According to the firms, they have collaborated closely to go-live in three months’ time. The update retires a legacy solution that was used for nearly 20 years.

LBX Post-Trade Hub will operate as a single, standalone middle office allocation system, interfacing with a range of front office OMS platforms and clearing brokers.

The move builds on top of a longstanding relationship between JonesTrading and LiquidityBook, dating back to 2014.

“The LBX platform’s flexible architecture and API framework have allowed us to easily integrate it with our existing technology and workflows,” said Jack Garceau, chief technology officer at JonesTrading.

“This has made the onboarding process as seamless as possible, and the LiquidityBook team’s ability to meet every milestone on this project further validated our decision.”

Read more: JonesTrading deploys FlexTrade Systems’ FlexOMS to power its sell-side trading desks

By rolling out LiquidityBook’s middle office offering, JonesTrading will now be able to receive trades from disparate OMS platforms and manipulate them appropriately for multiple clearing brokers.

JonesTrading will also be able to interface with CTM and third-party FIX networks to receive and match trades/allocation instructions from customers, alongside being able to leverage LiquidityBook as a firm-wide reporting system for all trading and allocation activity.

“This is an important milestone for our sell-side middle office solutions and a testament to the interoperability and modularity of our framework, as well as the efficiency of our integration and onboarding processes,” said Sayant Chatterjee, chief operating officer at LiquidityBook.

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As part of the acquisition, Bryan Messer has been appointed general manager of Asia Pacific, managing director of portfolio management solutions and artificial intelligence at LiquidityBook, with his staff also joining. In addition, the accounting and reconciliation engines of Messer Financial Software will be integrated.

Speaking in an announcement, Messer highlighted the similarities between the companies in terms of their respective technology, culture and evolution, adding: “Our functionality is essentially complementary and with both companies following an API-first model, integration was straightforward.” 

The product integration partnership between the two businesses was in the works for over a year, with LiquidityBook now offering new features following the addition of Messer, including: financing automation for products such as swaps and credit instruments (such as ABS, CDS and loans); powerful reconciliation tools; dashboards for both buy- and sell-side clients.

Read more – LiquidityBook on its ‘EMEA in Focus’ initiative 

In the same announcement, LiquidityBook confirmed the general availability of LBX PMS 2.0 – its newly enhanced portfolio management (PM) and accounting system, which is set to be further enhanced by the addition of a PM system, accounting and reconciliation service provider, Messer.

In-demand functionality has been added, with robust accounting and reconciliation workflows integrated into both LBX’s buy-side and sell-side products, as well as full ABOR/IBOR, AUM and shadow NAV capabilities added.

As a result, LiquidityBook’s LBX suite has become a full-featured Portfolio, Order and Execution Management System (POEMS) with an embedded FIX network. The business confirmed that clients can continue to utilise only the services they need, as well as integrate a variety of third-party tools.

Jonathan Cross, general manager of EMEA at LiquidityBook, said: “Our clients range from start-up hedge funds and large, established asset managers to broker-dealers, outsourced trading desks and software vendors. With regard to our buy-side clients, and especially newer or smaller funds, time and again we hear their need to shadow their fund admins or manage their own books and records.

“With this newly enhanced and expanded set of capabilities, our clients can own their data at the source, running full shadow NAV, reconciliation and other processes that asset allocators expect of them.”

Read more – ICE integrates ETF Hub with LiquidityBook’s OEMS to bolster primary market and portfolio management workflows

Kevin Samuel, chief executive of LiquidityBook, said: “LiquidityBook continues to build upon our core value proposition: one code base, every use case. Our modular POEMS and FIX network architecture means our clients’ tech stacks can integrate various vendor and homegrown products, enabling differentiated, customised solutions and workflows.

“The Messer financing engine fit smoothly into LBX’s services-based architecture, enabling a seamless integration. Bringing our firms together was the next logical step in this process.”

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The LBX suite is now connected to ICE ETF Hub’s FIX application programming interface (API), providing third-party platforms and ETF market participants with improved access to the ICE ETF Hub platform, alongside the ability to systematically manage their creation and redemption orders.

Users of LBX will also be able to receive ETF creations and redemptions in real time, allowing their portfolios to be managed within the OEMS for portfolio and trade management.

“By modernising and bringing new efficiencies to the creation and redemption process, the ICE ETF Hub offers a powerful platform for accessing the ETF primary market,” said Peter Borstelmann, president of ICE Bonds.

“Connecting with LiquidityBook’s LBX OEMS gives institutional investors seamless access to our workflow over a highly scalable trade management platform, and it builds on our goal of providing an open architecture framework to create a unique network for ETF market participants.”

Currently, ICE ETF Hub supports US-listed equity, fixed income, derivative, commodity and multi-asset ETFs. Primary market participants in the ETF space also have access to functionality within the platform that helps facilitate the assembly and negation of custom basket proposals.

