Thu, 14/08/2008 - 07:52
Fidessa group, a provider of trading systems, market data and global connectivity, has announced that BNY ConvergEx Group, a provider of global agency brokerage and investment technology solutions, has expanded its offering on the Fidessa network to include DMA, care order, algorithmic trading solutions and access to ConvergEx Cross.
The full suite of ConvergEx services are now available through the Fidessa trading platform, Fidessa LatentZero EMS Workstation, Minerva OEMS or via Fidessa's global FIX connectivity network.
Its algorithms are available immediately in North America, Europe and Asia and include VWAP, TWAP, POV, Initiation Price, IQx, Scaling, and Closing Price, as well as TactEx, ConvergEx's suite of advanced DMA order types. Each algorithm is designed to help users track market sensitivity, monitor marketplace changes and nuances, and dynamically optimise performance and minimise market impact.
ConvergEx Cross is the firm's block crossing system, which brings together unique institutional, agency-only order flow to provide anonymous execution at the mid-point with natural buy-side counterparties.
'Integrating our global algorithms into Fidessa's global connectivity network is a great opportunity to expand our exposure to a new segment of the institutional buy-side trading community,' says Craig S. Lax, executive managing director and head of global electronic trading at BNY ConvergEx.
Fidessa executive vice-president for marketing Martin Hakker adds: 'Our clients are continually searching for additional sources of liquidity, so it's our pleasure to have BNY ConvergEx on board our global network. Customers will also benefit from its extensive range of algorithms, which allow for smarter and faster trading in today's increasingly challenging landscape.'
Fidessa's broker-neutral connectivity network offers a fully managed solution for clients wishing to route order flow to a variety of liquidity destinations. This year the network has increased the number of connections it serves by 30 per cent, while message throughput has grown by some 37 per cent to more than 130 million messages a month.
BNY ConvergEx provides global institutional agency brokerage and investment technology solutions to institutional clients worldwide. Its key business lines - liquidity and execution management, investment technologies and intermediary and clearing services - comprise an array of services designed to deliver an integrated platform of global multi-asset class trading capabilities.
The Fidessa product suite provides integrated trading, market data and connectivity solutions to clients including 85 per cent of tier-one equity brokers. The Fidessa network provides connectivity to around 1,800 buy-side institutions, 310 brokers and 100 markets worldwide.
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. Headquartered in London with offices in New York, Boston, Tokyo, Hong Kong, Paris, Toronto and San Francisco, the group serves some 22,000 users at around 600 clients worldwide. Fidessa was founded in 1981, has revenues of USD350m and employs more than 1,200 people.
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