Fidessa group, provider of the Fidessa and Fidessa LatentZero trading, market data and connectivity solutions, has announced that Société Générale Corporate & Investment Banking has gone live with Fidessa's smart order routing service to provide best execution for its clients across European markets.
'The European equities marketplace is becoming more fragmented by the month and the need for consolidation technology is now critical,' says Richard Hills, global head of electronic services at SG Corporate & Investment Banking.
'The complexity of trading in this environment means a greater reliance on low latency, highly reliable technology capable of sweeping all external and internal liquidity. We have used Fidessa's smart routing in the US marketplace for several years and we moved to the European smart routing component because of Fidessa's expertise at building complex infrastructure in this area.'
A Fidessa hosted enterprise client since 2004, SG Corporate & Investment Banking is using Fidessa's smart order routing capabilities to split orders across multiple venues automatically and intelligently in order to give its traders a consolidated virtual market view and access liquidity displayed in both traditional exchanges and multilateral trading facilities. It now connects to 15 European exchanges and to Chi-X Europe, and will soon extend its connectivity to Turquoise and to its own internalised liquidity.
'The smart router complements our quantitative trading expertise by allowing our traders and algorithms to sweep the markets and deliver superior price performance to our clients, regardless of whether their orders originate from sales, programme or electronic trading,' Hills says. 'It has also allowed us to decouple the smart routing component from our algorithms so that we can concentrate on tailoring strategies to our clients' requirements.'
Fidessa's smart order routing has been made available to all of SG Corporate & Investment Banking clients in Europe, North America and Asia for single order, programme, risk, direct market access and algorithmic trading channels, in addition to the existing Fidessa capability for trading in the US markets.
'The emergence of new execution venues and the subsequent fragmentation of liquidity is now a global reality,' says Fidessa's head of liquidity solutions Ian Salmon. 'We have expertise in delivering smart order routing to the US and have now integrated this into our European infrastructure. Extending our partnership with SG Corporate & Investment Banking testifies to Fidessa's ability to address the more complex needs of European brokers.'
Smart order routing is integral to Fidessa's recently announced intelligent liquidity strategy, which aims to provide both sell- and buy-side with complete access to liquidity. Its multi-asset order management system comes with tools to enable intelligent trading in the post-MiFID landscape including direct market access, algorithmic trading tools, best execution and data compliance, as well as direct connectivity to pools of global liquidity.
The Fidessa product suite provides integrated trading, market data and connectivity solutions to more than 520 clients around the world, including 85 per cent of tier-one equity brokers. The Fidessa network provides connectivity to around 1,500 buy-side institutions, 255 brokers and 92 exchanges 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 and Toronto, the group serves some 22,000 users at 520 clients worldwide. Fidessa was founded in 1981, has revenues of USD270m and employs more than 1,100 people.