CastleOak Securities upgrades its trading technology to Fidessa
New York, February 17th, 2010 -- Fidessa group plc (LSE:FDSA), provider of award-winning trading solutions for the buy-side and sell-side, today announced that CastleOak Securities, the New York based boutique investment bank, has successfully gone live with its hosted trading platform in the US. The minority-owned agency broker is also using Fidessa's advanced trading tools for basket trading and BlueBox for algorithmic trading.
The Fidessa trading platform delivers seamless straight-through processing from order inception to trade confirmation and can be dynamically scaled to meet the needs of customers on a case-by-case basis. For algorithmic trading, Fidessa BlueBox offers CastleOak Securities both a suite of industry-acknowledged models and a comprehensive framework to design and deploy proprietary algorithms.
Marlon Weems, Managing Director of Equity Sales and Trading at CastleOak Securities said: "Implementing the Fidessa system marks a significant step forward for CastleOak Securities. Fidessa's reputation for rich functionality and a vast buy-side network is well known, and its trading platform allows us to bring that level of technology and technical support into CastleOak at a competitive price. We were particularly impressed by Fidessa's algorithms, which have proven to be on a par with those from brokers. This means that we can use our trading expertise to interact with the Fidessa technology to enrich the algorithms ourselves, which constitutes a real advantage."
Mr. Weems adds: "Fidessa's streamlined system cuts down the manual processes involved with the execution, allocation and clearing of trades, as well as providing rigorous compliance and risk management capabilities. This allows our traders to focus on the core aspects of their role and this error-free electronic approach is also great news for our clients."
David Polen, SVP hosted product marketing at Fidessa, added: "Fidessa is focused on providing a comprehensive multi-asset and global trading platform that allows brokers to grow their business horizontally and vertically at a reasonable price. At the back-end, we ensure that our clients have the best compliance and seamless clearing and settlement. This is coupled with our in-depth market knowledge developed through our global experience of running trading platforms of all sizes and configurations. This combination is what makes the Fidessa trading platform such a compelling business proposition."
Fidessa's hosted solution comprises specialist trading platforms developed for the US, Canadian, European, Japanese and Asian markets, including electronic order management, smart order routing, real-time market data, middle office capabilities, position keeping, risk management and compliance in a single system. Advanced trading tools are fully integrated with the OMS including: PAIRS and program trading and Fidessa BlueBox for algorithmic trading. The integration of such rich functionality enables ticketless transactions and significantly improves trading workflow and cost efficiencies.
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 network provides connectivity to 2,400 buy-sides and 530 brokers across 130 markets globally.
About CastleOak Securities, L.P.
CastleOak Securities, L.P. is a leading boutique investment bank with an extensive suite of financial services including equity sales and trading, fixed income sales and trading, and financial advisory services. The firm offers clients expertise in primary and secondary market transactions, advice on mergers, acquisitions, divestitures, valuations and general strategic assessments. Based in New York, with regional offices in Chicago and Atlanta, CastleOak is managed by a team of seasoned investment bankers who provide innovative, client-driven solutions that leverage their extensive professional experience, strong institutional relationships and keen market insight.PDF (0.06 MB)