Liquidnet, the buy-side focused block trading venue, has been integrated directly into technology vendor Fidessa's Execution Management System (EMS) Workstation trading platform for equities, in a link that will simplify buy-side access to the dark pool.
Liquidnet typically operates by scanning a buy-side firm's order management system (OMS) blotter pad and alerting the firm if there is a match so it can begin negotiations. But for firms that primarily use an EMS to trade, this requires inputting orders into an OMS separately, risking overtrading and the effects of user error if the process is manual.
The alliance provides real-time interaction between Fidessa's EMS trade blotter and Liquidnet – providing traders with access to block liquidity without the need to operate on two separate systems.
Fidessa EMS Workstation users will now have access to block liquidity from Liquidnet’s 630 global members that operate in 39 equity markets.
Fidessa’s open technology framework and software development kit made it possible to introduce the offering directly within the system, and will allow Liquidnet to deploy future offerings itself into the EMS Workstation.
Adrian Fitzpatrick, who is both head of investment dealing at buy-side firm Aegon Asset Management, which uses the Fidessa EMS Workstation, and also an independent non-executive director of Liquidnet Europe, said, “We sought an innovative, secure, quick to deploy, broker neutral solution that would allow us to deliver the very best execution services for our clients. Due to its additional functionality which goes beyond a patented blotter scrape, we are able to achieve superior order control.”
John Barker, head of international at Liquidnet added, “This is yet another example of how Liquidnet continues to introduce new functionality and trading strategies that will enhance the experience for our members and program trading clients. By deploying this integration with Fidessa’s platform, we maintain our drive to achieve the optimal platform for interacting efficiently with our safe block liquidity.
We continue to look for opportunities to partner with broker-neutral platforms where our members can benefit.”