Canadian regulation required Jitneytrade to have pre-trade risk monitoring of all direct electronic market access. When the exchange operator, TMX Group, discontinued its own service in 2017, Jitneytrade looked at several options for a replacement, including functionality in order management systems (OMSs). After careful evaluation, Jitneytrade concluded that only UL BRIDGE had the proven ability to meet its latency and speed requirements, as well as offered the flexibility to accommodate its order flow. Furthermore, UL BRIDGE had the risk management and other functionality to allow Jitneytrade to achieve a second objective of consolidating some of the 14 platforms it was offering clients at the time.
Jitneytrade opted for ULLINK's fully hosted service. The implementation included UL BRIDGE modules – UL IRIS comprehensive pre-trade risk management, UL MONITORING full life-cycle monitoring, FIX Plugins and DMA Adapters. This has given Jitneytrade effective pre-to-post-trade risk control of its clients trading activity and enabled it to continue to comply with trade monitoring regulations. The error capturing functionality has improved its service offering and, at the same time, the firm has taken advantage of UL IRIS to reduce the number of platforms it operates.
The superior performance of UL BRIDGE has also enabled Jitneytrade to win new clients. The firm is now looking at extending the asset classes on the platform and expanding the geographical coverage it can offer clients. ULLINK is able to provide connectivity to US brokers via its NYFIX Marketplace international trading network. It is also able to use US stocks' closing prices to calculate order and daily capitalization for US equity markets.
“Before the new NI 23-103 regulation, we were able to see client activity post trade, but now we have ULLINK's tools for pre-trade risk, which gives us a better view and better control,” says Eric Cote, Chairman of the Board and Chief Technology Officer of Jitneytrade.
“Jitneytrade now has a really good direct relationship with ULLINK. The company is responsive – we haven’t had any issues that haven’t been dealt with promptly by ULLINK,” says Cote.
“We are delighted to support one of the most active brokers in Canada in substantially streamlining its trading operations while achieving a greater level of control. Being chosen by Jitneytrade, re-enforces our commitment to delivering best of breed technology and connectivity to the local market,” says Lael Wakefield, Managing Director Americas for ULLINK.
Download the case study here to find out how Jitneytrade turned a compliance challenge into an opportunity for streamlined client connectivity, enhanced latency and improved risk control.
Mireille Adebiyi, Global Marketing & Communications Director
Tel: +33 1 49 95 30 00
About Itiviti and ULLINK
Itiviti and ULLINK have formed a market-leading global provider of multi-asset trading technology and financial infrastructure solutions for buy-side and sell-side market participants, including NYFIX, one of the industry’s largest FIX-based trading communities.
Serving more than 1,900 clients worldwide, we provide consistent, reliable access to the most up-to-date and innovative order routing, connectivity and trading solutions available. Top-tier trading firms, banks, brokers, exchanges and institutional investors rely on our technology, solutions and expertise to streamline their daily operations, connect to their desired markets, and trade when and where they want. All while being able to comply with global regulation.
With global offices in 18 locations covering all major financial centers, the merger of Itiviti and ULLINK in March 2018 creates a full service technology and infrastructure provider, covering all asset classes, geographies and regulatory landscapes.
For more information, please visit www.itiviti.com or www.ullink.com.
Itiviti and ULLINK are owned by Nordic Capital Fund VII.