Portware has unveiled a new cloud-based version of its flagship trade order management and execution platform that allows firms to access trading products with minimal IT infrastructure and cost.

"[PortwarePro] now allows firms to tap into the same multi-asset class platform that previously empowered only the largest global trading firms," says the firm in a statement.

Portware offers connectivity to 450 trading venues; real-time data and analytics, pre and post-trade cost analysis, linkage to order management systems and algorithmic trading technology. The platform is aimed at any size institutional asset manager and hedge fund as well as brokers who don't need much customization and want to reduce the total cost of owning a trading platform. Because PortwarePro is operated off-site on the cloud, users can be up and running quickly with minimal initial and ongoing expense. Trading venues include exchanges, multilateral trading facilities and broker-run networks.

The new service comes at a time when firms are under pressure to improve their execution but don't necessarily want to address the extensive development costs of running applications on their own. Cloud-based technology is seen as a viable alternative despite some reservations about its security.

"We are seeing increased demand for cloud-based solution that bridge the gap between the sophistication of locally deployed trading systems and the convenience of trading applications," explains Sang Lee, managing director of Boston-based research firm Aite Group in the statement issued by Portware, whose flagship Enterprise platform has 130 users.

Portware says there is "zero start-up time" to technologically implement PortwarePro but it may take firms one to eight days to get agreements in place to make connections with brokers and trading venues.

Written by Chris Kentouris, Editor-in-chief (Chris can be contacted through chris.kentouris@hotmail.com).

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