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Fidessa Unveils Liquidity-Access Strategy
London-based technology provider Fidessa Group has introduced an initiative it says will allow buy- and sell-side firms to better manage order flow and access liquidity in a European market that is becoming increasingly fragmented under the Markets in Financial Instruments Directive (MiFID).
Fidessa said the offering, dubbed Intelligent Liquidity Access, will leverage Fidessa’s community of buy- and sell-side firms--more than 520 worldwide, with over 22,000 screens. As part of the initiative, Fidessa has announced connectivity partnerships with London-based trade reporting platform Markit Boat, recently launched Nyfix Euro Millennium, Borse Berlin’s Equiduct Trading and the Turquoise multilateral trading platform, which is slated to begin operations this fall.
Intelligent Liquidity Access “pulls together commercial relationships, existing and new technology and connectivity, going across all the different things we do,” said Steve Grob, director of strategic partnerships at Fidessa. He added that “central to this strategy is a delivery model whereby the cost and technical friction of routing flow through Fidessa to these venues is dramatically reduced. In some cases this can be reduced to zero.”
On the buy side, users of Fidessa LatentZero’s Minerva order and execution management system will gain greater control of the trading process. For sell-side firms, Fidessa says its multi-asset-class trading platform has been upgraded with a complete suite of tools to enable “intelligent trading.” The enhancements encompass direct-market access, advanced trading tools--including BlueBox, Fidessa’s fully integrated algorithmic trading engine--smart-order routing, best execution and data compliance, as well as direct connectivity to liquidity pools across the globe.
“Anticipating market changes under MiFID, we have been working hard to understand the key issues and their impact on our users,” Grob said in a statement issued April 21. “We believe that we can now provide all market participants with an unrivalled choice of liquidity venues supported by a range of discovery tools. We are delighted to welcome new execution venues to our connectivity network, which we expect to benefit from our extensive user base.”
Will Meldrum, managing director of Boat, said in an interview that the agreement will “enable buy-side and sell-side institutions amongst the Fidessa community to connect directly to the Markit Boat platform. This will bring additional volumes of trade reports onto our platform and ultimately consolidate our position as the leading trade reporting venue for” the over-the-counter markets. Boat, which went live in November, when MiFID became effective, was purchased by data and valuation services provider Markit Group in January from its nine bank owners.
Turquoise CEO Eli Lederman said its partnership with Fidessa “opens the door to a community of over 22,000 users who will benefit from access to the liquidity and prices available on Turquoise. In turn, all Turquoise members benefit from the broad Fidessa customer base and the critical mass they help to bring to our platform.”
Fidessa says that orders can be divided among several venues, according to user-set criteria, and can also be placed manually from a consolidated market view. “Key to our offering,” said Ian Salmon, head of liquidity solutions at Fidessa, “is that Fidessa has also developed a range of smart-order management modules that enable the benefits of trading over multiple venues to be realized all the way through to the bottom line.”
Added Richard Hills, global head of electronic services at Société Générale’s corporate and investment banking arm: “Smart-order routing is an essential component to maintaining execution performance in a rapidly fragmenting marketplace. With its extensive experience of this technology in the U.S., Fidessa has seamlessly integrated the functionality into its European infrastructure to provide a highly scalable and reliable solution to this difficult problem.”
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