FNY Investment Advisers (First New York), a multi-strategy investment firm, has implemented LiquidtyBook’s SaaS-based LBX Buy Side as its POEMS (portfolio, order and execution management system).
LiquidityBook’s platform provides a full range of order, execution and portfolio management capabilities, including real-time performance, full historical P&L, risk management, compliance and reporting. First New York is using LBX Buy Side to support its multi-asset trading workflow, which includes global equities, futures, options, FX and fixed income.
Before signing on with LiquidityBook, First New York worked with three separate providers for varying amounts of time, according to Sandro Polverino, Chief Technology Officer at the firm. Few were able to accommodate the volume in which First New York trades, the speed with which they need to get to market and their need for real-time trading updates on exposures of performance.
Polverino says: “We’re always looking for solutions to drive returns for our members and efficiencies for our traders. In our search for the ideal POEMS provider, we found that LiquidityBook’s platform stands alone in terms of performance and comprehensiveness.
“We have over 100 portfolio managers, all with unique needs from middle office to market data and trading. Our strategy involves speed to market, and the ability to process data and fills in real time helps our portfolio managers make key decisions in a timely fashion. It was a true collaboration in every sense of the word and a major lift for both firms. It was great to have our unique needs properly addressed in LiquidityBook’s flexible application. We now have a complete solution that allows us the intraday visibility and processing we need, with the scale to continue to grow our business.”
LiquidityBook and First New York performed extensive co-testing to ensure smooth functionality given the velocity and volume of the workflow. The process required substantial back-end work that included optimising the use of market data and enhancing execution fill reports. First New York’s business model, which involves distinct internal pods with their own individual trading relationships and cost structures, added a layer of complexity to the project.
“We’re very excited to add First New York to our growing roster of clients,” says Sean Sullivan (pictured), Chief Revenue Officer at LiquidityBook. “This was a major undertaking and involved a lot of talented people on both sides of the equation. Working with Sandro and his team, leveraging their help and guidance, certainly pushed the boundaries of our application, but these collaborative engagements are exactly the kind that help us build a more robust offering. This benefits not only First New York, but also the collective ecosystem that is our client base. This is a textbook example of what makes SaaS-based solutions so powerful.”
The First New York deployment is the latest win in what has been a very successful run for LiquidityBook, which increased total revenues by more than 20% in 2018, the vast majority of which came from replacing legacy systems.