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6th July, 2004
Fidessa to provide multi-broker order routing
for the buy side
royalblue (LSE: RYB) today announced
the launch of a new multi-broker, order routing
service targeted at the buy-side as part of its
award-winning Fidessa product
suite.
Available through the Fidessa
Workstation platform, the service gives fund managers,
asset managers and hedge fund managers direct
access to brokers available on the Fidessa
global connectivity network.
The new service supports single order entry for
European equities to direct market access (DMA)
brokers, agency brokers and algorithmic trading
services. Asian and US equities and basket trading
support will be available shortly.
The Fidessa Workstation already
provides electronic exchange trading for sell-side
member firms and can now facilitate non-member
trading directly on these exchanges through Fidessa's
network of local DMA brokers.
Simon Barnby, business development manager for
Fidessa commented “The
buy-side is crying out for a range of sophisticated
execution tools that have been common place in
the sell-side for years. Users don’t want
a tied, single broker solution. With Fidessa's
unrivalled sell-side client base available on
our global network, we are ideally placed to provide
consistent order routing to all brokers.”
The Fidessa Workstation provides
a simple and intuitive front-end for this service
incorporating order management, real-time order
status and full audit-trail facilities. Broker
specific handling instructions are a key feature
of the interface, with users only being presented
with fields and options applicable to their chosen
broker. Full Excel and API access to the service
are also available.
“We have exciting plans for the product
going forward,” Barnby adds. “These
include the addition of our existing basket management
and wave trading modules, which are already market
leaders on the sell-side, along with support for
post-trade allocations.”
Fidessa has established itself
with an unrivalled reputation by providing class-leading
equity trading and market-data solutions to blue-chip
sell-side clients for over 10 years. The product
suite is now used by over 100 institutions and
has become the benchmark and product-of-choice
amongst tier-one brokers globally.
The Fidessa network provides
global connectivity to around 120 buy-side institutions,
60 brokers, 22 exchanges and 10 ECNs along with
market data, news and analysis covering 21 markets
across Europe and North America.
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