Trading technology firm Fidessa is building an execution platform for the global derivatives and equity trading business of Newedge, a multi-asset brokerage co-owned byFrench banks Societe Generale and Credit Agricole.
Fidessa said the first phase, which covers trading venues in London and Chicago, is now live. The next phase will extend the platform to Asia and in 2013, the firms plan to add fixed income to the platform.
Fidessa said the platform offers global order management, access to Newedge trading algorithms and smart order routing tools. Fidessa will supply market data as part of the deal as well as gateways to more than 100 derivatives and cash equity markets.
“We believe that the firms that can harness the regulatory momentum that is bringing together the worlds of OTC [over-the-counter] and exchange-traded derivatives will have a significant competitive advantage,” said Stephen Barrow, global sales director at Fidessa.
©2012 funds europe