Fidessa expands dark pool access through LeveL ATS partnership
New York, 10th December 2008 Fidessa group plc (LSE:FDSA), the leading provider of trading systems, market data and global connectivity, today announced its connectivity to LeveL ATS, the independently run US equity dark pool platform created by a consortium of broker-dealers.
This agreement enables clients on Fidessa's global network of over 310 brokers and 1,800 buy-side firms to access LeveL ATS, one of the fastest growing non-displayed pools of liquidity in the US equities markets.
LeveL's innovative dark pool structure maximizes liquidity by offering multi-tiered crossing opportunities to provide best execution while minimizing information leakage and market impact. Driven by low-cost pricing and a low latency, highly stable platform, LeveL has become a leading source for non-displayed liquidity. LeveL has seen a 50 percent increase in volume in both Q2 and Q3 of 2008, with a peak day of 170 million executed shares.
"Our partnership with Fidessa creates a direct link between one of the fast- growing pools of liquidity in the US markets and one of the largest global networks of equity traders," says Stephen R. Miele Jr., Senior Vice President and Head of Sales at LeveL ATS. "This partnership is a significant part of LeveL's strategy to continue to build volume within its system."
Martin Hakker, EVP Marketing at Fidessa says: "As markets evolve and liquidity becomes increasingly fragmented, it is critical for traders to consistently access liquidity where it resides. Fidessa is proud to be at the forefront of providing this access to its clients, and we remain committed to providing them with the broadest selection of liquidity venues on a global basis."
The Fidessa product suite provides integrated multi-asset trading, market data and connectivity solutions to over 22,000 users at around 600 clients around the world, and serves over 85% of global, tier-one equity brokers. The Fidessa network provides connectivity to around 1,800 buy-side institutions, 310 brokers and 100 markets globally.
About LeveL ATS
LeveL is a registered broker dealer and a unique electronic alternative trading system (ATS) created by eBX LLC, a joint venture of five industry leaders. LeveL is a dark book trading platform that provides for multiple crossing opportunities. LeveL's innovative structure maximizes liquidity and provides best execution while minimizing information leakage and market impact.
*Figures are double counted to include all volume traded on LeveL ATS (i.e., both sides of the transaction)PDF (0.07 MB)