Nordic bank chooses Fidessa to outsource execution technology

The bank will use Fidessa's platform for sales and execution across its equities and derivatives business.

Nordic bank ABG Sundal Collier (ABGSC) has chosen to outsource its brokerage technology across equities and derivatives to Fidessa.

The bank will use Fidessa’s workflow platform for its sales and execution business across its operations in the Nordics, Frankfurt, London and New York.

The platform will also enable ABGSC to use Fidessa’s order management functionality, and a range of trading tools including algorithms, as well as Fidessa’s MiFID II platform development programme.

“A review of our existing technology led us to search for a robust, reliable and cost-efficient solution that would enable us to provide the high quality of execution services that our local and international investors are demanding, both today and post-MiFID II,” said Daniel Lundqvist, head of sales trading, Sweden & execution global, ABGSC.

Operations heads at many of the large banks and broker-dealers are being pressured to improve their total cost of ownership, resulting in increased consolidation of systems, streamlining straight through processing (STP), and reallocating resources on the front-end.

In this sense, outsourcing front-office technology to third-party vendors is making more economic sense.  This has been the case with banks such as Barclays, BNP Paribas and Citi outsourcing their listed derivatives trading platform to Fidessa.

“As the services brokers offer are increasingly polarised around high and low-touch trading, it is important to have a platform that delivers the best technology and capabilities for each,” added Peter Holmgren, regional sales manager, Fidessa.