“Our OEMS platform helps asset managers, hedge funds and other institutional investors manage positions and transact efficiently across markets,” said Kevin Samuel, chief executive of LiquidityBook.

“Our cloud-based offering provides our clients an alternative to the inefficient file-to-file and spreadsheet-based processes that portfolio managers have used in the past and gives them more capacity to handle increasing order volumes, which promotes growth. We are excited to work with ICE to expand this functionality within the ETF creation and redemption process.”

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Chesterton joins the firm from ED&F Man Capital Markets, where he served as head of futures and options multi asset sales and execution. Prior to that, he operated as EMEA head multi-asset listed sales and execution at Nomura for seven years and at RBS Markets and International Banking for 15 years, most recently as senior head of futures and options sales.

Chesterton will be based in London, reporting to Elsa Lignos, head of global FX strategy, EMEA institutional FX sales and futures. 

Elsewhere, New York-based platform provider LiquidityBook has appointed Jonathan Cross as general manager, EMEA.

As part of the role, Cross will manage all aspects of LiquidityBook’s EMEA business operations, including the development of the firm’s European buy- and sell-side client base.

Cross joins from Messer Financial Software, where he served as head of sales and business development. Prior to that, he served as chief operating officer at Broadridge Financial Services’ asset management arm and previously held the same role at Trader, which is now part of SS&C Eze.

Based in London, Cross will report directly to Kevin Samuel, chief executive of the firm.

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The trio will bolster LiquidityBook’s LBX solution that offers cloud-based order and execution management and compliance reporting tools to the sell-side.

Among the new hires is Brian Cabra who has been appointed vice president of implementations after most recently serving at ION Markets for the last six years, and who will be responsible for spearheading implementation and delivery management of LBX to broker dealer clients.

Alongside Cabra’s appointment, Ryan Stankus joins LiquidityBook as vice president of product management after spending the last 22 years at Fidessa and ION, reporting to chief operating officer Savant Chatterjee, who also joined the company last year.

Elsewhere, Terrence Cheung has been appointed vice president of post-trade product management from FlexTrade, where he most recently served as vice president and sell-side product manager.

LiquidityBook said the three appointments joined at a time of growth in its sell-side client base.

“Amid the maturation and growth of our solution for sell-side brokers, continuing to add seasoned professionals who have the skill set to spearhead the platform’s continued enhancement has become a top priority,” said Chatterjee.

“This is an exciting time for our business as we are seeing an increasing number of brokers turn to the LiquidityBook framework to solve complex workflow and operational problems while reducing total cost of ownership.”

The new appointments coincide with a period of considerable growth for LiquidityBook, which has seen the firm make multiple senior hires over the last year.

Last month, James Baxter was appointed as head of global buy-side sales, which followed the appointment of Stephanie Minister as managing director of connectivity services in March last year. In addition, Frank Kost was appointed as head of sell-side business development.

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James Baxter has been appointed global head of buy-side sales at LiquidityBook where he will be responsible for driving the platform provider’s efforts for its cloud-based portfolio, order and execution management system (POEMS), LBX Buy-side.

LiquidityBook also confirmed that Baxter would be instrumental to its growth strategy as it plans to expand globally.

He joins the company from Exe Software Group where he had been operating as a director of North American hedge fund sales for the last eight and a half years.

Prior to joining Eze, he spent three years at Morgan Stanley Wealth Management in an alternative investments role.

“We are thrilled to add James to our leadership team, especially amid our global expansion and the buy-side’s continued need for modern solutions that enable them to trade efficiently,” said LiquidityBook chief executive, Kevin Samuel, to whom Baxter will report directly.

“With his exceptional track record and valuable knowledge of legacy systems and the pain points they cause; he will play a significant part in propelling LiquidityBook to new heights in the coming year.”

His appointment follows several investments by LiquidityBook into its LBX POEMS, for which Baxter will be responsible, including the recent launch of its new trade match product, LBX Trade Match.

The platform provider said the addition followed record demand for its system and included new FIX allocations, confirmations and trade affirmations, that will allow users to benefit from the network services they already use while eliminating trade breaks via a single solution.

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LiquidityBook’s FIX trading network has already been offered as part of its software as a service (SaaS) based LBX buy-side order management system (OMS) offering.

The network connects LiquidityBook’s buy-side clients to over 200 broker-dealers and execution venues across the world, supporting equities, options, futures, FX, derivatives, swaps and CFDs, credit and interfaces to all commercially available EMS and ATS platforms.

The trading platform provider’s new product, LBX Trade Match, will offer FIX allocations, confirmations and trade affirmations, allowing users to benefit from the network services they already use while eliminating trade breaks via a single solution.

