Fidessa group yesterday announced that Maxim Group has gone live with Fidessa BlueBox. Available in the US, Canada, Europe and Asia, Fidessa BlueBox is an algorithmic trading solution providing sell-side firms with industry-standard benchmark strategies along with a framework for building their own proprietary models, the firm says.
A hosted Fidessa customer since March 2006 for its OTC & listed trading desks, Maxim can offer its clients access to BlueBox's latest algorithmic strategies. James Orazio, president at Maxim Group, comments, "With BlueBox, we have been able to quickly move into the algorithmic space by leveraging industry-strength algorithms without the need to build and maintain our own technical infrastructure."
Built on Fidessa's proven technology used by over 85% of global, tier-one equity brokers, BlueBox incorporates Fidessa's low-latency market data and global connectivity. Jim Dyer, head of equity trading at Maxim Group, says, "We were so pleased with Fidessa's BlueBox strategies that we asked Fidessa to roll it out to the entire desk after just two days of pilot use."
"As competition grows, it's important to provide firms like Maxim Group the ability to distinguish themselves," says Matthew Rowley, global product manager for BlueBox. "With the BlueBox framework behind them, Fidessa's team of algorithmic consultants is well positioned to provide customised models within days of initial request. BlueBox has levelled the playing field."
"Fidessa BlueBox breaks the financial barrier for firms like Maxim Group who want to move into algorithmic trading and we look forward to working with Maxim Group on new models, allowing them to improve performance and regain further control over their trading volume," comments Martin Hakker, EVP marketing at Fidessa.
BlueBox heralds the evolution of Fidessa's trading platform into an algorithmic management system (AMS) by offering algorithmic trading capabilities totally integrated with its order management system (OMS), the firm says. BlueBox is suitable for any size of firm and delivers straight-through-processing while facilitating compliance with regulations such as Reg NMS and MiFID, adds Fidessa.
BlueBox is part of Fidessa's advanced trading suite which includes list management, wave trading, pairs trading and analytics, all of which are built on and integrated with Fidessa's global, multi-asset trading platform. The Fidessa network provides connectivity to around 1,000 buy-side institutions, 200 brokers and 82 exchanges globally.