The system intends to allow clients to be able to send exchange orders directly to the LSE, NYSE, Nasdaq and European exchanges, and obtain real time market prices, by interacting with order books via a single electronic interface.
Direct Market Access will also aim to ensure that users are adhering to new EU rules on pre-trade transparency, which call for market applicants to report prices that reflect their buying and selling limits.
Maneesh Jain, Director, Equities Electronic Broking at Dresdner Kleinwort Wasserstein (DrKW), anticipates that the move will offer customers more choice and flexibility: UK retail customers will be able to access global exchange order books easily and cost effectively. For stockbrokers it removes the complexity of dealing with a central counterparty and having to put up margin.
Direct Market Access forms part of Revolution, DrKW’s gateway to a complete range of electronic products and services for clients.
