Neovest Inc., a leading provider of high-performance trading technology, today introduced AlgoGenetics, a new class of software the firm describes as a multi-broker Algorithmic Management System (AMS). This distinctive platform enables buy-side traders to centralize and manage more than 100 unique algorithms from brokers and technology firms.
As an Algorithmic Management System (AMS), Neovest’s AlgoGenetics gives traders an intuitive, point-and-click way to build their own execution sequence using existing algorithms in the market. The trader can then manage the use of those algorithms based on variables such as price, time and order status, to access traditional exchanges as well as dark pools. For example, using AlgoGenetics, a trader can instantly switch from one broker's algorithm to another broker's algorithm if a market condition changes.
“There are many product claims in the market today about improvements to the trading process, but they also require a change in trading style,” said Bryce Byers, chief executive officer of Neovest. “AlgoGenetics is, instead, a logical evolution toward creating, customizing and improving the work flow for trading algorithmically.”
"Clients told us they needed a better way to manage their use of algorithms across venues," said Carl Carrie, global head of algorithmic products & Neovest. "Our creation of AlgoGenetics, as an AMS, delivers that capability and offers the flexibility and control buy-side traders have been seeking.”
Neovest expects to launch more enhancements and initiatives related to its AlgoGenetics AMS platform in the coming months. The firm has already made a number of product announcements in 2007. Earlier this year, Neovest expanded its reach to more than 20 dark pool venues, granting traders quick access to multiple sources of hidden liquidity. Additionally, Neovest introduced an actionable indication of interest (IOI) service in April that allows buy-side traders to immediately trade on indications directed to them by a broker.
About Neovest
Neovest, Inc is a wholly-owned subsidiary of JPMorgan, providing a comprehensive suite of broker-neutral financial technology services to the buy- and sell-side communities. Neovest's DMA technology encompasses execution management (EMS) and order management (OMS) functions, low latency market data services, powerful technical analysis, filtering technologies, portfolio trading, and advanced analytics in an easily deployed and managed system. Neovest streamlines the workflow complexities of a comprehensive trading desk and is a single source of liquidity access to exchanges, ECNs, crossing networks, dark pools, IOIs, broker algorithms, and routing to over 100 brokers. In addition, Neovest is a cross-asset, multi-currency platform supporting US and international markets. Additional information about the company is available at www.neovest.com.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
Contacts:
JPMorgan Chase & Co.
Brian Marchiony, 212-270-2596
brian.j.marchiony@jpmorgan.com
