Fidessa group plc (LSE:FDSA) today announced the recent launch of its Smart Routing Service for the Canadian capital market system.
The addition of smart routing to Fidessa's Canadian Trading Platform (CTP) was coordinated with the launch of continuous auction trading at Pure Trading, the first Canadian displayed market alternative to the Toronto Stock Exchange. The smart routing enhancement within CTP offers brokerage clients an advanced solution for achieving best execution in a market system with multiple displayed quotes. Additional displayed markets, now under development, will further drive the need for smart routing in Canada's capital market system.
Some of the key features Fidessa CTP offers brokers include: consolidated market data displays, an advanced "point and shoot" capability which allows traders to hit multiple orders regardless of the exchange on which they reside, and enhanced electronic order audit trails so traders can develop historical execution data for each exchange. Furthermore, Fidessa CTP has the advantage of providing firms with a single, robust trading platform, as opposed to multiple trading applications, which might result in slower executions and inferior prices.
"We have worked diligently with Pure Trading in anticipation of their launch and, through working closely with our customers, we've been able to provide them with the readiness needed to trade in the new Canadian capital markets. We have also had the added benefit of being able to leverage Fidessa's experience and expertise in the US, where multiple marketplaces have existed and matured over several years," said Ronald Lee, head of Fidessa Canada. "As the concept of having multiple execution points continues to evolve in Canada, so will Fidessa CTP," adds Lee.
Fidessa CTP combines electronic order and execution workflow along with real-time, multi-currency trading, position keeping and reporting. Fidessa CTP's advanced trading tools include: Pairs trading, List Management and Wave trading tools along with Fidessa BlueBox; Fidessa's algorithmic management system (AMS) that is totally integrated within the Fidessa OMS. Comprehensive, integrated real-time, market data is seamlessly integrated into Fidessa CTP and includes fundamentals, charts and historical trade time and sales displays.
"We are looking to adapt and implement more of these advanced trading features that our US counterparts are already used to," Lee said. "This will give our customers a tremendous advantage over other firms that are using different vendor applications to reach Canada's new exchanges.