ID's RFQ-hub joins Fidessa's Global Connectivity Network
London, 8th February 2010 - Fidessa group plc (LSE:FDSA), provider of the award-winning trading, portfolio management, compliance and global connectivity solutions for the buy-side and sell-side, today announced that ID's RFQ-hub, the bilateral multi-dealer platform for listed and OTC Derivatives for fund managers, has joined its global connectivity network.
RFQ-hub's clients can now interact with their universe of derivatives brokers across Fidessa's global FIX network. RFQ-hub's platform enables its clients to obtain and select competing quotes and complete the transaction with their investment bank counterpart. By routing derivative RFQs and orders via FIX messaging fund management firms can trade in a more secure, lower risk environment.
David Sagnier, CEO of RFQ-hub, said: "We are very excited about this development. Connecting to Fidessa's global FIX network removes one major manual step in the derivatives trading process. It's a key step for RFQ-hub and its clients along the road to better standards and market practice in derivatives trading."
Simon McDowell, Managing Director - Connectivity at Fidessa, added: "We're very pleased to be working with RFQ-hub. It's a testament to the benefits of an asset-agnostic platform such as Fidessa that an initiative which helps remove inefficiencies in the buy-side workflow for derivatives trading can be made available across our global community."
Fidessa's connectivity network links more than 2,300 buy-side institutions to more than 400 brokers and 120 markets around the world, providing a single solution for best execution services across multiple asset classes. In the first half of 2009, Fidessa's global connectivity network has continued to increase its traffic by more than 20 per cent and now carries flow with a value of $600 billion a month.
Fidessa group serves around 24,000 users across more than 730 clients around the world and are used by more than 85 per cent of tier-one financial institutions.
RFQ-hub is the recently launched bi-lateral request-for-quote (RFQ) and electronic trading platform for listed and OTC derivatives for fund managers and their investment bank counterparts. It covers global markets for equity derivatives, convertibles, ETFs and Credit Default Swaps (CDS). RFQ-hub automates the often manual RFQ process by enabling firms to send RFQs and receive competing, tradable quotes electronically from interface or a client's own systems. Using RFQ-hub reduces the amount of time spent by dealers on quotes and minimises errors by automating the process. Once executed by the counter-party, the trade record can then be sent electronically to downstream systems via RFQ-hub's API or now via FIX messaging.
RFQ-hub will help prepare the way for increasing regulation in the derivatives markets. It especially helps buy-side dealers, traders and fund managers with pre-trade transparency and price discovery. All interactions are recorded for later review helping, amongst other things, with trade compliance and demonstrating best execution.PDF (0.06 MB)