Fidessa group plc (LSE: FDSA), provider of award-winning trading solutions for the buy-side and sell-side, today announced that Daiwa Capital Markets America Inc. has successfully gone live with its hosted US trading platform to underpin its US trading operations.
Daiwa Capital Markets America selected the Fidessa trading platform following a comprehensive vendor comparison exercise, which was led by both IT senior management and traders. In addition to the order management functionality, Daiwa Capital Markets America will be using the built-in benchmark and execution algorithms in BlueBox, Fidessa's algorithmic trading engine.
Stephen D. McCabe, EVP, Co-Head of Information Technology, Daiwa Capital Markets America, commented: "This represents a very positive step for us. Our previous solution was failing to meet the needs of our traders: we wanted something more robust and more easily customizable and that is exactly what we get with Fidessa. Our traders were particularly impressed by the built-in algorithms, and the compliance engine is a particular asset, giving us out-of-the-box regulatory-approved reports."
Martin Price, First VP, Information Technology, Daiwa Capital Markets America, added: "Fidessa's technology will help us streamline our business by automating a number of previously manual processes. It will also remove the difficulties we've had in the past managing the communication between disparate systems by giving us a single platform. Fidessa has a reputation for being the market-leader, but for being the expensive choice. However, we found that costs were comparable with the other solutions we were considering. The difference was that Fidessa gives us far more for our money, and will be instrumental in supporting us as we grow."
David Polen, director of hosted marketing at Fidessa said: "We are delighted that Daiwa Capital Markets America has chosen the Fidessa trading platform. This continues to demonstrate our ability to support the mid-tier market in the US, with a technology platform that is robust enough to grow with the company. Our hosted solution will enable Daiwa Capital Markets America to trade more efficiently and we look forward to developing the relationship with them in the coming year."