Fidessa goes live as primary trading platform for Jefferies in the UK
LONDON, 31 October 2005 - royalblue (LSE:RYB), provider of Fidessa, today announced that Jefferies International Limited, the UK subsidiary of Jefferies Group, Inc., the global parent company of various investment banking, asset management and institutional securities firms around the globe, has gone live with Fidessa Hosted platform as its primary equity trading system for the London and main European markets. Fidessa is also Jefferies' primary real-time market data provider in the UK.
Fidessa replaced SunGard's BRASS at Jefferies International Limited and now serves 18 users split between its London, Paris and New York offices.
As an agency and principal broker, Jefferies uses Fidessa for member trading and market making on the London Stock Exchange. Through Fidessa's global connectivity network, Jefferies has electronic trading links to all main European markets. In addition Fidessa handles institutional inbound electronic order flow for the sales traders in London.
The Fidessa platform enables Jefferies to trade on a principal basis in ADRs (US, Canadian and Australian) and be a Retail Service Provider (RSP) for LSE stocks. Fidessa is connected electronically to the Jefferies International internal order routing system, allowing for real-time STP processing of the trades. The whole implementation was achieved in a record time: four months from decision to live.
Franck Sidon, chief information officer at Jefferies International Limited, comments: "Jefferies' equity business is multi-faceted and ranges from electronic trading to market making and agency broking. With Fidessa we managed to get a single platform to handle all our listed trading business."
Jefferies is a market maker for 300 London stocks. Sidon adds: "Fidessa has the robust and proven architecture necessary to manage an increasing volume of trades as our London business grows."
Simon Barnby, head of strategy for Fidessa, says: "One more blue chip converts to Fidessa proving our platform is the product of choice in the City. We are excited to be working with Jefferies and look forward to building on our partnership."
The Fidessa product suite provides integrated trading, market data and connectivity solutions to around 8,000 users at over 150 institutions around the globe.