UK platform and financial services technology developer, Fidessa group plc, has implemented a new order analytics service for its derivatives users that helps streamline the measurement of derivatives algo, according to a Fidessa statement.
As algorithmic trading sees a greater penetration into global derivatives trading, order execution has become increasingly important. As such, one of the paramount initiatives from FCMs has been the augmented automation of trading, namely to meet the cost conditions in the market.
Fidessa’s new Order Analytics (OA) service aims to help monitor how orders perform in real-time, whilst identifying deviations and inconsistencies – the new service will be integrated with the rest of its global futures and options trading platform suite. More specifically, the analytics service provides real-time measurement of progress against interval VWAP and TWAP.
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The cohesion between Fidessa’s existing products ensures that users can monitor all orders in real-time, along with having the option to adjust their respective algo parameters accordingly. Finally, the service fully satisfies the requisite execution performance mechanisms, as stipulated under MiFID II.
According to Yuriy Shterk, Head of Derivatives Product Management at Fidessa, in a recent statement on the launch, “We recognized early on that we would need a ground-up approach that reflected the order types and strategies that are unique to global derivatives markets.”
“Demand for this emerged from our FCM customers who, in turn, were being asked for better analytics by their own customers. Being able to put this capability directly onto their customers’ desks is already proving to be another source of competitive edge for those firms. Greater regulatory scrutiny means that the need to understand how orders are performing is becoming a critical issue,” he added.
Last month, Fidessa made headlines when it partnered with Guotai Junan Securities Limited, the Hong Kong brokerage arm of one of China’s largest investment banks under the same name.