Fidessa group plc (LSE: FDSA), provider of high-performance trading, investment management and information solutions for the world's financial community, has today announced that it has "tropicalized" its trading system, developing and integrating the necessary functionality to support electronic trading in Brazil.
The Fidessa platform can now accommodate Brazil-specific market structure and regulations, enabling both domestic and international clients to trade efficiently while remaining compliant with local requirements.
The tropicalized version of the Fidessa trading platform retains all of the features and functions available to users in other markets. They include seamless and efficient straight-through processing from order inception to trade confirmation, fully integrated real-time global market data, local market gateways and the ability to aggregate market data across multiple liquidity venues. The platform also offers high-throughput, no-touch order routing with the associated pre-trade client risk checks, as well as care order flow and advanced trading tools like pairs, algorithms and baskets. Customers can intelligently route orders to achieve best price and maximize their access to liquidity.
Cícero Vieira Neto, chief operation officer at BM&F Bovespa said: "We are working aggressively to upgrade our systems to create an electronic trading environment that will attract local and international investment, and be commensurate with the growing stature of the Brazilian economy as a whole. Fidessa has long recognized that it is not possible to simply provide a standard trading platform to the Brazilian market and expect it to execute at the level of sophistication required by our members. The Fidessa team continues to work closely with us to understand our market requirements and incorporate them into its trading platform, ensuring that it can fulfill its commitment to keeping clients current with all changes. As an exchange, having vendors who can quickly react to and implement changes in a timely manner affords us the flexibility to continue to extend new features to our members."
Fidessa has also made a number of critical adjustments to its platform to ensure that users are able to remain compliant with Brazil's regulatory requirements, which set precise guidelines for market participants. As a result, the Fidessa platform is able to perform all the complex middle-office charge calculations that are required, as well as support the trade of odd lot or mixed lot orders, real time auction monitoring and many other market-specific demands. The Fidessa platform's proprietary real-time database and low-latency architecture can take in significant amounts of data, select the relevant data sets and perform complex calculations. It also gives traders the ability to take advantage of moving markets or reduce market impact.
Fidessa continues to work closely with BM&F Bovespa and local partners to ensure the platform continues to offer fully compliant trading capabilities and to provide ongoing support to the changing market data and order entry feeds required to accommodate the new matching engine which is launching in Q3 2011 for derivatives and Q1 2012 for equities.
Alice Botis, head of business development, Latin America, at Fidessa, said: "Brazil is a very attractive market for our international clients and they are aggressively seeking trusted partners to provide local market knowledge to steer them through this fast-moving environment, and proven technology to provide the same level of functionality they use in other markets. These international clients are joined by a growing local customer base looking for alternatives to local systems to help them adhere to the trading rules of the local market structure and help them compete. We have tropicalized the platform for use in the Brazilian marketplace in response to these demands, and applied our resources to ensure that our platform is able to meet current requirements and stay ahead of future changes as they happen."
The Fidessa global connectivity network is providing significant value to Latin American brokers for the facilitation of southbound order flow, and in the past year has added the following brokers to its network: Celfin Capital, InterBolsa Comisionista de Bolsa, Agora CTVM S.A, BES Securities, Casa de Bolsa Finamex, Credit Suisse Hedging-Griffo, Fator Securities, Grupo Bursatil Mexicano, ICAP Brazil CTVM, Interacciones Casa de Bolsa, Itau Securities, IXE Casa de Bolsa, Santander Investment Securities, Planner Corretora De Valores, Terra Futuros Corretora de Mercadorias S/A and XP Investimentos.