Fidessa group plc (LSE: FDSA), provider of high-performance trading, market data and global connectivity solutions for the buy-side and sell-side, has today announced that Ping An Asset Management, the investment arm of Ping An Insurance (Group), one of Chinaâs largest insurers, is now live on LatentZero, Fidessaâs buy-side front office suite, for both its domestic and international operations.
The LatentZero implementation is providing pre- and post-trade compliance, portfolio analysis, order management and trading functionality. It enables Ping An to consolidate and scale not only its international investment division but also its domestic operations, which provides access to equities, bonds, repos, funds and deposits traded on the Shanghai and Shenzhen exchanges and the CFETS interbank system.
The Ping An platform is also connected to Fidessaâs global network, which benefits from access to more than 600 brokers and 154 markets across Europe, the Middle East and the Americas, as well as Asia.
âWe have global growth ambitions and are undertaking a significant change programme to ensure that we have the very best technology in place to support our trading activities, both in China and on the international stage,â said Albert Lee, Director of Technology at Ping An. âChoosing the right front office solution was crucial in enabling us to consolidate and automate operations across different parts of the business. We were especially impressed by Fidessaâs ability to meet our demanding local needs, which has been key to bolstering the capabilities of our domestic operations.â
Following on from this successful deployment, Fidessa and Ping An have agreed to expand their partnership during 2011, with further functionality being deployed later in the year.
Jean-Pierre Baron, Managing Director at Fidessa in Asia, commented: âFidessaâs global experience, coupled with our extensive local knowledge, puts us in an ideal position to serve the Chinese market. Our technology offers Chinaâs fund managers increased control and efficiency, enabling them to scale both domestic and QDII (Qualified Domestic Institutional Investor) operations effectively. The requirement for such sophisticated technology designed to meet the precise needs of local companies with international ambitions, along with an increase in global companies seeking to do business in China, is driving demand for our products.â
Ping An represents Fidessaâs first major domestic client in China, and builds on a series of significant wins for Fidessa in Asia. Fidessa has a growing presence in all markets across the region, both established and emerging, including Singapore, Japan, Australia, Taiwan, Korea and Indonesia.