EESAT signs Bank of America Merrill Lynch
EESAT, a Chicago-based financial technology startup, has won an important endorsement. In late June the firm announced that Bank of America Merrill Lynch had signed on as a customer, the latest and largest broker to use its technology solution for executing options trades that involve multiple contracts.
Michael Barry, EESAT’s chief executive officer, said the broker’s decision to offer EESAT’s OptEx technology solution reflects the growing need for firms to provide traders with access to enhanced tools for electronic trading of spreads and other complex orders. EESAT estimates that nearly 40% of exchange order flow is now in complex orders rather than in a single instrument. In addition, several U.S. options exchanges have created electronic order books for complex orders, creating a need for a system that can process data from multiple exchanges in real-time.
EESAT says it is the only independent company that offers a single normalized data feed for the seven complex order books now available among U.S. exchanges. Its interface allows the user to view multiple strategies simultaneously, incorporating Greeks and NBBO tracking.
“OptEx delivers real-time trading opportunities and the unique ability for users to react and respond to achieve high quality execution,” said Barry, who was president of MEB Options before starting EESAT.
