Japannext Securities Connects to Fidessa Network
July 29, 2010
Fidessa Group said it had connected its trading network to SBI Japannext Securities, operator of one of the leading Japanese proprietary trading systems.
As part of the arrangement, SBI Japannext can use the Fidessa network to send messages worldwide using the Financial Information Exchange protocol. Also, market data from the proprietary trading system will be disseminated through the Fidessa network.
SBI Japannext Securities operates Japannext PTS, an alternate trading venue that claims to achieve the same or improved prices compared to the main exchange in Japan for more than 40 percent of total trading hours. In addition, the venue blotter maintains around 5 percent of the order quantity for the best quotes available on the Tokyo Stock Exchange, the main exchange.
The connection will allow Japannext to server both “onshore” and “offshore” traders, said Mitsunori Fukushi, representative director & CEO, SBI Japannext Securities Co., Ltd .”
The launch of the Tokyo Stock Exchange’s Arrowhead technology platform is fostering more high-frequency trading in Japan, noted Hiroshi Matsubara, marketing director for Fidessa in Japan. Chi-X Japan, a high-speed alternative venue, also started trading Thursday, with five large and liquid Japanese stocks.
Fidessa’s network provides connectivity to more than 2,400 buy-sides and 530 brokers across 130 markets globally.
Japannext was established in November 2006 as the first full-scale proprietary trading system dealing in Japanese equities for institutional orders provided through leading broker houses in Japan.
The venue started its nighttime session in October 2007. Trading was expanded to cover the daytime session in October 2008.
