London, 6 July, 2004: royalblue (LSE: RYB) today announced the launch of a new multi-broker, order routing service targeted at the buy-side as part of its award-winning Fidessa product suite.
Available through the Fidessa Workstation platform, the service gives fund managers, asset managers and hedge fund managers direct access to brokers available on the Fidessa global connectivity network.
The new service supports single order entry for European equities to direct market access (DMA) brokers, agency brokers and algorithmic trading services. Asian and US equities and basket trading support will be available shortly.
The Fidessa Workstation already provides electronic exchange trading for sell-side member firms and can now facilitate non-member trading directly on these exchanges through Fidessa's network of local DMA brokers. Simon Barnby, business development manager for Fidessa commented “The buy-side is crying out for a range of sophisticated execution tools that have been common place in the sell-side for years. Users don’t want a tied, single broker solution. With Fidessa's unrivalled sell-side client base available on our global network, we are ideally placed to provide consistent order routing to all brokers.”
The Fidessa Workstation provides a simple and intuitive front-end for this service incorporating order management, real-time order status and full audit-trail facilities. Broker specific handling instructions are a key feature of the interface, with users only being presented with fields and options applicable to their chosen broker. Full Excel and API access to the service are also available.
“We have exciting plans for the product going forward,” Barnby adds. “These include the addition of our existing basket management and wave trading modules, which are already market leaders on the sell-side, along with support for post-trade allocations.”
Fidessa has established itself with an unrivalled reputation by providing class-leading equity trading and market-data solutions to blue-chip sell-side clients for over 10 years. The product suite is now used by over 100 institutions and has become the benchmark and product-of-choice amongst tier-one brokers globally. The Fidessa network provides global connectivity to around 120 buy-side institutions, 60 brokers, 22 exchanges and 10 ECNs along with market data, news and analysis covering 21 markets across Europe and North America.