CIMB Leverages Fidessa for Expansion Across Asia
Fidessa group plc (LSE: FDSA), provider of high-performance trading, investment management and information solutions for the world’s financial community, announced November 20 that it is deepening its business ties with CIMB Securities (CIMB) to enable their regional growth plans. The deal will see Fidessa’s software as a service (SaaS) trading platform, already widely used by CIMB, be extended to cover Thailand, Indonesia, Taiwan, Korea and India to deliver a consolidated pan-Asia sell-side trading solution. Under this closer collaboration Fidessa is rolling out its platform to support member trading across these new markets in coming months.
CIMB has enjoyed a highly successful relationship with Fidessa, using it to underpin execution and order management for the last five years in Malaysia, Singapore and Hong Kong. Following CIMB’s recent acquisition of Royal Bank of Scotland’s (RBS) Asia Pacific investment banking and cash equities operations, it is now looking for Fidessa to support its operations in new markets with cross-border order management and visibility for domestic and regional order flow.
CIMB will also take advantage of Fidessa’s advanced trading tools for IOI management, basket and execution management and program trading, as well as algorithmic trading through Fidessa’s algorithmic engine, BlueBox. The Fidessa BlueBox Framework enables CIMB to internally develop and deploy powerful proprietary algorithms seamlessly delivered through Fidessa’s fully managed and hosted robust infrastructure.
Carol Fong, CEO of CIMB Securities, said: “This move is of significant strategic importance to CIMB as we build on our acquisition of RBS’s assets and look to advance our position in our core markets and new forays. We are confident that Fidessa can offer the innovative functionality, proven technology and robust global infrastructure that will support our ambitious growth plans.”
Jean-Pierre Baron, Managing Director at Fidessa in Asia, added: “By implementing one platform across the region, CIMB will benefit from both the efficiencies of a consolidated, scalable system and also the ability to offer a truly integrated service to clients. We are delighted to be the partner of choice for firms like CIMB expanding across Asia, demonstrating our ability to support large-scale, multi-region platforms effectively.”