Squawker, a block trading negotiation market for the sell-side, has integrated trading technology vendor Fidessa’s order management system (OMS) into its platform.
Incorporating Squawker into Fidessa’s OMS will let the vendor’s sell-side clients route orders, indications of interest (IOIs) and advertised trades from their trading systems as soon as the platform goes live in Q1 2013.
Squawker, which has also signed a deal with telecom’s provider BT’s Radianz Services, lets brokers advertise trading interests then hunts for potential matches, without revealing counterparty or trade information.
The two counterparties then negotiate the price they want to trade at over Squawker, then complete the trade bilaterally. The venue is currently in discussions with a range of sell-side firms to build its member base.
“The challenge of finding block interest needs to be resolved and we are seeing significant appetite to Squawker playing a key role in solving this challenge,” said Chris Gregory, CEO, Squawker. “Fidessa has now completed the Fidessa European Trading Platform FIX connectivity and deep integration with Squawker which will enable its clients to have easy access to this new source of liquidity. The deep integration will allow ETP users to automate this process even further by easily configuring their Fidessa OMS to automatically route IOIs to Squawker the instant they receive a block order onto their OMS blotter.”