Portware said it is introducing an online version of its flagship trade management and execution platform for large trading firms, that will allow institutions, asset managers and hedge funds of any size to work from and in the computing cloud.

The new service, to be called Portware Pro, will provide traders with a wide range of algorithmic trading services and as well as allow them to connect to more than 450 trading destinations, including exchanges, electronic communications networks, crossing networks and multilateral trading facilities.

Initiating trading takes “zero startup time,’’ said Ary Khatchikian, Portware president and co-founder.

The biggest hurdle: Getting legal clearances and agreements in place to make connections with brokers and venues. That can take anywhere from one to eight days, he estimated.

“We took technology completely out of the equation,’’ he said. Once clearances are obtained, all customers need to provide are their assigned identifying information, to begin trading.

Once started, the Portware algorithms can be customized, to meet a customer’s needs – either by the customer or by Portware specialists, he said.

Firms will get integrated market data and analytics, as well as ease of setup and maintenance. With cloud services, maintenance and upgrades of functions are handled remotely, by the provider.

“We’re seeing increased demand for cloud-based solutions that bridge the gap between the sophistication of locally deployed trading systems and the convenience of hosted trading applications,” said Sang Lee, managing partner, Aite Group, as part of Portware’s announcement.

The Portware Pro services also includes pre- and post-trade transaction cost analysis, real-time benchmarking and a toolkit that helps users improve trading strategies and order routing decisions, as they gain experience.

Portware Pro users can trade in equities, options, futures and foreign exchange. Its flagship product, Portware Enterprise, has been installed by more than 130 financial firms around the world.

Tom Steinert-Threlkeld writes for Securities Technology Monitor.

Tom Steinert-Threlkeld is editorial director of the Money Management Group at SourceMedia. He oversees the Web and print operations of Money Management Executive, Mandate Pipeline, and Securities Technology Monitor. He also advises the Web operations of FInancial Planning, On Wall Street and Bank Investment Consultant. He was vice president of the Enterprise Group of Ziff Davis Media, where he founded Baseline magazine and was editor of Interactive Week. He also has extensive background in metropolitan daily news at The Dallas Morning News and the Fort Worth Star-Telegram in Texas. More recently, he served as editorial director of Broadcasting and Cable as well as Multichannel News magazines for Reed Business Information.