Partnership with NCB Capital strengthens Fidessa's MENA operations
Fidessa steps into the retail spotlight as Saudi Arabia's largest investment company adopts its sell-side trading platform
Kingdom of Saudi Arabia, 12th July 2010 - Fidessa group plc (LSE:FDSA) provider of award-winning trading systems, market data and global connectivity to buy-sides and sell-sides globally, today announced that NCB Capital (NCBC), the Saudi Arabian investment company and asset manager, has selected Fidessa's sell-side trading platform to support its retail and institutional client operations on the Saudi stock market, as well as its global trading activities.
This move underpins Fidessa's commitment to the Middle East and, with more than one million retail customers, NCBC represents Fidessa's largest client in the region.
Rajiv Shah, Director of Enterprise Services for Fidessa in EMEA, states: 'We are delighted to expand our footprint in the region with such a leading player and pioneer in the financial markets. The structure of the MENA markets, with their vast array of high net worth, retail and institutional investors, demands a powerful and adaptable core technology architecture. Our flexible and high performance platform provides a sophisticated and robust solution that can seamlessly integrate all of NCBC's trading operations and so provide a best-of-breed service to both their retail and institutional clients."
The agreement incorporates Fidessa's world-class order management and exchange trading infrastructure as well as its global connectivity network across which NCBC will route its international order flow. Fidessa will now support NCBC's existing member trading requirements on local MENA markets as well as allowing them to trade global markets through the 530 brokers that are already a part of the Fidessa network community.
Fidessa's products serve 25,000 users across 850 clients around the world and are used by more than 85 per cent of tier-one financial institutions. Fidessa's connectivity network is one of the world's largest and most diverse trading communities, linking more than 2,400 buy-side institutions to more than 530 brokers across EMEA, Asia Pacific and the Americas. In 2009, Fidessa's network increased its traffic by 40 per cent and now carries executed order flow of around $640 billion each month.
About NCB Capital
NCB Capital is the investment banking arm of National Commercial Bank, the largest bank in Saudi Arabia. Since its launch in 2007, the firm has grown a strong reputation as a leading provider of high quality services to individual, corporate and institutional clients, through wealth & asset management, brokerage and investment banking businesses.
It is the largest investment bank in Saudi Arabia with over one million clients and SR54 billion ($14.4 billion) of assets under management and the Kingdom's largest Shariah-compliant fund business with a 38 percent market share through 26 mutual funds (as of June 2010). As a result, NCB Capital is the world's largest Shariah-compliant asset manager.PDF (0.02 MB)