Fidessa group plc (LSE: FDSA), provider of award-winning trading, market data and global connectivity solutions for the buy-side and sell-side, has today announced that Oslo-based First Securities AS has selected its Software as a Service (SaaS) sell-side trading platform. The solution incorporates Fidessaâs world-class smart order router and connectivity to multiple liquidity venues allowing First Securities, a subsidiary of Swedbank AB, to meet the challenges of an increasingly fragmented marketplace.
Peter Wessel, Head of Equities at First Securities, explains the decision: âIt is fundamental to our business strategy that we offer the best possible service to our buy-side clients and that underpinned this decision. The requirement to upgrade our trading capabilities was largely prompted by the liquidity fragmentation that has characterised the European market over the last two years."
Fidessaâs SaaS trading solution comprises specialist trading platforms developed for the European, US, Canadian, Japanese and Asian markets, including electronic order management, smart order routing, real-time market data, and global market connectivity.
Wessel continued: âWe were aware of Fidessaâs reputation for rich functionality and, with their powerful smart order routing capabilities and broad market connectivity, we can be sure that we are offering the best possible execution services to our buy-side clients. With this decision we are also future-proofing ourselves against further change, for example the Oslo BÃ¸rs' move to the TradElect platform and the London Stock Exchange's forthcoming Millennium Exchange platform migration. Investing in Fidessa's solution allows us to focus on our core business.â
Mark Holden, New Business Sales Manager for Fidessa in the region, added: âThree Oslo-based brokers have now selected our trading platform this year and we continue to see strong interest from other firms in the Nordic market. Many of them are reviewing their technology needs in light of the growth in the number and type of trading destinations, exchange platform upgrades and the new CCP from Oslo clearing. We have a mature understanding of liquidity fragmentation, and have built our SOR capabilities to manage execution requirements across the complex range of both lit and dark trading venues that now exist. Coupled with our established reputation for robust and resilient technology, ours is proving to be a very compelling proposition.â
Fidessaâs products serve 25,000 users across 850 clients around the world and are used by more than 85 per cent of tier-one financial institutions. Fidessa's connectivity network is one of the world's largest and most diverse trading communities, linking more than 2,400 buy-side institutions to more than 530 brokers across EMEA, Asia Pacific and the Americas. In 2009, Fidessaâs network increased its traffic by 40 per cent and now carries executed order flow of around $640 billion each month.