Fidessa group, provider of the Fidessa and Fidessa LatentZero trading solutions, has announced the launch of a MiFID suite of products, services and trading links for brokers.
Fidessa group, provider of the Fidessa and Fidessa LatentZero trading solutions, has announced the launch of a MiFID suite of products, services and trading links for brokers. More than 50 new and existing clients have already placed orders for the Fidessa MiFID suite.
Ian Salmon, head of the MiFID programme at Fidessa, says: ‘In the past two years we have been actively involved with the MiFID regulators and working groups. We have also talked extensively to our clients to understand fully their interpretation of the directive and its impact on the industry.
‘Consequently, this suite of products and services provides real solutions to real requirements. The high customer take-up we have already experienced is testament to the business logic behind our solution.’
The Fidessa MiFID services cover five key areas. The first, Fidessa Epoch, provides execution policy, order compliance and handling functionality and is available as an independent service to non-Fidessa platforms or fully integrated into the existing Fidessa trading solutions.
Epoch incorporates a fully-hosted audit trail facility storing five years of full order and execution activity along with the relevant market data across all liquidity pools, allowing firms to capture execution details and analyse trades against their agreed execution policy.
The service includes a secure reporting module, which integrates transaction history and market data for execution quality monitoring, order handling reports, periodic execution policy analysis and compliance reporting.
The other MiFID services, which are all available through Fidessa’s existing trading solutions, comprise virtual market view, smart order routing, trade reporting and client classification.
Fidessa brings together multiple, low latency market data sources into one consolidated virtual market view to support MiFID best execution obligations. This provides traders with a single Level 2, full-depth display of all available quotes or orders for an instrument across multiple destinations, tailored to the individual’s trading activities.
It also enables traders to easily find available liquidity and interact with all venues, taking into account minimum fill size and variable charge structures. Additionally, the issue of post-trade data fragmentation is addressed with consolidated time and sales displays showing trade data across all venues.
Fidessa enables smart order routing to different destinations depending on specified criteria. Orders can also be automatically and intelligently split across multiple venues from a consolidated virtual market view. Under MiFID, liquidity will often be dispersed across multiple venues and smart order routing will be key to achieving best execution.
Fidessa’s trade reporting rule engine automates all post-trade reporting, accounting for variable block trading and delayed publication rules, and can be configured for a client’s venue of choice.
The Fidessa client database is being extended to include new client classification criteria. It incorporates new warning tools to monitor a client’s appropriateness for a particular trading activity and alert the user should an action be attempted that requires additional compliance checks.
Fidessa is also releasing a series of MiFID related upgrades to existing exchange gateways and data feeds such as Deutsche Börse’s new Xetra trade reporting facility and links to new venues such as Chi-X and Project Boat.
‘This comprehensive suite of products and services is proving popular among existing clients, fuelling an expansion of our user base,’ Salmon says. ‘Additionally, it is proving to be a catalyst with new prospects, particularly in continental European countries, where solutions from smaller niche suppliers are being reviewed against the broad coverage and critical functional requirements that MiFID compliance necessitates.’
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.
