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Proquote announced today that year-on-year trading on Proquote more than doubled in May. During the month, 396,319 trades were executed via the Proquote RSP gateway, an increase of 116% on May 2009, with a total value traded of £3.0 billion, a year on year increase of 239 %. The number of trade reports submitted by brokers to the London Stock Exchange via Proquote’s Vendor Access Network (VAN) has also significantly increased compared with 2009.
A number of new RSPs have recently joined the Proquote RSP Gateway, further cementing Proquote’s position as one of the UK’s largest retail execution hubs, with the network now connecting 28 Retail Service Providers (RSPs) to over 135 brokers. The new RSPs, which include Arden Partners, BMO Capital Markets, DB Xtrackers, Fairfax, Novum and Westhouse Securities. join the Gateway alongside an established list of prominent market makers who already provide RSP services to Proquote customers.
David Lester, Director of Information Services at London Stock Exchange Group, said:
“These record volumes underline a significant growth in trade flow from Proquote’s clients, and in particular the largest retail stockbrokers in the UK who have now established electronic trading links to the Proquote FIX Gateway.
“Increasing the number of Retail Service Providers also offers greater value to our trading clients. By providing direct access to a wider range of prices and execution venues, in conjunction with Proquote’s highly automated best execution engine, we are able to ensure our clients receive the best possible service. I am sure these new RSPs will contribute to the expansion of a market which has grown considerably during the past 12 months.”
Proquote also announced today that it has won the title of “Best Information Display System” at this year’s Systems in the City Awards. Proquote beat competition from major vendors to retain the title it took in 2009 and 2008.
Commenting on the award, David Lester, said:
“I am absolutely delighted that Proquote have achieved their hat-trick, winning this award for the third year in a row. This award is particularly special because it is voted for by our customers, who clearly recognise the high-quality of our information display system and the service they receive from Proquote’s dedicated staff.”
