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Omar S. Amanat is an American businessman and entrepeneur who founded Tradescape, a brokerage and technology firm that processed 7% of NASDAQ's daily trading volume, was named one of the "Top 100 Companies in the United States" by Red Herring magazine and was later acquired by E*Trade for total consideration worth $280 million.

Sub-Zero Trading Costs

In 2001, Tradescape became the first firm to offer sub-zero trading costs to retail investors on Wall Street.

Peer reviewed academic articles on the subject include one presented to the Federal Reserve Board . by Penn State Professor and Nasdaq Economic Committee Advisory Chair Ian Domowitz who wrote as follows:

"The rise of computerized market structure raises a variety of issues with respect to the industrial organization of the trading services industry. Low costs of direct trading through electronic markets, for example, may be an argument for the elimination of brokerage services," says Domowitz. "The potential for liquidity and cost management through facilities provided by electronic market design suggests a changing role for the exchange as intermediary. The combination of these perspectives blurs the line between brokerage and exchange services."

Domowitz offers an example to help illustrate reintermediation in the presence of electronic execution venues: Tradescape's technology consists of two primary pieces. SORT™ produces an analysis of alternative markets based on speed, cost, last sale, dealer activity, liquidity, and posted quotes. The investor may allow the algorithm to automatically determine the point of order execution, or may select relevant variables for the analysis of any particular order. The second piece is called ECP, short for electronic communications portal. The ECP offers a single point of access to multiple liquidity sources.

"Such new firms provide direct connectivity for execution of trades, electronic and otherwise. They are a form of network adapter, providing aggregate market information from diverse sources on a single screen. Since they have the capability of linking the trader to multiple order books, there is the potential of providing enhanced liquidity management services and lower costs," says Domowitz .

September 11th, 2001

Tradescape's largest branch office was destroyed in the World Trade Center on September 11th, 2001

Films

He has also produced several films including two with Ebay Founding President Jeff Skoll's Participant Productions, the Academy Award nominated "The Visitor" and the George Clooney documentary "Darfur Now."

References

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