Published On: Tue, Nov 24th, 2009

Fidessa’s Asian Trading Platform

FidessaProgram trading in Asia is a challenging and complex endeavor. Each exchange has their own order types, trading rules and gateway API’s. As a leader in the global program trading space I wanted to investigate what Fidessa was bringing to the market and was recently afforded such an opportunity. It was their out-of-the-box hosted or ASP version of the Asian Trading Platform v5.11 (they have a client hosted version called Enterprise that is fully customizable and more expensive).

As with all good demo’s they had the trading screen all set to go when I arrived. My first impression was that it had a clean interface allowing you to manage multiple baskets across multiple markets quite easily. We started by importing a list of names into the application using, in this case, Excel but other file formats such as csv can do the job too. And of course, a list can be routed and staged from a buy-side or other trading desk as well. Once the list was imported it quickly told you the number of shares in the basket, the number of buy and sell orders and the value. Certainly useful when confirming with your client before starting to trade.

We moved on to the Wave window. This is where the program trader can start to work the list in the market. Child orders of child orders can be created and various parameters can be placed on each slice underlying a name in the list. Orders can be made to complete aggressively or passively. They can begin and end at a certain time. Participation levels can be set and many other familiar algo types like iceberg or TWAP could be configured. Monitoring the orders was quite intuitive too. A colour coding system was available to indicate completed, working or paused. In fact there were a myriad of columns available to deliver the information you wanted to see on the screen. Child orders working in the Wave screen could be changed very easily to help the program trader modify urgency or trading destination. Order can be sent to the exchange or to any of the crossing networks in Asia such as BlocSec, Liquidnet or TradeBook. There was also the ability to combine orders from different lists empowering 1 trader to do more and realize a better price for their client by taking advantage of block crosses.

While I only had 1 hour to look at this product I realized I had only scratched the surface of this powerful tool let alone the other applications in the Fidessa suite. If you are reviewing Order Management Systems (OMS) in Asia or for anywhere else for that matter be sure to take Fidessa for a test drive.

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