Barone, Budge and Dominick (BB&D), a local software development house, has announced its newly developed Tradeworx software program. Tradeworx is a solution for traders that deal on the South African Futures Exchange (SAFEX).
The solution offers a "live-link" to updates on SAFEX, and provides facilities for managing clients` trades and open positions, the company says. RiskWorX, a local financial service company that specialises in financial risk management and treasury issues, provided the development skills to include the calculation formulae for the risk management element within futures and options trading software.
Says Maggie Anderson, independent distributor of Tradeworx: "The solution allows traders to reduce the risks posed to their clients, due to the volatile and changeable nature of the futures market. This is achieved through Tradeworx`s illustration of client positions at any given moment, using the live data feed from SAFEX. Traders can also view charts, what-ifs and `Greeks` - an options sensitivity analysis - as well as the effects of currency changes on the client`s positions. With this solution, traders are able to manage their client portfolios more effectively, reducing the traditional time taken to do so."
Historically, traders have used spreadsheets or bespoke applications to keep track of this important data. The emphasis was always on manual data input, which is both time-consuming and prone to human error. With Tradeworx, live SAFEX data can be automatically downloaded, and not only reduces time and effort, according to the company, but also aims to eliminate the human error element, as data no longer needs to be captured, minimising risk for both client and trader.
Tradeworx is designed to provide traders with increased productivity and peace of mind, derived from the knowledge that the data used to generate money for their clients and their company is 100% accurate and timely.
The user-friendly portal-style interface is a familiar one for users of recent versions of Windows and its attendant software. When logging into Tradeworx via the secure login screen, traders are shown an overview of all open positions, and any open client positions as of that moment, the company says.
Multiple windows aim to provide an overview of each trade and the latest movements for each client. These `windows` can be viewed simultaneously on one screen, enabling the trader to gather information, the company adds.
Another advantage is that the software design allows for optimal viewing for traders with dual screens. Detailed graphs of current positions, as well as overviews, what-ifs and risk parameters can be printed out at the touch of a button; and reviewed at a later time.
The solution also aims to allow for multiple SAFEX identification with a view of the combined position. In addition, Tradeworx is designed to provide a hierarchical view of the risk that the company is running due to the combined position of their own and their clients` total exposures. This is a necessary part of determining risk for financial institutions and their clients and aims to provide the ability to monitor the performance and integrity of all traders in the company.
Tradeworx runs on Microsoft Windows, using Microsoft`s Access database engine. It also features a vital benefit for traders and clients alike, as the history of client`s closing positions is retained in the database, allowing historical reports to be generated and analysed, BB&D concludes.
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