Fidessa, the trading system vendor that recently acquired LatentZero, is to be “preferred solution supplier” to Morgan Stanley, distributing the investment bank’s electronic trading services (MSET) through the Fidessa LatentZero execution management system (EMS).
Morgan Stanley and Fidessa LatentZero will together provide integrated execution tools and services to the buy-side to support the global trading of equity cash, futures and swaps.
Morgan Stanley is already a broker on Fidessa's global connectivity network, offering direct market access (DMA) trading, algorithmic strategies and smart order routing through Fidessa LatentZero EMS.
"We are happy to work with Fidessa LatentZero to give our shared clients full, flexible access to our trading capabilities, including global cash and derivatives exchanges and our algorithmic tools," says Eli Lederman, managing director and European head, Morgan Stanley electronic trading services.
"Fidessa has an established footprint in the trading landscape already, and its EMS product has emerged as a competitive product that buy-side trading desks want to use. As investment managers consider unbundling, acceptable uses of commissions and best execution issues, it's reasonable to expect that Fidessa LatentZero EMS will be an important tool for their traders," he adds.
Fidessa LatentZero EMS provides a broker-neutral order management and execution platform aimed at buy-side traders.
Simon Barnby, director of global marketing communications, Fidessa, says the deal symbolises Fidessa's penetration of the buy-side. "Our partnership with Morgan Stanley is the best endorsement of our EMS product," he says. "This will enable us to better service our mutual clients and gain product coverage," he continues.