Fidessa has released an affirmation management service (AMS) for buy-side post-trade processing, using the FIX messaging protocol.
The Fidessa AMS service automates the workflow for direct trade affirmation between the buy-side and sell-side, complementing Fidessa's existing sell-side service, Post-Trade Confirmation Hub, which was launched last year. Firms can certify with the hub and then be part of Fidessa's global trading community of 3,600 buy-side firms and 775 brokers.
The new service provides buy-side users with a holistic view of the global broker community in the same fashion that an execution management service does for order routing and execution, while removing the need for multiple systems, said Fidessa.
Fidessa also noted the launch precedes the upcoming shortened settlement cycle in Europe, increasing the need for improved post-trade processes.
“The move to T+2 settlement in Europe in October this year will herald the start of yet more scrutiny by all sizes of buy-side firms of their post-trade operations, as they strive to adhere to this and cope with the other evolving regulations that are expected,” says David Pearson, strategic business architect at Fidessa and co-chair of the FIX Trading Community’s post-trade working group.