London-based spread better and trading provider CMC Markets (LSE: CMCX) has teamed up with financial technology provider IRESS, ushering in a new alignment that will help streamline its order management system.
The joint accord will help CMC Markets Institutional manage clients’ pre-trade risk, positions, portfolios, margin, order routing, and workflow. Together with IRESS, the integrated OMS will form a key component of CMC’s new Prime Derivatives trading platform.
IRESS Limited is an Australian software company that focuses on the development of software systems and services for financial markets and wealth management.
In particular, the new alignment complements CMC’s existing Prime FX platform and will also help assist the groups’ institutional and professional clients to leverage IRESS’ international trading connectivity and access to counterparties on the IRESS network.
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The tie-up will include IRESS’ Viewpoint online trading browser-based front-end. This product provides a better ability to customize the trading experience, enhanced trading tools and easier online access to over 9,000 single stock CFDs across 20 countries.
CMC Expands Multi-Asset Offering
The fully integrated solution, incorporating order and execution management, removes the need for brokers to utilize multiple and legacy trading systems when managing orders, with trades smart-order-routed directly to a wide range of liquidity venues.
CMC Markets’ Institutional division offers a multi-asset product range (including Equities, Equity indices, FX & Commodity derivatives, etc.) to banks, hedge funds and brokerages who want wholesale access to the company’s highly regarded technology via CMC’s Direct API, Prime API, and various front-end platforms.
Commenting on the news, Glenn Wilson, Head of Wealth & Trading at IRESS, said: “We’re pleased to be working with CMC Markets to further enhance its proposition. By adopting our market leading trading solution, CMC Markets will be able to target institutional and professional clients with a highly capable trading offering suited to their needs. What this gives over and above the distributed trading platforms is that IRESS technology provides an open access model. This means CMC can now offer these clients FIX and API trading capability integrated directly to IRESS’ order management system.”
Richard Elston, Head of Institutional at CMC Markets, added: “When it came to adding a Prime Derivatives capability to our proposition IRESS was a clear choice and an excellent fit for us. Accessing Prime Brokerage services across all asset classes has become harder in recent years as changes to regulation and approaches to risk management have evolved. Using IRESS’ technology allows CMC Markets to service this market giving clients greater access to trading venues either direct or via algorithmic execution services, all managed by the IRESS order management system and its extensive pre-trade risk controls. We’re excited to be able to offer this new Prime Derivatives capability – it complements the existing Prime FX product suite, delivering a comprehensive, multi-asset solution from a single counterparty to a wider range of participants.”