Fidessa group plc (LSE:FDSA) the world leading provider of trading systems, market data and global connectivity, today announced that BNY ConvergEx Group, a leading provider of global agency brokerage and investment technology solutions, has expanded its offering on Fidessa's network to include: DMA, care order, algorithmic trading solutions and access to ConvergEx CrossSM.
The full suite of ConvergEx services are now available through the Fidessa trading platform, Fidessa LatentZero EMS Workstation, Minerva OEMS or via Fidessa's global FIX connectivity network, which provides access to 310 brokers, 1800 buy-sides and 100 venues worldwide.
ConvergEx's algorithms are available immediately in North America, Europe, and Asia and include: VWAP, TWAP, POV, Initiation Price, IQx, Scaling, and Closing Price, as well as TactEx, which is ConvergEx's suite of advanced DMA order types. Each algorithm is designed to help users track market sensitivity, monitor marketplace changes and nuances, and dynamically optimize performance and minimize market impact.
In addition, Fidessa users can now access ConvergEx CrossSM, which is ConvergEx's block crossing system that brings together unique institutional, agency-only order flow to provide anonymous execution at the mid-point with natural buy-side contraparties and zero market impact.
Craig S. Lax, Executive Managing Director and Head of Global Electronic Trading, BNY ConvergEx Group, commented, "Integrating our global algorithms into Fidessa's global connectivity network is a great opportunity to expand our exposure to a new segment of the institutional buy-side trading community. We are very excited to partner with Fidessa and look forward to continuing to build our relationship with them."
Martin Hakker, EVP Marketing at Fidessa adds, "Our clients are continually searching for additional sources of liquidity, so it's our pleasure to have BNY ConvergEx on board our global network. Customers will also benefit from BNY ConvergEx's extensive range of algorithms which allow for smarter and faster trading in today's increasingly challenging landscape."
Fidessa's global, broker-neutral connectivity network provides a fully managed, robust 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 2008 alone, Fidessa's global connectivity network has increased the number of connections it serves by 30% while message throughput has grown by around 37% to over 130 million messages a month.
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About BNY ConvergEx Group
BNY ConvergEx Group, LLC provides global institutional agency brokerage and investment technology solutions to institutional clients worldwide. The Company's key business lines – Liquidity and Execution Management, Investment Technologies and Intermediary and Clearing Services – focus on a broad array of services designed to deliver a comprehensive, integrated platform of performance-driven, global multi-asset class trading capabilities. BNY ConvergEx Group is comprised of the following businesses: BNY ConvergEx Execution Solutions LLC (member NYSE/FINRA/SIPC), including BNY Global Transition Management and LJR Recapture Services; LiquidPoint, LLC (member CBOE/SIPC); Eze Castle Transaction Services LLC (member FINRA/SIPC); Westminster Research Associates LLC (member FINRA/SIPC); G-Trade Services LLC (member FINRA/SIPC); BNY Jaywalk LLC; ConvergEx Global Markets Ltd. and Eze Castle Software LLC. BNY ConvergEx Group is an affiliate of The Bank of New York Mellon Corporation. (NYSE: BK). Additional information is available at http://www.bnyconvergex.com/.
About Fidessa group
Fidessa group is a world-leading supplier of multi-asset trading, portfolio analysis, decision support, investment compliance, market data and global connectivity solutions for both the buy-side and sell-side globally. Available as a simple workstation or as an integrated application suite, the Fidessa and Fidessa LatentZero products are built on the clear vision of providing the richest functionality, coverage and distribution to the financial markets community.
The Fidessa suite is used by 85% of tier-one, global equity brokers providing sophisticated multi-asset trading, market data, order management and execution capabilities to all tiers of the sell-side.
The Fidessa LatentZero suite is used by the world's largest asset management firms through to smaller specialist managers and hedge funds, 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, to all tiers of the buy-side.
Fidessa's global network carries over 130 million messages a month covering DMA, Care and Algorithmic orders, Indications of Interest and FIX Allocations between over 1,800 buy-sides and 310 brokers across 100 markets worldwide.
Head-quartered in London and with offices in New York, Boston, Tokyo, Hong Kong, Paris, Toronto and San Francisco, Fidessa group serves 22,000 users across 600 clients globally. Fidessa group was founded in 1981, has revenues of around US$350m, employs over 1,200 people and has been fully listed (LSE:FDSA) since 1997.
For further information, please contact:
Jennifer Shay
Upstream Asia
852 2973 0222
Jennifer.shay@upstreamasia.com
BNY ConvergEx Group
Patrick Phalon
Head of Media Relations
1 212 468 7713
pphalon@bnyconvergex.com
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