Aqua ATS joins Tradeware connectivity network
14 January 2008 | 1758 views | 0
Source: Tradeware Global
Tradeware Global, a leading broker-neutral solution provider for electronic access to global equity markets, today announced that Aqua has joined Tradeware's FIXLink global connectivity network, providing access to Tradeware's global liquidity grid.
Aqua recently released its alternative trading system (ATS) that facilitates anonymous block trading to the marketplace with great acclaim. Tradeware is the latest major connectivity and trading solution providers to certify with Aqua.
Aqua will be the eighth ATS/MTF to join the list of FIXLink network destinations, which also includes 18 execution gateways in US and nearly 100 marketplaces worldwide. Tradeware's neutral FIXLink connectivity network currently interconnects with 28 other connectivity networks.
Aqua is a new electronic trading platform that has created a brand new pool of block liquidity for institutions, brokers, and hedge funds. Using Aqua, sellside participants submit firm and executable orders that are shown to buyside participants who hold the contra order in their OMS blotter. Buyside participants have the exclusive right but not the obligation to execute against orders show to them, and their identity is never disclosed. The only way a sellside participant knows their order was shown to a buyside participant is when they receive an execution from Aqua. Each block is aggressively priced and firm, removing the negotiation that leads to information leakage. This revolutionary approach to block trading satisfies the thirst for new liquidity while removing the risk inherent in other electronic systems.
Said Kevin Foley, President and CEO of Aqua, "We are very pleased that we have connected to Tradeware. Aqua's mission is simple: to provide consolidated, streamlined and safe access to new pools of block liquidity for our customers. By connecting to Tradeware's global network of brokers, we have secured a larger client base and unique liquidity pool for our customers."
Said Cody Callihan, Executive Vice President of Tradeware Global, "We are pleased to offer our clients access to Aqua as it brings us one step closer to our goal of providing the widest range of neutral connectivity on the market. We believe that both our sell-side and buy-side clients will find a great value in Aqua's unique block trading services."