The Fidessa group, a provider of multi-asset trading systems, market data and global connectivity solutions, has announced the addition of connectivity to Instinet's KoreaCross, the Korean market's first securities crossing network.
KoreaCross, which launched last month, provides institutional investors with an anonymous, neutral and zero market impact platform for the pre-market trading of Korean equities. The service is owned and operated by global agency broker Instinet, with Korean investment bank Samsung Securities acting as the local broker sponsor and providing clearing and settlement services, as well as domestic order flow.
Fidessa already provides access to several of Instinet's alternative trading systems around the world, including Chi-XTM in Europe and Canada, JapanCrossing and CBX Japan, through the Fidessa trading platform, Fidessa LatentZero EMS Workstation and Fidessa LatentZero Minerva buy-side OEMS.
'A global philosophy of openness has long been one of the central tenets of Instinet's business,' says Christian Chan, head of electronic trading for Instinet Asia. 'We are pleased to partner with Fidessa to provide its significant base of clients around the world with access to Korea's sole crossing network.'
Fidessa's global, broker-neutral connectivity network provides a fully managed solution for clients wishing to route order flow to a variety of liquidity destinations. Typical uses of the network include buy-side to sell-side connectivity and broker-to-broker connectivity to support non-member trading across numerous markets.
'In our drive to offer the broadest range of trading and liquidity access services for Asian markets, the addition of KoreaCross is an important step,' says James Hardcastle, head of connectivity for Fidessa in Asia.
'We have had much interest from existing clients and new prospects about the Korean marketplace, and adding a service that addresses the historic lack of anonymity that has existed there allows us further to enhance the trading solutions we offer to Fidessa clients globally.'
Instinet provides trading tools, ATS platforms and liquidity to achieve trade execution in more than 40 countries. Acting as an agent for more than 1,500 clients around the world, the firm offers front-end trading systems, securities crossing networks, smart-routing technology, algorithms, commission management programmes and investment research products. A wholly-owned subsidiary of Nomura Holdings, Instinet has offices in North America, Europe and the Asia-Pacific region.
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. Its Fidessa and Fidessa LatentZero products are available as a simple workstation or as an integrated application.
Fidessa is used by 85 per cent of tier-one, global equity brokers providing trading, market data, order management and execution capabilities to all tiers of the sell-side. Fidessa LatentZero is used by asset management firms, specialist managers and hedge funds to provide 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 100 million messages a month covering direct market access, Care and algorithmic orders, indications of interest and FIX allocations between some 1,500 buy-side firms and 255 brokers across 92 exchanges worldwide.
Headquartered in London with offices in New York, Boston, Tokyo, Hong Kong, Paris and Toronto, Fidessa serves more than 22,000 users at around 520 clients globally. Fidessa was founded in 1981 and acquired LatentZero last year. Fidessa has revenues of USD270m and employs more than 1,100 people.