Fidessa group plc (LSE:FDSA), provider of the award-winning trading, portfolio management, compliance and global connectivity solutions for the buy-side and sell-side, today announced that ID's RFQ-hub, the bilateral multi-dealer platform for listed and OTC Derivatives for fund managers, has joined its global connectivity network.
RFQ-hub's clients can now interact with their universe of derivatives brokers across Fidessa's global FIX network. RFQ-hub's platform enables its clients to obtain and select competing quotes and complete the transaction with their investment bank counterpart. By routing derivative RFQs and orders via FIX messaging fund management firms can trade in a more secure, lower risk environment.
David Sagnier, CEO of RFQ-hub, said: "We are very excited about this development. Connecting to Fidessa's global FIX network removes one major manual step in the derivatives trading process. It's a key step for RFQ-hub and its clients along the road to better standards and market practice in derivatives trading."
Simon McDowell, Managing Director - Connectivity at Fidessa, added: "We're very pleased to be working with RFQ-hub. It's a testament to the benefits of an asset-agnostic platform such as Fidessa that an initiative which helps remove inefficiencies in the buy-side workflow for derivatives trading can be made available across our global community."
Fidessa's connectivity network links more than 2,300 buy-side institutions to more than 400 brokers and 120 markets around the world, providing a single solution for best execution services across multiple asset classes. In the first half of 2009, Fidessa's global connectivity network has continued to increase its traffic by more than 20 per cent and now carries flow with a value of $600 billion a month.
Fidessa group serves around 24,000 users across more than 730 clients around the world and are used by more than 85 per cent of tier-one financial institutions.