Fidessa extends coverage to include Hong Kong equities on Instinet CBX ASIA
Hong Kong - 23rd March 2009 - Fidessa group plc (LSE: FDSA), provider of award-winning trading, market data and global connectivity solutions for the buy-side and sell-side, has announced the extension of its CBX ASIA connectivity agreement with Instinet to include Hong Kong equities. As a result, Fidessa's institutional client base can now seamlessly execute trades through CBX ASIA for both Japanese and Hong Kong stocks.
Simon McDowell, Managing Director of Global Connectivity at Fidessa, comments: "The addition of Hong Kong stocks on CBX ASIA offers a number of benefits to our customers on the network and is a key move in achieving maximum coverage of the region. It remains our strategy, both in Asia and globally, to offer the widest possible choice of trading venues. The strong partnerships we already have with the key venues in other locations mean that we are well-placed to offer connectivity quickly as they enter the Asia Pacific region. Our focus remains on expanding the network and ensuring that it is poised to adapt to the changes in the market as they occur going forwards."
"Given the current market environment, clients are more focused than ever on execution quality, making alternative liquidity pools like CBX ASIA increasingly popular. We are pleased to extend CBX ASIA for Hong Kong equities to Fidessa's global client base who are already trading CBX ASIA for Japanese equities", added Christian Chan, Head of Electronic Trading for Instinet in Asia.
Launched in Asia in 2001, first in Japan under Instinet's Japanese PTS (Proprietary Trading System) License, CBX ASIA is a real-time, low-latency central limit order book with traditional price/time priority and rich order functionality for the trading of Japanese and Hong Kong equities. It allows investors to trade in size and anonymously with natural counterparties and without exposing orders to pricing pressure from the public markets. Unlike Instinet CBX in the US, which is based on the same technology and is the market's second largest independent dark pool, CBX ASIA is a displayed platform whose market data is available to clients, as fully-hidden orders are prohibited under securities laws in certain Asian jurisdictions.
NOTE: CBX ASIA is the brand name for Instinet's CBX platform in Asia and is not licensed or regulated in any market as a pan-Asian platform. Instinet's CBX offerings in each market are regulated under the relevant rules and regulations governing each jurisdiction.
Instinet is an electronic trading pioneer, having established the world's first significant electronic trading venue in 1969, one of the first recognized U.S. ECNs in 1997 and the first pan-European MTF in 2007. Through its subsidiaries and affiliates, Instinet operates two distinct business lines: a global network of agency-only brokers that seek to help institutions lower overall trading costs and improve investment performance through the use of innovative electronic trading products, including smart-routing, algorithms, DMA, dark pools and EMS platforms, and also provide sales trading, commission management services and independent research; and the Chi-X® trading systems, which aim to improve the efficiency of capital markets globally by providing high-performance, low-cost alternative execution venues. Instinet is a wholly-owned subsidiary of Nomura Holdings, Inc.
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