This expanding marketplace is focused on the development of new and advanced technologies aimed at improving market access and financial services.
This extends Fidessa's existing connectivity to the Italian financial community by linking together the networks of buy-side and sell-side firms that both Fidessa and BIt Systems have in place. Brokers and buy-sides on the ASP network run by BIt Systems can now connect to the 230 brokers and 1,300 buy-sides available on the Fidessa network and vice versa.
Claudio Modenesi, head of ASP Services for BIt Systems says: "The connection of our networks provides customers of BIt Systems and Fidessa with more trading destinations and sources of order flow - all through an ultra low-latency architecture. This agreement follows BIt Systems' growth towards international customers and new value added services."
Fidessa is already the largest supplier of software for brokers trading on the London Stock Exchange (LSE) via the LSE's TradeElect platform.
With the recent merger between Borsa Italiana and the LSE, Borsa Italiana will move its cash equities trading to the TradeElect platform from the LSE. Consequently, Fidessa will be ideally placed to provide access to the new platform for Borsa Italiana clients, as well as cross-market access to clients wishing to send/receive order flow to both markets.
Simon Barnby, director of global marketing communications at Fidessa adds: "The merger of Borsa Italiana and the LSE creates demand for proven TradeElect connectivity among the Italian stock exchange member community. We are excited to be working with BIt Systems to offer strong, scalable solutions and connectivity services to such member firms as well as to the broader community that wants to access the enlarged liquidity pool created by this merger."