JonesTrading Expands With Fidessa Support
June 1, 2009
Agency brokerage JonesTrading Institutional Services has implemented Fidessa Group's global trading service and program trading technologies to support its recently launched international trading desk.
JonesTrading will focus initially on providing its clients with 24/6 execution services in Europe, Asia and Canada, expanding into additional regions based on client demand, according to the company. Fidessa's global trading service, which is fully integrated with Fidessa's order management system, will enable JonesTrading to execute large baskets of international, as well as domestic, securities for its clients.
"[Our traders] need to have state-of-the-art trading technology at their fingertips and to be able to leverage that in conjunction with our network," said Will Geyer, president and CEO of JonesTrading, noting that his firm already uses Fidessa's order and execution management trading capabilities in its 13 U.S. offices. Most recently, JonesTrading opened an office in Charleston, S.C., that works European hours covering U.S.-based customers interested in trading the European markets, he said. JonesTrading is also looking to hire a sales trading team that conducts during Asian business hours as well.
Regarding JonesTrading's decision to extend its use of Fidessa's technology to the European market, Geyer said, "We looked at several OMS/EMS solutions but felt that Fidessa's ability to help us bridge the different offices we have and be able to communicate effectively internally as well as the suite of execution tools they provide was the best solution in the market," said Geyer.
Further expanding their international trading capabilities in 2009, JonesTrading Canada Inc., a subsidiary of JonesTrading, will also be implementing the Fidessa trading platform at their Toronto office. The Fidessa Canadian trading platform will provide JonesTrading Canada with electronic cross-border order management, smart routing, real-time market data, middle office capabilities, position keeping, risk management and compliance, all in a single platform.
"These solutions enhance their traders' specific expertise in block trading and enable them to provide their clients with a one-stop-shop for all their execution needs," said David Polen, senior vice president of hosted product marketing at London-based Fidessa Group, a provider of multi-asset trading, portfolio analysis, decision support, compliance, market data and global connectivity solutions for buy-side and sell-side firms. "We are proud to be helping them navigate and adapt to the international trading landscape by providing them with a spectrum of robust and scalable trading solutions."
