Over the past year, competition has intensified among the
biggest Wall Street firms as each tries to break out of the pack
with the fastest and most sophisticated algorithms and related
trading tools. In this race, leads tend to be fleeting; product
announcements take on an air of "can you top this?" One firm that
has consistently been in the front ranks is JP Morgan Chase &
Co. Its electronic client solutions (ECS) division last month
trumpeted AlgoAlert, an instant messaging service that provides
unique charts as well as real-time updates of algorithmic trading
performance and trading conditions such as halts and oversized
orders. AlgoAlert can be received via a variety of e-mail and
instant messaging platforms, including AOL's AIM, the Bloomberg
Professional messaging system and Google Talk.
"AlgoAlert is a tool that tracks algorithmic trading performance
when traders need it the most--while they trade," Carl Carrie, head
of product development in ECS, said at the time of the launch. "It
gives traders a competitive edge by ensuring they receive
information they need for split-second decisionmaking. The result
is improved awareness, better execution and improved transparency
in algorithmic trading." |
