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Société Générale goes live with Fidessa’s Smart Order Routing capabilities for best execution
London, 23 June 2008 - Fidessa group plc (LSE: FDSA), provider of the Fidessa and Fidessa LatentZero trading, market data and global connectivity solutions, has today announced that Société Générale Corporate & Investment Banking (SG CIB) has successfully gone live with Fidessa’s Smart Order Routing (SOR) service to provide best execution for its clients across the European markets.
Richard Hills, Global Head of Electronic Services at SG CIB, comments: “The European equities marketplace is becoming more fragmented by the month and the need for consolidation technology is now critical. The complexity of trading in this environment means a greater reliance on low latency, highly reliable technology capable of sweeping all external and internal liquidity. We have used Fidessa’s smart routing in the US marketplace for several years and we moved to the European smart routing component because of Fidessa’s expertise at building complex infrastructure in this area.”
A Fidessa hosted enterprise client since 2004, SG CIB is using Fidessa’s SOR capabilities to automatically and intelligently split orders across multiple venues giving its traders a consolidated virtual market view. Fidessa’s SOR enables SG CIB to access liquidity displayed in both traditional exchanges and MTFs. Through Fidessa, SG CIB now connects to 15 European exchanges and to Chi-X Europe and will soon extend its connectivity to Turquoise, and to its own internalised liquidity.
Richard adds: “The smart router complements our quantitative trading expertise by allowing our traders and algorithms to sweep the markets and deliver superior price performance to our clients regardless of whether their orders originate from Sales Trading, Program Trading or Electronic Trading. It has also allowed us to de-couple the smart routing component from our algorithms so that we can concentrate on tailoring strategies to meet our clients’ requirements.”
Fidessa’s SOR has been made available to all of SG CIB’s clients in Europe, North America and Asia for Single Order, Programs, Risk, DMA and Algorithmic trading channels. This adds to the existing Fidessa SOR capability for trading in the US markets.
Ian Salmon, Head of Liquidity Solutions at Fidessa comments: “The emergence of new execution venues and the subsequent fragmentation of liquidity is now a global reality. We have proven expertise in delivering SOR to the US and we have now integrated this functionality into our European infrastructure. We are excited about extending our partnership with SG CIB which is a testament to Fidessa’s ability to address the more complex needs of the European brokers.”
Fidessa’s SOR is an integral part of the company’s recently announced Intelligent Liquidity Strategy that aims to provide both the sell- and the buy-side with complete access to liquidity. In addition to SOR capabilities, Fidessa’s multi-asset OMS comes with a complete suite of tools to enable intelligent trading in the post-MiFID landscape including: DMA, advanced algorithmic trading tools, best execution and data compliance, as well as direct connectivity through to pools of global liquidity.
The Fidessa product suite provides integrated trading, market data and connectivity solutions to over 22,000 users at around 520 clients around the world, and serves over 85% of global, tier-one equity brokers. The Fidessa network provides connectivity to around 1,500 buy-side institutions, 255 brokers and 92 exchanges globally.
Equity Trading at Société Générale Corporate & Investment Banking (SG CIB)
Société Générale’s global equity trading platform covers in excess of 60 markets worldwide. Through our network of direct access and market membership SG CIB offers a seamless international execution service backed by innovative algorithms to minimise market impact.
Providing leading market share liquidity across the globe, SG CIB has ranked 1st on Euronext for the seventh consecutive year in 2007 with an 8.5% share of the market. In addition, SG CIB also holds leading positions on other European markets such as Switzerland (3rd), Spain (3rd), Germany (6th), Italy (6th), NordicEx (8th) and the UK (9th), together with impressive market share figures in the US (5%), Japan (8%) and Hong Kong (5%), amongst others.
Clients can access the skills and knowledge of over 100 dedicated front office professionals in six of the major financial centres around the globe who can offer the following services: Sales Trading & Capital Commitment, Program Trading, DMA/DSA, ETFs.
About Fidessa group
Fidessa group is the leading supplier of multi-asset trading, portfolio analysis, decision support, compliance, market data and connectivity solutions for firms involved in trading the world’s financial markets. Fidessa’s products and services are built on the simple vision of making it easier to buy, sell and own financial assets of all types on a global basis.
Pedigree
A dynamic, growing company with a proven track record, Fidessa is recognised as the thought leader in the marketplace, with an unrivalled set of products and services which set the benchmark for this industry and, uniquely, serve both the buy-side and sell-side communities globally.
Experience
With 28 years' experience delivering powerful, resilient, mission-critical systems, Fidessa develops all its products itself from the ground up, investing heavily in their continual evolution. The resulting leading-edge, truly integrated solutions have established Fidessa as the industry’s number one choice, and are used by over 85% of tier-one, global financial institutions.
Scale
Headquartered in London and with regional operations across Europe, North America, Asia, and the Middle East, Fidessa supports over 24,000 users across 730 clients, serving a broad spectrum of customers from major investment banks and asset managers through to specialist niche brokers and hedge funds.
Established
Fidessa group is listed on the London Stock Exchange (symbol FDSA) and is a FTSE 250 company. Fidessa has a turnover of around £200m, has delivered 30% compound growth since its 1997 listing and now employs 1,400 people globally.
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