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Is there any common trading system that is implemented by hedge fund, especially for equity or forex automated trading? I know some big names like Sungard and Bloomberg. Is there any other choices which the including API?

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Bloomberg is a data terminal; it does have a portal to some brokerage algos like VWAP, but nobody would characterize Bloomberg as a trading system. What solution does your employer use? – chrisaycock Jul 10 '12 at 10:10
Bloomberg is a data terminal, but it also provides service like Tradebook. I want to know is there any similar or common systems that are widely implemented by Hedge Fund. – zaestau Jul 10 '12 at 11:14
@ChrisayCock, now here I need to strongly disagree with you. Bloomberg has full fledged trading, order routing, and even complete back office solutions: Buy Side: AIM, EMSX, Sell Side: TOMS, SSEOMS, EMSX. – Matt Wolf Jul 10 '12 at 11:16
@ZAESTAU, I listed the ones offered by Bloomberg. There are many others by 3rd party vendors, such as X-Trader for futures, Orc (mainly options),... – Matt Wolf Jul 10 '12 at 11:17
Tradebook is not a "trading system," it is an Execution Management System. Please google that term, along with possibly Order Management System, and come back if you have a more specific question. – Tal Fishman Jul 10 '12 at 14:20

There are:


TT Trading Systems (X-Trader, mostly for futures, spreads,...)

Orc Group: Orc (often used for listed options)

And uncountable others, really depends on which product you look to trade.

But please note that you asked specifically about automated trading and to be honest, most shops code up their own order execution platforms and hook them up to Fix adapters or APIs of brokers, banks,...

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Hooking up FIX should be the right choice. Thank you very much – zaestau Jul 10 '12 at 12:39
Using Bloomberg or some other third-party EMS/OMS is a perfectly valid option for any quant shop that doesn't engage in high frequency trading. – Tal Fishman Jul 10 '12 at 14:23
@Tal, I was making this statement in the context of fully systematized trading environments (OP mentioned systematic trading in the question). I do not know of any such fund that would run off-the-shelf products for trade execution, they all coded up their own solutions, interfacing with APIs and FIX gateways of banks, brokers, exchanges, and ECNs. Most solutions I mentioned above (especially the Bloomberg ones) pertain to manual order execution, and order management. X-Trader has an automated trading module, Orc also allows auto quoting/market-making of listed options. – Matt Wolf Jul 10 '12 at 14:27

You might want to take a look at the Waters Technology buy side technology awards, especially for execution management systems (EMS). Most hedge funds want to use multiple counterparties so they would want a broker-neutral trading system. As far as I'm aware, the most popular platforms are Portware and Flextrade.

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There are lots of automated trading system in forex like:

  • EA Shark 7.0
  • EA Sigma 4.0
  • FX Pulse 1.0
  • ProFx 2.0.
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You should extend your answer by adding links and discussing a bit the quality and the features of each of them... – SRKX Nov 12 '12 at 23:07

AlgoTrader is used by some smaller hedge funds, especially in the volatility trading area.

AlgoTrader is a Java based Algorithmic Trading Platform that enables development, simulation and execution of multiple strategies in parallel. The automated Trading Software can trade Forex, Options, Futures, Stocks & Commodities on any market. The system is based on Complex Event Processing (CEP) and Event Stream Processing (ESP) using Esper.

Also, the system does have both a FIX interface as well as Bloomberg connectivity.

Full disclaimer: I do work for AlgoTrader

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