Hi all, I am starting a hedge fund startup in the UK but have less experience on the order management side so I'd like advice from software engineers and traders. Here is the situation: - need to trade $50million in US cash equities at Market on Close only, 500 trades per day from stocks in the Russell 1000, with low portfolio turnover (holding period is weeks to months) - the strategy is 100% systematic so we would automate daily processes as much as possible, but we expect a manual human check and dealing with corporation actions as part of the daily process. - preferred broker is Interactive Brokers, but this may or may not be the best choice so comments are welcome - low budget: less than £100k per year for all of the order management (including software and wages for any developer or trader if needed), and aiming for a small fraction of that. What software would you use for this? How many people would you expect to do this? Again this question is purely about trading and order management processes, not the system that spits out the daily stock quantities required. Here is a possible scenario that fits the budget: 2 people working full time, with one software engineer managing the API calls (writing in house software) to Interactive Brokers for the 500 daily trades and another split between coding and daily manual processes, including dealing with corporate actions. I am not sure if Interactive Brokers Trade Workstation is meant for this use case. Bloomberg EMSX looks like the sort of thing that would handle this easily, but I am guessing too expensive and advanced.