Fidessa, a provider of buy- and sell-side trading technology, has enhanced the program trading functionality of EMS Workstation, its broker-neutral, low-latency trading platform for equities and equity derivatives.
The new features will allow users to manage lists or programs of orders through a single trading blotter.
The EMS Workstation is available as a standalone product, as a staged solution from any order management system or order source through FIX, or as part of Fidessa LatentZero’s Minerva order and execution management system.
With the new tools, orders from programs can be sent to any trading destination, which may include high-touch, direct market access, algorithmic or dedicated program desks. When slicing waves of market orders from the program, the waves can be viewed as single entities on the market order blotter, with all of the underlying market orders grouped below, according to multiple criteria including country, region and percentage of average daily volume. Users can easily monitor the progress of the individual waves and any error conditions. In addition, the program, wave and single orders are all benchmarked so that the relevant profit and loss of the wave can be measured in real time.
“In addition to the enhanced functionality, we also saw the integration of the Fidessa Fragmentation Index (FFI) to enable users to keep pace with the increasingly fragmented trading arena in Europe,” said Russell Thornton, EMS product manager at Fidessa, in a statement.
The Fidessa Fragmentation Index is a weekly analysis of European on-order-book equities trading.
Fidessa’s EMS Workstation provides access to more than 120 execution venues and over 400 brokers worldwide. It offers integrated access to algorithms from more than 40 brokers and incorporates transaction cost analysis from Barclays, Citigroup, Credit Suisse, Deutsche, Nomura and UBS. Global market data and news is fed in from Fidessa’s ticker plants.
As the workstation is broker-neutral, clients have complete control over which brokers they trade with, enabling them to diversify and reduce risk by managing their own execution strategy, according to Fidessa.