Fidelity Brokerage Company and Lehman Brothers have linked their alternative trading systems (ATS), Fidelity’s CrossStreamS and Lehman Brothers’ Liquidity Center Cross (LCX).
The connection between the non-quoted systems broadens execution capabilities for both firms’ clients. At the end of 2006, Fidelity’s brokerage platform had USD1.7 trillion in assets under administration, 17.1 million client accounts and USD3 billion of equity trading per day.
“Today’s current trading environment has made it increasingly difficult for investors to execute large trades with minimal market impact and information leakage,” says Bill Baxter, a senior vice president and head of equity for Fidelity Capital Markets Services. “By connecting CrossStream’s already deep and diverse liquidity pool with Lehman Brothers’ Liquidity Center Cross, clients of Fidelity Brokerage Company can have the confidence that the organisation may quickly and discreetly find a natural match for their orders.”
“Partnering with Fidelity Brokerage Company underscores Lehman Brothers’ commitment to seek innovative solutions to provide liquidity to our clients,” adds Michael Bleich, the head of liquidity strategy at Lehman Brothers. “Lehman Brothers’ Equities franchise has significantly invested in its electronic trading platform in order to offer our clients best-in-class capabilities in an increasingly complex marketplace.”