Buy-side trading technology provider Fidessa LatentZero has signed a deal that will allow clients of its Minerva order and execution management system (OEMS) to send trade data automatically to Trade-Zoom, a post-trade transaction cost analysis (TCA) application developed by software firm Ancerno.
Fidessa LatentZero has built an ‘extract’ that pulls client trade data from the Minerva OEMS and pushes it to Ancerno for measurement and analysis. Previously, customers were responsible for sending Ancerno their trade data files.
The two firms argue that the extract tackles the challenge of obtaining complete, properly-formatted trade data files with timestamps from an OMS by allowing Minerva users to deliver their data accurately and securely to Ancerno. Clients can request Fidessa LatentZero to enable the extract, and Ancerno will automatically receive trade data.
“The extract will save our clients time and effort in providing us data. It can help make their reports even more accurate and informative,” said James Noser, president of Ancerno, in a statement. “It may also enable Fidessa LatentZero’s other clients to subscribe to Ancerno’s services through our network of re-sellers.”
Chris Gregory, director of connectivity at Fidessa LatentZero, added, “The agreement with Ancerno allows Fidessa LatentZero to provide a turnkey TCA solution to all of our clients. This capability will make Minerva OEMS more competitive in the marketplace.”
Several beta clients, including a large US-based capital management firm, will begin testing the extract soon.
The Minerva OEMS provides its buy-side users with connectivity to the direct market access, algorithmic, program and sales trading desks of 400 brokers across 120 markets worldwide via the Fidessa network.