Fidessa enhances Canadian trading platform to further support growing electronic desks
Extensive updates address broad spectrum of client needs and regulatory requirements
Toronto, June 9, 2011 - Fidessa group plc (LSE: FDSA), provider of high-performance trading, investment management and information solutions for the world's financial community, has today announced the latest release of its Canadian sell-side trading platform. Wide-ranging new features to support electronic desks include enhanced Smart Order Routing (SOR), additional FX capabilities, updated algorithmic functionality and, on the compliance front, automated Order Audit Trail System (OATS) reporting.
Smart Order Routing
The new features were added to enable clients to stay ahead of the evolving Canadian trading marketplace and continue to anticipate and navigate the fragmented liquidity landscape. The Fidessa SOR now includes low latency point-to-point FIX gateways for use with the TSX and alternative trading venues to further reduce latency and provide faster market access. These changes have allowed many Fidessa clients to achieve a 99 percent hit rate on displayed liquidity.
Other key changes to the platform include enhanced FX capabilities, which enable users to auto-hedge FX exposures in real time as well as a global order FX algorithm, to automatically convert orders in foreign currencies and symbols to Canadian prices and symbols. Additionally, a cross border algorithm for Canadian securities that are interlisted in the US facilitates better opportunities for arbitrage across different currencies. These new features provide traders with greater precision and better control across multi-asset, multi-regional trading strategies.
DMA & White Labelling
Direct access from the buy-side to Fidessa's advanced BlueBox algorithmic engine and third-party receiving broker algorithms are also standard features of the platform. Armed with these new capabilities, Fidessa users can ‘white label’ third-party strategies to function as a one-stop-shop for their own customers.
Developments to the trading platform also anticipate important changes to OATS regulations, due to be implemented in October. These regulations will significantly increase broker reporting requirements as the rules are extended to include all non-NASDAQ NMS stocks (NASDAQ stocks are already included). Fidessa's Canadian trading platform now provides automated compliance and OATS reporting capabilities for Canadian clients with US regulatory obligations who are currently required to provide OATS reports to FINRA. This new capability automates what is typically a manual process in Canada.
Martin Hakker, managing director, Fidessa Canada corporation, says: "We are continually looking at ways to improve our Canadian trading platform to keep our clients ahead of the market. This is the latest stage in the evolution of our product and we have worked closely with our customers, regulators and other market participants to ensure it pre-empts the demands placed on our customers and serves them well in this continually changing and challenging marketplace.
Fidessa's Canadian trading platform provides connectivity to all Canadian trading venues, including ATSs and dark pools, and to buy-side and sell-side clients as well as to back-office systems. It offers proven cost-effective capabilities for trade, order and position management, including advanced trading tools that are fully integrated within the platform. Many customers have replaced multiple systems with the functionally-rich Fidessa platform, reducing their overall cost of ownership, and allowing them to consolidate their technology platforms and achieve greater efficiency across different asset classes and geographies.PDF (0.03 MB)