November 26, 2012

In a move to help buy-side firms source liquidity in a fragmented equity market, Fidessa group plcand Thomson Reuters have teamed up to provide new sources of block liquidity via the Autex service.

Operating in a difficult environment, which is increasingly fragmented, buy side firms will now gain access to tools directly form their Fidessa Buy-Side platform, according to today's announcement.

At the same time, low trading volumes and falling commissions, combined with regulatory pressures, have resulted in a concerted industry effort to improve the quality of IOIs (indications of interest) and a consequent renewal of trust in them, notes Fidessa in the release.

Fidessa is collaborating with Thomson Reuters Autex, among the world's largest distributors of order indications and advertised trades processing more than two million messages each day, including 300,000 naturals through a global network of the largest buy and sell side insitutions. Fidessa said it will synchronize this traffic from Autex with open orders, and overlay preferences and patterns, so that buy side traders can cut through large volumes to quickly access actionable and relevant IOIs.

In a prepared statement, Russell Thornton, Global Head of Buy-side Trading Solutions at Fidessa, commented: "We take a proactive approach to alleviate the market pressures affecting our clients. By bringing all the tools our clients need into our trading platform, and intelligently tailoring the information, we have made it easier for them to access the broadest possible pool of liquidity and trade effectively in today's highly fragmented, low-volume environment."

According to Brennan Carley, Global Head of Transactions and Platforms at Thomson Reuters, the collaboration will provide Autex's order indication and advertised trade content to Fidessa's large community of buy-side users. "They now have seamless access to a global pool of liquidity contributed by some of the largest banks and broker dealers in the world. The Autex IOIs will allow buy-side traders to more effectively identify and participate in block liquidity."

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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 ...