Thu, 08/11/2007 - 07:36
Fidessa, a supplier of multi-asset trading systems, market data and global connectivity solutions, has announced its connectivity to the ASP network of BIt Systems, the IT business of Gruppo Borsa Italiana. This expanding marketplace is focused on the development of new and advanced technologies aimed at improving market access and financial services.
This extends Fidessa's existing connectivity to the Italian financial community by linking together the networks of buy-side and sell-side firms that both Fidessa and BIt Systems have in place. Brokers and buy-sides on the ASP network run by BIt Systems can now connect to the 230 brokers and 1,300 buy-sides available on the Fidessa network, and vice versa.
Claudio Modenesi, head of ASP services for BIt Systems says: 'The connection of our networks provides customers of BIt Systems and Fidessa with more trading destinations and sources of order flow. This agreement follows BIt Systems' growth in attracting international customers and new value-added services.'
Fidessa is already the largest supplier of software for brokers trading on the London Stock Exchange via the exchange's TradeElect platform. Following the recent merger between the London and Milan exchange groups, Borsa Italiana will move its cash equities trading to the TradeElect platform, enabling Fidessa to provide access to the new platform for Borsa Italiana clients as well as cross-market access to clients wishing to send or receive order flow to or from both markets.
'The merger of Borsa Italiana and the LSE creates demand for proven TradeElect connectivity among the Italian stock exchange member community,' says Simon Barnby, director of global marketing communications at Fidessa. 'We are excited to be working with BIt Systems to offer strong, scalable solutions and connectivity services to member firms as well as to the broader community that wants to access the enlarged liquidity pool created by this merger.'
BIt Systems is responsible for the management, maintenance and development of the Borsa Italiana group's information systems. It also provides project management and systems integration services to private and public operators, financial institutions and to the stock exchange industry for the development and management of applications.
Fidessa group is a supplier of multi-asset trading, portfolio analysis, decision support, investment compliance, market data and global connectivity solutions for both buy-side and sell-side globally. Its Fidessa and Fidessa LatentZero products are available as a workstation or as an integrated application suite.
Fidessa is used by 85 per cent of tier-one global equity brokers providing trading, market data, order management and execution capabilities to the sell-side. LatentZero is used by asset managers and provides comprehensive portfolio analysis, real-time P&L, what-if analysis, investment compliance, order and execution management, and post trade processing tools, across all asset classes.
Fidessa's global network carries more than 50 million messages a month covering DMA, Care and algorithmic orders, indications of interest and FIX allocations between over 1,300 buy-side firms and 230 brokers across 83 exchanges worldwide.
Headquartered in London with offices in New York, Boston, Tokyo, Hong Kong, Paris and Toronto, Fidessa serves over 16,000 users with around 500 clients globally. Fidessa was founded in 1981 and acquired LatentZero earlier this year. Fidessa has revenues of USD250m, employs over 1,000 people and has been fully listed in London since 1997.
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