Fidessa LatentZero, a provider of front-office software to buy-side traders, has partnered with Pipeline Trading Systems to enable clients of its order and execution management system (OEMS), Minerva, to realise institutional trading efficiencies without risking blotter information leakage, according to Fidessa LatentZero.
Pipeline empowers traders to secure large block liquidity while lowering impact costs at the same time. The firm maintains a hidden book of large, executable limit orders with strict price-time priority, and facilitates the interaction between natural buyers and sellers in what it describes as a 'predator-proof' environment.
Pipeline's partnership with Fidessa LatentZero enables traders to send orders to Pipeline directly from the Minerva OEMS blotter with a single click. Buy-side traders maintain control over their order submissions, while retaining the ability to join large block trading opportunities matching stocks in their blotter, adds the firm.
“As trade volumes have increased, fill sizes have tended to go down correspondingly," says Chris Gregory, head of connectivity services at Fidessa LatentZero. "This has made it increasingly difficult for traders and dealers with large block trades on their hands to find pools of liquidity without breaking up the order. The Pipeline/Minerva integration provides traders with added security by preventing blotter content detection. The partnership with Pipeline gives our clients greater choice of execution strategy, and in turn enhances their ability to deliver best execution to their clients," continues Gregory.
This is one of a series of partnerships that Fidessa LatentZero has developed with a view to enhancing the connectivity features of its OEMS. Fred Federspiel, president of Pipeline, comments: “The simplicity and power of this integration can only lead to higher fill rates and lower market impact costs.”