NCB Capital, a Saudi Arabian asset management and investment firm, has become the latest Middle East company to implement technology vendor Fidessa's sell-side trading platform.
Fidessa's platform will support NCB's retail and institutional client’s equity business on Saudi Arabia's Tadawul exchange, as well as the firm's own global trading activities. NBC claims to serve over one million retail customers, more than any of Fidessa's other clients in the Middle East region.
The deal will give NCB an order management and exchange trading infrastructure, as well as access to Fidessa's global connectivity network, which could allow NCB to route its international order flow via a reported 530 brokers. Fidessa says that traffic on its global network increased by 40% in 2009 and now carries around $640 billion of executed order flow each month.
“The structure of the Middle East and north African markets, with their vast array of high net worth, retail and institutional investors, demands a powerful and adaptable core technology architecture. Our flexible and high performance platform provides a sophisticated and robust solution that can seamlessly integrate all of NCB Capital’s trading operations and so provide a best-of-breed service to both their retail and institutional clients,” said Rajiv Shah, director of enterprise services EMEA, Fidessa.