随着纳斯达克综合指数投资和零售投资者重新考虑全方位服务经纪人的优点，在线贸易公司正在针对一类新的客户：机构投资者。亚博赞助欧冠
由杰弗里库勒
2001年4月
亚博赞助欧冠机构投资者杂志
随着纳斯达克综合指数投资和零售投资者重新考虑全方位服务经纪人的优点，在线贸易公司正在针对一类新的客户：机构投资者。亚博赞助欧冠
这是一个技术搬上市场的案例，而主流消费者在于低位。在线经纪人，如查尔斯·施瓦布＆Co.越来越多地追求最有利可图的专业和半专业投资者 - 包括日间交易员 - 与专业的较小公司一起争夺活跃交易段。
反过来，两组竞争对手都在进行机构之后。特别是对冲基金对当天交易员通过直接连接到电子通信网络通过称为直接访问系统而获得的那种高速订单执行感兴趣。
“直接接入技术在机构竞技场进入时尚，”Tradescape公司的创始人兼首席执行官Omar Amanat说，是积极交易领域的领导者。通过其ECN子公司Marketxt，TradeScape有一个39人的团队销售给机构为“具有卓越的速度和智力流动性的中性门户，”斯科特Graczyk，该单位的合作书道。
在纳斯达克崩溃之前，Tradescape和其他直接访问商店在他们的景点中拥有体制市场，但需要时间才能加快速度。通过哈佛大学商务行政教授Clayton Christensen教授Clayton Christensen的一本有影响力的1997年关于企业战略的困境，这是一个有影响力的1997年关于Clayton Christensen的困境，这是一个关于“一个颠覆性技术开始的颠覆性技术，并在上游游泳的中断技术。直接访问现在上游游泳。“
Austin, Texas-based ProTrader Group, which operates 19 day-trading offices, is also paddling into institutional waters. Says CEO Jay McEntire: "Our traders are a lot like institutional traders. They are among the most successful professional traders in the country, and their input has helped us in making institutional sales a priority."
刚刚签署了去年六个对冲基金。这是在普兰德勒的机构推力的2月正式宣布之前，由联邦资金的金融机构销售的前经理Craig Howard领导。与TradeScape不同，Protrader不拥有一个带有大型客户的ECN，如Salomon Smith Barney和Merrill Lynch＆Co.的赫罗特Heine Geeduld。但是，刚刚股票的amanat对自下而上的进化看法。“几年前，”他说，“这些客户不是价格敏感的。现在执行的价格是他们和其他人的问题，以及我们的模型地址。”
Realistically, with brokerage relationships based on research and payments for order flow, the vendors cannot hope to sweep away all of the old institutional trading practices. Even one of ProTrader's new entry-level customers, $7 million hedge fund Bazbaz Capital Partners of Dallas, still calls brokers. "In a fast-falling market, the electronic system trumps institutional traders, but in a slow market or for big orders, the firms do better," says founder Simon Bazbaz.
"We're getting very quick access to the market, with the least cost and friction," agrees Michael Himmel, partner of Austin-based hedge fund Lambeth Capital, which also uses ProTrader. "If we managed $3 billion, we'd need a different system, but we plan to remain under $100 million."
An estimated 5 to 7 percent of institutional order flow has gone electronic. "As the economics of intermediaries are exposed, and we move more to pay-per-use research, I see that going to 40 percent within two years," says Greg Ferris, president of CyBerCorp, a day-trading leader that Schwab acquired in March 2000 for $488 million to get in on the direct-access action. Underscoring that "this is the wave of the future," says Ferris, are Goldman, Sachs & Co.'s minority stake in the Archipelago ECN and its acquisition last fall of market maker Spear, Leeds & Kellogg, which provides direct access through its REDIProducts division.
Over time, says Tradescape's Amanat, direct access will impress upon the institutional side, as it did the retail, that "brokers have to deal more honestly with investors to give them the best execution." For institutions, he adds, direct access also holds the promise of "getting rid of fragmentation and reducing the ten screens required to access all liquidity pools down to one."
