Fidessa group (LSE: FDSA), the leading provider of multi-asset trading systems, market data and global connectivity solutions, today announced the addition of connectivity to Instinet's KoreaCross, the Korean market's first securities crossing network.
KoreaCross, which launched in April, provides institutional investors with an anonymous, neutral and zero market impact platform for the pre-market trading of Korean equities. The service is owned and operated by global agency broker Instinet, with Korean investment bank Samsung Securities acting as the local broker sponsor and providing clearing and settlement services, as well as domestic order flow.
Fidessa already provides access to several of Instinet's alternative trading systems around the world - including Chi-X in Europe and Canada, JapanCrossing and CBX Japan - through the Fidessa trading platform, Fidessa LatentZero EMS Workstation and Fidessa LatentZero Minerva buy-side OEMS.
"A global philosophy of openness has long been one of the central tenets of Instinet's business," said Christian Chan, head of Electronic Trading for Instinet Asia. "As such, we are pleased to partner with Fidessa to provide its significant base of clients around the world with access to Korea's sole crossing network."
Fidessa's global, broker-neutral connectivity network provides a fully managed, robust solution for clients wishing to route order flow to a variety of liquidity destinations. Typical uses of the network include buy-side to sell-side connectivity and broker-to-broker connectivity to support non-member trading across numerous markets.
James Hardcastle, head of connectivity for Fidessa in Asia, adds: "In our drive to offer the broadest range of trading and liquidity access services for Asian markets, the addition of KoreaCross is an important step. We have had much interest from existing clients and new prospects about the Korean marketplace and adding a service that addresses the historic lack of anonymity that has existed there, allows us to further enhance the trading solutions that we offer to Fidessa clients globally."
Fidessa's global network carries over 100 million messages a month covering DMA, care and algorithmic orders, Indications of Interest (IOIs) and FIX allocations between over 1,500 buy-sides and 255 brokers across 92 exchanges worldwide.