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Fidelity Launches Dark Pool for Block Trades

December 12, 2012

Fidelity brings its retail order flow into a dark pool for trading with institutions. Bursa Malaysia is powering up its trading platform with Nasdaq OMX's X-Stream. SuperDerivatives is rolling out its new cloud-based market data platform. ITG is bringing global bank liquidity to Malaysia. Nasdaq OMX has added Consumer Demand Data to its machine-readable news service.

Fidelity Capital Markets: The Boston-based institutional trading division of Fidelity Investments said it created a dark pool for block trades, called the Block Liquidity Opportunity Cross. The BLOX venue is an extension of the company’s alternative trading system (ATS), CrossStream.

Begun as a pilot on October 1 with more than a dozen institutional clients, the trading system allows institutional investors to interact with orders from Fidelity's brokerage business and anonymously trade large blocks of stock.

In order to safeguard the integrity of the venue, the trading system.is available to fundamental investors, including institutional and retail firms, but not to high-frequency traders or broker dealers.

“In today’s competitive trading environment, fundamental investors are looking for a venue to conduct secure and fair transactions, while also achieving price and size improvement,” said John Donahue, senior vice president, head of equity trading at Fidelity Capital Markets.

The venue offers institutional investors the ability to interact with orders from Fidelity’s retail brokerage business. Thirty-four percent of the shares coming from its retail brokerage business are considered block size. Fidelity trades approximately 535 million shares on average per day..

SuperDerivatives: The London-based provider of derivatives data and analytics will launch its new real-time cash and derivatives market data platform DGX today.

DGX is a cloud-based data, news, chat and analytics platform, delivering the widest range of cash and derivatives market data direct to users’ desktop, iPad or mobile device through a modern, user-friendly interface.

Developed over two years in response to demand for an alternative to installed systems, DGX delivers real-time data with depth and accuracy from the SuperDerivatives cloud via an intuitive and user-friendly interface. It will be rolled out to existing SuperDerivatives customers free of charge.

DGX is entirely free text based and is driven by a very powerful search engine. It has advanced new chat facilities including video and multi-party chat, newsfeed and commentaries from multiple sources, a Twitter feed and live business television channels. The platform also provides access to a huge variety of additional data sources and third party apps via the DGX Store.

DGX data coverage includes:

  • 800,000 bonds (sovereigns, agencies and supra-nationals, corporates, euro bonds, MBS, ABS);
  • 50,000 stocks, indices and ETFs; 4,000 CDS curves;
  • 500 energy products;
  • All metals;
  • 250 agriculture products and wet and dry freight;
  • All interest rates (all yield curves including OIS, implied correlations, basis spreads, inflation, BMA)
  • Currencies of every country - major and all emerging markets