Davidge Debuts DOT/PC Order Routing For NYSE Members

Davidge Data Systems Corp. of New York has introduced IBM PC-based software allowing NYSE member firms to interface with the exchange's Designated Order Turnaround system, which routes limit and market orders of up to 2,099 shares to the specialist's post where the securities are traded.

The new Davidge DOT product is designed to replace software that runs on a Hewlett-Packard 85 desktop computer. During the last four years, Davidge has installed DOT interface systems for 30 NYSE member firms.

The DOT/PC system is available in two configurations, both requiring leased lines. One uses a single 1200 bits/second line while the other uses two lines, one for sending at 4800 bits/second and the other for receiving at 1200 bits/second.

Both versions allow brokers to transmit portfolio orders. The 1200 bits/second circuit can handle 30 orders a minute while the 4800 bits/second circuit accommodates 300 orders a minute.

Unlike the H-P system, the PC-based product maintains a database of orders electronically transmitted to DOT. When execution reports are received from the NYSE, they are automatically matched to orders by customer code. This allows computer-to-computer data transmission between brokers and their clearing firms.

The PC-based product features a formatted screen for data entry. On lines where there is a multiple choice such as buy or sell, entries are validated for accuracy before being transmitted to the NYSE.

The DOT/PC software can be purchased with a limit minder to monitor market orders using the Commodity Quotations, Inc. "Comstock" feed and Quote Tracker, another Davidge product. Quote Tracker provides programmers with C language functions to develop interfaces with real-time broadcast data feeds.

Depending on which options are selected, the price of the DOT/PC software ranges from $6,500 to $19,500. This compares with $4,250 for the HP package.