mean by 'BUY 5000 ABCD at the market". At the market can mean 10 different things to 10 different people. It ight mean pound the offer, chase it. it might mean sit back and go easy let it come to us. It might mean "i have another 100k behind that, so dont overdo it."
There are tons of systems, tons of technologies, various ecns with differing order handling, SOES, SUPERSOES, SNET, matching systems, FIX connectivity,e tc. Sometimes there are tons of exchanges for the same stock, sometimes there are hidden pockets of liquidity or none at all.
There is an awful lot there and my feeling is that most of the time, a client is best served with an agency-only relationship with a firm that doesnt act as a market maker against your trade, and let them use their skill and technology (if they have it) to work your order.
That is not to say that we dont have technology, we have tons of it..26 systems and links to 82 liquidity sources.
Software built on our desk became an affiliated compnay which now licenses the software to some majors on the street.
The issue is, what do you extend to the client? For we believe that a majority will always continue to come in by the phone, especially given our direct linkages to our trading groups.
Yet, we have just released some very nice hybrid systems that will meet other persons' needs.
1) DRO - we have just released YAMNER DIRECt which is an excellent light weight direct order entry platform for instanteous (or thereabouts) transmissions of orders to our trading desk. Clients can choose YAMN on the drop down and let us work the order, or can choose a couple of ECNS and go straight to them. For those who want to push buttons, want instant fill reports electronically, this is the way to go.
2) NETXCLIENT - this is a 'html' web form system for order entry and routing. It has a lotof value for certain clients as well.
We have a Trade Book HTML site for viewing orders given over any system, we have ICQ and MSN support and a host of other ways of working orders.
I will post the two press releases up here after this email on the two new systems.
Short Availability - There will be some differences in short availability relative to CFSBDirect. First, Pershing itself has tons of accounts, about 500 brokerage firms with thousands of accounts thereunder, which are available to Pershing. Pershing then has the consortium of GSCO and others, a few trillion$$ in positions. usually, pershing is one of the best, though on some of the most illiquid stocks, they are not as liquid as other firms that specialize in that area. When such occassions occur, we can make calls and try to find stock. This manually hunting of shorts is what we can offer above CFSBDirect.
Depends on the stock, day, etc...no rhyme or reason...
Regards,
Steve@yamner.com |
