Not referring to the mega hedge funds who have their own clearing house. I'm referring to the thousands of smaller hedge funds
Man, Goldman, Merril UBS, Citi group etc all the big name houses as most of these with the exception of Man also clear the business so they strike a combined rate often paying zero commis for the execution (in futures anyway) or an agreed flat rate a month like Blue Scope do
Oh. I thought the smaller funds use Trading Technologies or IB. I thought TT's X_Trader was the industry standard? HSBC uses it - http://www.finextra.com/fullstory.asp?id=15475
What are you calling smaller and why is it important? When I was a broker everyone used a phone monkey but you are right some firm now prefer to go direct though most are happy to pay tiny comms to remove execution risk and get money spent on them by their brokers it is still a people business.
Are TT and IB popular among the smaller hedge funds for order execution? Esp. those using automated trading systems