Goldman Sachs introduced an upgraded version of its execution management system, designed to help traders carry out strategies aimed at cancelling out effects of broad market moves.
The new version of Goldman's RediPlus system also provides more algorithms for use in executing trades in different markets around the world and provides, on screen, a "hub toolbar" for streamlining the sending of alerts.
The 10.2 version of RediPlus will help spread traders execute relative value strategies. These are "market neutral" strategies used by hedge funds and other traders to reduce or eliminate exposures to broad market moves. A trader goes long on some securities, short on others. The goal is to profit from mispricing of instruments. Such strategies are often used in statistical arbitrage.
The 10.2 version also simplifies the flow or work, said Rishi Nangalia, Managing Director and head of REDIPlus EMS at Goldman Sachs.
New features include:
- Improved equities spread trader interface enables simplified workflow. New screens are custom designed for relative value strategies such as ratio, risk arbitrage and relative change.
- Global smart routing functionality allows clients to access optimal sources of liquidity across Canadian markets using the Stealth™, Sonar™ and Sonar Dark™ algorithms for both Canadian and US/CAD interlisted routing.
- Clients can quickly launch portfolios of stocks directly from the Position Monitor. User-defined P&L marking allows clients to adjust the way P&L is struck on an asset class and side basis.
- Historical benchmarking and wave update improvements have been added to Portfolio Trader.
- The new hub/toolbar features a simplified interface that consolidates all alerts and allows users to easily filter these alerts by content type and read status.
- Workspace zones allow users to quickly switch back and forth between “mini workspaces.”
RediPlus allows trading in equities, options, futures, foreign exchange and synthetics from a single application; and provides access to Clients Goldman Sachs algorithmic strategies in the U.S., Canada, Europe and Asia. Orders can be routed to Goldman's SIGMA X crossing network.
Pre-, during, and post-trade analytics are embedded in the application.