Options traders that reliant on data-driven trades are often forced to combine disparate sources that do not integrate directly with their trading platforms, creating bottlenecks and inefficiencies, especially when the markets are moving fast. These legacy systems also make it nearly impossible to trade algorithmically. OptionsLive is the fully electronic options trading platform that easily integrates into a traders’ existing workflows. The platform provides traders with real-time information and analytics so they can be certain they are never making trading decisions based on old or stale information. This comprehensive options trading solution is built on OpenFin, the financial markets’ operating system (OS), that’s already found in more than 1,200 desktop applications across 225,000 desktops in over 1,500 buy-side and sell-side firms.
AlleyWatch caught up with David Hoffman shares more on how OptionsLive replaces legacy systems, the company’s future plans, and differentiators.
Tell us about the product or service that OptionsLive offers.
OptionsLive offers a first of its kind platform for trading US-listed options by providing a fully electronic platform that works like an App on your workstation, with no interference in your current workflow. The trading algorithms and streaming data were previously only available to well-capitalized, high-frequency trading shops. The ease of deployment into existing infrastructure means traders can be up and running within just days, even for traders continuing to work remotely.
What inspired the start of OptionsLive?
The OptionsLive platform was specifically designed to address many of the hurdles that we faced when we were traders: Data that was disparate often from multiple sources that could not be combined easily, and trading platforms that had fixed rules for order entry that could not leverage the power of algorithmic trading. Ultimately, traders were making trading decisions with stale information and submitting orders that quickly became off-market compared to an algo which can continuously observe the market and adjust on the fly. Instead, most traders simply get picked off because the legacy systems leave their orders working once the market moves against them, whereas OptionsLive constantly adjusts the orders to keep the same intended value.
How is OptionsLive different?
Most traders need to combine several legacy platforms and their own models to generate the data OptionsLive provides, and few have the resources to build out the direct to exchange trading models that come with the platform. So traders save time and money having the live data and the trading tools in one easy to use application.
What market does OptionsLive target and how big is it?
OptionsLive currently targets traders in the U.S. Futures Exchanges options market, which are used by banks, asset managers, and hedge funds. These options represent nearly 50% of the options traded in the world on any given trading day.
What are the milestones that you plan to achieve within six months?
Now that we’ve officially launched the platform, our goal is a smooth deployment of our platform to initial customers and ensure that the workflows and support we’re providing exceed the resources that they’ve used for options trading up to this point.
What is the one piece of startup advice that you never got?
Never give up on making the customer experience as easy for them as possible, no matter how hard it is for you to deliver something easy!
Never give up on making the customer experience as easy for them as possible, no matter how hard it is for you to deliver something easy!
Putting in lots of time on a startup only pays off if the client both loves the product and can use it easily. Remember clients often have to sell it to their own internal gatekeepers who want products that are low touch and very secure!
Why did you launch in New York?
Being embedded in the options market, it made sense to launch near Wall Street, despite the fact that much of the industry continues to work remotely and our technology can be deployed remotely.
What’s your favorite outdoor dining restaurant in NYC
Any Tao Restaurant does the trick!
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