Fidessa group plc (LSE: FDSA), provider of high-performance trading, market data and global connectivity solutions for the buy-side and sell-side, has today announced that Excellence Nessuah, one of Israel's leading investment houses, now provides Direct Market Access (DMA) to the Tel Aviv Stock Exchange (TASE) across Fidessa's global connectivity network.
The move gives Fidessa's community of 2,400 buy-sides and 550 brokers trading access to Israel's only stock market.
Excellence Nessuah has been a receiving broker on the Fidessa connectivity network for just over a year. Following the recent decision by TASE to allow DMA, a number of local and international firms have expressed an interest in expanding their presence in the Israeli market and taking advantage of the country's growing electronic trading volumes. In response to this, Excellence Nessuah is now able to offer a package of brokerage services, coupled with extensive regional expertise, to Fidessa network members.
Daniel Goldstein, Head of Institutional Sales at Excellence Nessuah, said: "Having spoken to several mutual clients, it was clear that there would be a number of benefits in extending the terms of our relationship to make our DMA service available to the Fidessa community, thus making Israel ever more accessible to the wider investment community. Fidessa's network is the pre-eminent system in the marketplace, and its size, scale, reputation and robustness speak for themselves. It touches many areas with which we would wish to be involved and, as the gateway to TASE and the Israeli market, we gain access to multiple counterparties who are interested in the services we have to offer. Being a member of the Fidessa network opens up opportunities that otherwise may not have existed."
Simon McDowell, managing director for connectivity at Fidessa, commented: "We're seeing demand from a number of firms for DMA services into the Israeli market and we are delighted to make this happen. Excellence Nessuah has a well-founded reputation for great research and solid results from its trading operations. Now, with the ability to manage care and DMA orders, they deliver a complete service for those in our network community wishing to trade on the Tel Aviv market."