Haitong Securities and Fidessa Open up Chinese Markets
Fidessa group plc, provider of high-performance trading, investment management and information solutions for the world’s financial community, announced June 27 that Haitong Securities, one of China’s largest brokerage firms, has joined its global connectivity network to open up access to China’s markets. As a result, the 2,400 buy-sides and 600 brokers on the Fidessa network will be able to route orders via Haitong to the Shanghai and Shenzhen stock exchanges.
Since 2008, Haitong Securities has provided access to the Shanghai Stock Exchange via its subsidiary, Shanghai Stock Communication Company (STOCOM), enabling a number of institutional clients around the world to access both the Shanghai and Shenzhen stock exchanges. Fidessa has now passed conformance testing with STOCOM, opening the way for inbound trading via Haitong of A-shares and B-shares in these markets. A shares are listed in Renminbi and available to domestic and Qualified Foreign Institutional Investors – QFII – whilst B shares are listed in US Dollars for international firms.
Mr. Hiroki Mayizato, general manager of the International Business Department, Haitong Securities said: “We were impressed by the strength and the breadth of the Fidessa network and the company’s commitment to establishing the required connection to STOCOM. By joining the network we are able to offer access to this community and provide members with the local expertise that will enhance the outcome of their strategies for the Chinese market. At the same time we are able to extend our own international business.”
Jean-Pierre Baron, managing director at Fidessa in Asia, said: “As international order flow into China continues to grow, and transits for a large part via Hong Kong, we have seen increased demand to build a pipe between our Hong Kong hub and China. By connecting through STOCOM to the Haitong execution services, we have established a bridge that will act as a powerful accelerator for reaching the mainland markets. We are delighted that Haitong have agreed to on-board our network and partner with us as a new destination”.
The Fidessa trading network covers more than 150 markets across EMEA, Asia Pacific and the Americas. It is one of the world’s most wide-reaching and powerful trading networks, and allows members to extend their trading business by attracting international flow in a secure, reliable and cost effective manner. The network has more than 3,000 members from both buy-side and sell-side, and carries executed order flow worth more than $800 billion every month.