Pipeline, the block trading venue operator and agency broker, has announced the availability of direct access to its services from Fidessa, the trading solutions supplier, and forthcoming clearing services from central counterparty EuroCCP for its new Block Board multilateral trading facility.
Fidessa, , will provide an interface which will enable clients to access Pipeline's trading system via their Fidessa order management system. The addition of Fidessa as a direct connection enables Pipeline to offer clients a trading mechanism without the need for an additional trading venue application taking up space on a trader's desktop.
Being able to offer clients an entirely flexible choice when accessing Pipeline helps clients make the most of their existing infrastructure without additional costs.
Pipeline's partnership with Fidessa coincides with the forthcoming launch of its Block Board MTF at the end of May.
Intrinsic to the Block Board launch is Pipeline's partnership with European central counterparty EuroCCP. Through the partnership, Pipeline is able to offer clients the risk-management and cost-saving benefits of EuroCCP's cross-platform netting and settlement.
EuroCCP supports Pipeline in maintaining anonymity, protecting client identities both pre- and post-trade. Pipeline is also supported by French custodian BNP Paribas Securities Services, which acts as the company's agent for trades which are not cleared centrally but settle bilaterally.
“EuroCCP enables Pipeline to provide a full service to sell-side customers and complements the existing settlement service provided by BNP Paribas,” explains Marcus Hooper, executive director, Pipeline.
The Block Board will commence trading in Pipeline's existing 14 European markets, covering over 3,500 instruments. The Block Board's heatmap and anti-gaming technology is designed to allow clients to access liquidity without information leakage. As part of the launch, Pipeline is offering clients discounted fees in return for executable orders, regardless of size, price or ”maker-taker' status.