Trading solutions provider Fidessa has launched its Post-trade Confirmation Hub to enable the buy- and sell-side to confirm trades using their FIX connections.
The firm said using the FIX connection will help to improve efficiency and drive down post-trade costs.
“In the war on costs, the post-trade space is a relatively new battleground. It’s currently dominated by antiquated proprietary systems. However, there’s no competitive advantage to doing things differently so it made sense to introduce a FIX-based system,” said Steve Grob, director at Fidessa.
Fidessa said signing up to the service will include a fixed fee to upgrade the Fidessa workspace, rather than on the per-message basis that most post-trade systems offer, helping to reduce overheads for clients.
Once signed up, firms will be able to send and receive allocation and confirmation instructions across global equities. Additionally, once a firm has certified once on the hub they will have access to Fidessa’s global trading community.
As well as moving away from per-message charges, using FIX should make the process of moving to the post-trade service seamless and inexpensive.
“Because we’re using the FIX protocol and most buy-side firms will already have invested in the infrastructure they need to use FIX, they will be able to piggy back on that investment to get up and running quickly and cheaply,” added Grob.
David Pearson, Fidessa and co-chair of the FPL EMEA Post-trade Working Group, added: "Our approach has been to focus on both the messaging standards that the industry wants to adopt and the business process for the operational users. By standardising the workflow for all our buy- and sell-side customers we are able to provide a straight-forward and effective middle office environment.”