Fidessa, a trading systems, market data and global connectivity provider, has added Knight Link, a financial servces firm, as a new trading venue for Fidessa users seeking off-exchange liquidity.
Knight Link provides a new way to access Knight Capital’s pool of liquidity, providing order execution in more than 7,300 securities. Fidessa users can now send IOC orders to Knight Link, which will be executed or cancelled almost immediately.
Knight Link is designed for those looking for immediate execution, little or no market impact and liquidity in small-caps and difficult-to-trade securities. With Knight Link, Fidessa says its users are now exposed to even more liquidity, as Knight Capital regularly trades greater equity volume than any US exchange. Its average daily volume was 3.75 billion per day in 2007. Knight Link executes approximately 100 million shares per day, according to March 2008 figures.
“With Knight Link, Fidessa users will have access to higher fulfillment rates, rapid response times and Knight’s deep pool of liquidity,” said Jamil Nazarali, managing director and head, broker-dealer electronic trading, Knight, in a statement.
Martin Hakker, executive vice president of marketing at Fidessa, added, “This agreement provides our customers with access to the Knight Link service, further complementing the routing and smart order routing capabilities already present within Fidessa’s suite of trading solutions.”