“Our clients have been consistent: When asked about future product ideas and ways that we can enhance their experience, the ability to manage trade allocations, confirmations and affirmations comes up time and time again,” said Sean Sullivan, chief revenue officer at LiquidityBook.

“The idea of an all-in-one offering is very appealing to our clients, as is the need to manage trade risk and settlements. Clients can now do so leveraging the same network services they already access, so LBX Trade Match is a natural extension of the services we provide today. Our broker-dealer network partners have also been extremely receptive, as they too are looking for more technically advanced, cost-efficient ways to settle trades with their clients.”

LBX Trade Match, similarly to LiquidityBook’s other products, is part of a single codebase which allows unified and customisable trade matching as part of the overall workflow.

The new product is currently live with a $100 billion hedge fund for its international business.

In addition, LiquidityBook has begun to roll out the product to a handful of additional clients. 

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Sayant Chatterjee has been appointed chief operating officer at LiquidityBook after more than seven years with JonesTrading where he led product development initiatives across the brokerage’s business lines.

At LiquidityBook, Chatterjee will oversee and execute expansion plans with a focus on improving the vendor’s sell-side products and services, based in the New York office.

“Adding Sayant to the team is emblematic of our ongoing commitment to the sell side,” said chief revenue officer at LiquidityBook, Sean Sullivan. “Broker-dealers are looking for more efficient, cost-effective systems in a very competitive space and amid shrinking margins. As such, they require an OMS with the latest in SaaS technology and a transparent, intuitive business model.”

Prior to JonesTrading, Chatterjee worked at trading technology provider Fidessa for almost 13 years in various functions such as implementation, product management and strategy, and expanding the firm’s footprint in Asia.

He is the latest senior hire for LiquidityBook after the company appointed Frank Kost, previously director of business development at Axos Clearing, as head of sell-side business development for the North America region.

Both appointments follow record revenues for LiquidityBook in 2020 amid increased demand for the technology firm’s flagship POEMS (portfolio, order and execution management system) platform. More recently in April, private equity firm Primus Capital took a minority stake in LiquidityBook.

“Whether at a broker-dealer or on the vendor side, I have spent my career learning about the unique needs of and challenges faced by sell-side firms,” Chtterjee commented. “As a long-time client of LiquidityBook, I have a first-hand knowledge of their great operating model, ease of configuration and deployment and ability to keep up with the ever-shifting needs of the broker community.”

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Trading platform provider LiquidityBook has hired a former ITG executive to oversee its business development of its proprietary LBX Connect FIX network.

Stephanie Minister joins LiquidityBook as managing director of connectivity services, where she will lead a newly created arm of the firm’s corporate structure. 

Minister will also be responsible for communication with global exchanges, network providers and institutional brokers, as well as future development of LBX Connect FIX-related products and services.

She joins LiquidityBook from ITG, now Virtu Financial following its acquisition in 2019, where she worked for 15 years most recently as a project manager for global trading integration.

“I am thrilled to move to the other side of the aisle and help buy- and sell-side firms access the markets with the help of cutting-edge tech, robust functionality and superior client support. LiquidityBook is a leader in each of these areas,” said Minister.

LiquidityBook’s LBX Connect FIX network allows connects users with 250 routing destinations and 80 markets. The firm said the service has grown 30% in 2020 due to heightened demand for its cloud-based order management system (OMS). 

“A large and growing number of firms on both sides of the Street are becoming aware of the pervasive influence of the opaque FIX connectivity fees charged by some OMS and EMS vendors and the impact they can have on a manager’s regulatory risk profile and ability to generate alpha,” said Sean Sullivan, chief revenue officer at LiquidityBook. 

“Stephanie brings an unmatched level of respect in the FIX community, and will be crucial in our ongoing effort to scale this part of our business. We could not be more excited to have her aboard.” 

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New York-based platform provider LiquidityBook has established a new office in London as it looks to serve its growing client base in Europe ahead of MiFID II.

The new office - based in Holborn - will support its expansion into the region after on-boarding eight fund manger clients in London since July this year.

It will be run by Nicholas Thompson, EMEA client services manager, who joined the firm in June from Eze Software. 

Demand for LiquidityBook’s portfolio, order and execution management system (POEMS) has grown this year as firms look to meet MiFID II requirements, due to come into effect in January.

Chief revenue officer, Sean Sullivan, commented: “MiFID II obviously represents a generational change for the European securities industry, and has proved to be a significant tailwind for our business in the region.”

He added the LiquidityBook platform provides fund managers with various benefits in terms of cost, ease of management and reliability, and he expects the growth seen in 2017 to continue into next year.

Founded in 2005, LiquidityBook offers buy- and sell-side trading solutions including its POEMS platform alongside FIX network connectivity and pre- and post-trade processing.

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