Aqua joins Fidessa network
Fidessa Group PLC (LSE: FDSA), 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.
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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."