LiquidityBook‘s SaaS-based LBX Buy-Side has been selected by multi-strategy investment firm FNY Investment Advisers, also known as First New York, as its POEMS (portfolio, order, and execution management system). The platform will be used to support its multi-asset trading workflow, which includes global equities, futures, options, FX and fixed income.
The LBX Buy-Side software provides a full range of order, execution, and portfolio management capabilities, including real-time performance, full historical P&L, risk management, compliance, and reporting. Both firms performed extensive co-testing to ensure smooth functionality given the velocity and volume of the workflow, which required substantial back-end work that included optimizing the use of market data and enhancing execution fill reports.
Sandro Polverino, Chief Technology Officer at First New York, said the investment firm worked with three separate providers for varying amounts of time and 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.
“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 the 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”, said Polverino.
Sean Sullivan, Chief Revenue Officer at LiquidityBook, said: “We’re very excited to add First New York to our growing roster of clients. 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 helps 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.”
LiquidityBook stated it has increased total revenues by more than 20% in 2018, the vast majority of which came from replacing legacy systems. Monthly revenues and OMS revenues grew by 37% and 56%, respectively, in December. Platform replacements at $1B+ managers were over 90% of new customers at LiquidityBook in 2018 as workflow needs became too complex for legacy systems to handle. The company services different needs of asset managers, including cost, stability, functionality, and business model. Its proprietary SaaS-based product, LBX, is delivered 100% via the cloud leveraging AWS’s global footprint and architecture.
In early 2019, LiquidityBook appointed Alexander Ponyrko as Principal Software Engineer to lead a range of development initiatives around the firm’s industry-leading POEMS (portfolio, order, and execution management system) platform and reporting directly to CTO Shawn Samuel.