Today, American technology company Green Key Technologies has released a new private negotiation, aggregation and quote crossing system aimed at OTC brokers.
The new product enters the market under the designation of The Block Pool, whose functionality allows quotes to be routed to a central clearing house to be matched, cleared and made available for audit.
Green Key Technologies is a specialist software firm, which provides voice software and a click entry platform designed specifically to facilitate anonymous block execution.
Alongside The Block Pool, the company also provides Trader Voice Box, which is a light weight VoIP software client that enables brokers to communicate with their traders and customers from anywhere in the world, securely and at a fraction of the cost and time required of legacy hardware turrets.
“The Block Pool and Trader Voice Box were designed to help OTC brokers manage both voice and electronic liquidity side-by-side without the need for physical infrastructure,” stated Anthony Tassone, Chief Executive Officer for Green Key Technologies in a commercial statement today.
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“The internal broker platform provides efficiencies through one-click matching and one‐click trade reporting.”
James Falvey, General Counsel for Green Key Technologies, further added: “Through transaction logs, timestamps, voice recordings and clearing integration, Green Key Technologies provides an effective way for over-the-counter brokers to meet compliance standards.”
“The Block Pool was created with the Dodd‐Frank financial industry legislation and new CFTC reporting and clearing requirements in mind and it operates under exchange block trading rules, which mandate privacy” he concluded.
Fully managed and supported by Green Key Technologies, The Block Pool and Trader Voice Box intend to enable brokers to rapidly set up voice communication and efficiently aggregate and manage their own electronic pools of OTC liquidity.
Designed by Mr. Tassone and developed by Stockholm‐based trading systems vendor Baymarkets, The Block Pool’s quote management system can be used for block trading on a Swap Execution Facility (SEF) or Designated Contract Market (DCM).