Tradescape, CyBerCorp and ProTrader are among 12 to 14 providers of the core technology that powers most day-trading activity, estimates Russell Keene, an electronic-brokerage industry analyst with Keefe, Bruyette & Woods. Those three and a handful of others - including Blackwood Trading, Townsend Analytics and TradeCast - are actively pursuing institutions. Although dozens more firms sell the high-speed connections to ECNs that typify day trading, most license others' systems.
Direct-access vendors differ in their approaches to institutions. Blackwood, for example, stresses versatility and flexibility as it tries to cover every base, from mom-and-pops to the institutional high end. Even within the latter segment, "there are many different types of trading entities that each have specific needs," says Kirk Oberliesen, Blackwood's director of institutional sales and trading. The New York firm drafted its institutional strategy a year ago and in January began marketing in earnest. "We have a lot of customers in process. It takes a while to get [communications] lines installed," says Oberliesen.
CyBerCorp is nearing the end of a direct-access trial begun last September with 27 Schwab-connected investment managers. That number could go up quickly - Schwab has links to 7,000 managers.
相比之下，Townsend的Realtick平台一直在许多机构办公桌上，只要三年即可，因为它与Townsend也开发的群岛ECN集成。但是使用仍然很低。“难以获得机构贸易商实际使用直接访问，”斯图尔特镇主席说，难以使用直接访问。“他们是那些倾向于以他们一直这样做的方式继续做事的人。”
但基于芝加哥的公司正在投资客户教育和手持手持。“事情融合在一起获得这些交易技术，”Townsend说。“贸易商将在直接访问和电子订单进入一般来说，风险管理人员也将成为舒适的信任电子订单进入。政府已经有利于成本的观点。”
仍然，Keefe Bruyette的Keene表示，在这个新的市场上面临着许多行为和经营挑战：“向机构销售不是一个上篮。它几乎是一个咨询项目。”
这一切都将有机会来了r if day trading were not a raging success. Bear, Stearns & Co. brokerage analyst Amy Butte estimates that a mere sliver of the U.S. retail electronic trading market - 50,000 out of 18.5 million total online accounts - was responsible for 81 percent of 5.4 million average daily trades at the end of last year. That hyperactive group, who demand the utmost in direct-access capabilities, averaged 44 trades per day in the fourth quarter, up from 28 at the end of 1999. The remaining 99.7 percent of online investors reduced their average activity to 17 trades per year, from 27.
大多数主要在线公司承认1月和2月的卷下降。“我们在积极的交易员空间中看到了一些下降，但与其他零售客户没有几乎与其他零售客户一样多的零售商，”Ameritrade持有公司的首席信息官James Ditmore说，他称之为“成长的真正发动机”直接访问是该空间中最重要的部分。“
这解释了为什么Ameritrade于2月份同意为休斯顿的TradeCast支付6700万美元。正在监督购买的Ditmore说，Tradecast“已经从小对冲基金一直在进行无关的业务。”
The Ameritrade and Schwab direct-access acquisitions and the target companies' institutional ambitions are dual reflections of how "direct access is moving up the food chain," says Keene.
"It's a natural progression," says John Palazzo, Graczyk's co-president at Tradescape's MarketXT. "We started with the active trading model, but the volume was going to other destinations. Owning an ECN allows us to pass efficiencies back to clients. Now it makes sense for our team, with its institutional contacts, to take those same technologies further upstream."
对于一个有志者，基于巴黎的Traditesoft，上游隐喻不适用。Tradesoft于1999年由Samantha Topola成立于1999年，由纽约投资公司Hudson Sloane和Co.，Tradesoft建立了全球直接访问执行系统，或专门用于机构的GDAX。系统说，系统将Internet浏览器转换为“尽可能多的市场的单个接入点”。
目前，Tradesoft主要集中在欧洲和新兴市场。在积极追求大型美国机构的情况下，普罗达拉正在等待她的下一个软件升级，并于9月份安排在9月份，这是一个拥有更严格的要求。
“制度趋势是电子执行，我们只是分手来，”Topola说。“主要的投资银行有一个角色扮演，我们不说，”不要使用它们。“我们说，'按照你想要的方式做，而不是你被告知的方式。我们希望授权机构授权自己。“