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Aqua Joins Fidessa's Global Connectivity Network Providing an Alternative Venue for Block Trading
Nov 05, 2007 (10:11 AM EST)
NEW YORK, Nov. 5 /PRNewswire/ -- Fidessa Group PLC , provider of the Fidessa and Fidessa LatentZero trading solutions for the sell-side and buy-side, today announced that Aqua, the alternative electronic trading venue, has joined Fidessa's global connectivity network.
This agreement enables equities traders at over 230 brokers and 1,300 buy- sides on Fidessa's network to access and trade untapped pools of block liquidity through Aqua. With over 20 Fidessa clients already signed up as founding participants, Aqua is planning a launch this November.
Aqua responds to the widespread demand among institutional equity traders for seamless and anonymous access to new block liquidity. Aqua receives firm bids and offers submitted by the sell-side, narrowcasting them to the buy-side with the option -- but not the obligation -- to execute those trades. The model creates linkages that facilitate block trading between buy-side and sell-side firms that haven't found each directly. It features a breakthrough method of order interaction with an unprecedented degree of information security.
"We are proud to offer a block liquidity system with no leakage," said Kevin Foley, CEO of Aqua. "Participants get access to new block liquidity with a simple system that reduces information leakage for the sell-side and totally eliminates leakage for the buy-side," commented Mr. Foley. "By solving the problem of information leakage, Aqua has made it safe for traders to reach for liquidity that previously involved taking more risk. That's how Aqua is able to deliver on the promise of new liquidity."
Martin Hakker, EVP of Marketing of Fidessa, comments: "As the number of alternative liquidity pools multiply, it is essential that Fidessa can offer its customers access to trading systems such as Aqua. Aqua fills a gap in the market for large block orders and, as the market evolves, Fidessa will continue to offer a robust, low-latency trading platform on which to trade and execute orders on the global markets."
The Fidessa product suite provides integrated multi-asset trading, market data and connectivity solutions to over 16,000 users at around 500 clients around the world, and serves over 85% of global, tier-one equity brokers. The Fidessa network provides connectivity to around 1,300 buy-side institutions, 230 brokers and 83 exchanges globally.
Aqua is a new electronic trading platform focused on creating access to new pools of block liquidity for institutions, brokers, and hedge funds. Based in New York, Aqua has received regulatory approval to operate as an alternative trading system for U.S. equities. Featuring block liquidity contributed by a broad range of sell-side firms, Aqua is the safest, most efficient and quickest tool ever created for electronic block trading between the sell-side and the buy-side.
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 product suites 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 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 50 million messages a month covering DMA, Care and Algorithmic orders, Indications of Interest and FIX Allocations between over 1,300 buy-sides and 230 brokers across 83 exchanges worldwide.
Head-quartered in London and with offices in New York, Boston, Tokyo, Hong Kong, Paris and Toronto, Fidessa group serves over 16,000 users at around 500 clients globally. Fidessa group was founded in 1981 and acquired LatentZero in 2007. Fidessa group has revenues of $250m, employs over 1,000 people and has been fully listed since 1997.
Fidessa(R) is a registered trademark of Fidessa Group plc
All product and company names herein may be trademarks of their registered owners.
CONTACT: Martin Hakker of Fidessa, +1-212-520-3697, firstname.lastname@example.org; or Marc Weinstein of Spring O'Brien, forFidessa, +1-212-620-7100, ext. 216, ; or MelanieGordon of Aqua, +1-212-610-2314,
Web site: http://www.fidessa.com/ http://www.aquaequities.com/ http://www.latentzero.com/