Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Trading Technology

04:00 PM
Connect Directly
Facebook
Google+
Twitter
RSS
E-Mail
50%
50%

Fidessa Expands Buy-Side EMS into Asia

Ivy Schmerken, Wall Street & Technology Eyeing the global market for institutional trading, Royalblue'sFidessa launched an execution management system (EMS) workstation for buy-side trading desks in Asia. The EMS is a global, broker-neutral, multi-asset execution platform for buy-side trading desks in Asia, according to Wednesday's release.

Ivy Schmerken, Wall Street & Technology

Eyeing the global market for institutional trading, Royalblue'sFidessa launched an execution management system (EMS) workstation for buy-side trading desks in Asia.

The EMS is a global, broker-neutral, multi-asset execution platform for buy-side trading desks in Asia, according to Wednesday's release.Fidessa first introduced the buy-side EMS in Europe in 2005 and in the U.S. this past June. It currently has about 70 buy-side clients using the EMS workstation, a quarter of which are based in the U.S.

With connectivity to 68 exchanges, access to market data and 170 brokers worldwide, Fidessa is leveraging the functionality from its sell-side OMS and migrating that over to the buy side.

"Initially we had a sell-side system that did well locally and abroad. And we just took those tools and migrated them into the EMS," says Jack Garceau, director, Fidessa Workstation.

Geared toward active buy-side traders, the take-up has been big among hedge funds, says Garceau. "Most of the sell-side migrated to the buy-side so it was easy to get into that market," he adds.

Fidessa is selling the EMS directly to the buy side as well as through its sell-side customers. Initial buy-side customers needed access to their brokers in London to do cross-border trading. Essentially, the buy-side institution had a broker that was getting phone calls for executions, relates Garceau. "The broker in London knew we had this workstation and he ended up installing the workstation to have orders go from the U.S. to the London exchange," says Garceau.

In terms of competition, Fidessa executives contend that no one else has as expansive a product that reaches as many markets. Domestically, Fidessa runs into RediPLUS from Goldman Sachs, Neovest from JP Morgan and Real Tick from Lehman Brothers,"and that's in the pure DMA business," notes Garceau. "I don't see any of them being broker neutral and offering the ticket structure that we do in terms of accessing multiple brokers and algorithms," says Garceau.

Instead of contending with multiple applications, Fidessa has designed a ticket structure where the buy-side can choose to go DMA through Deutsche Bank, for example, through one click. "If I want to leverage all those algorithms, I click their algo strategies and the ticket adapts," he says. You don't have to move around from application to application; you don't have to move from DMA to execute domestically and then globally," he says.

Fidessa believes that buy-side institutions want a broker-neutral platform, whether they want to access DMA or algorithms and they also can consolidate all of their positions globally on a single application.

"There's a desktop real-estate problem," comments Martin Hakker, EVP Marketing, Fidessa. "They don't want multiple applications installed on their PC." Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio

Register for Wall Street & Technology Newsletters
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.