Fidessa Launches Post-Trade Confirmation Hub

Fidessa Group has launched its open Post-trade Confirmation Hub, which allows buy-side and sell-side firms to confirm trades between themselves via FIX. Firms can certify once to the hub and then join Fidessa’s trading community of 3,600 buy-sides and 775 brokers.

Fidessa’s new service, which covers global equities trading, will enable firms to send and receive allocation and confirmation instructions to each other via an open, free-to-use protocol. This removes the need for proprietary alternatives that charge on a per message basis.

“For some time the industry has been looking at post-trade as a key battleground in the war on daily operating costs,” said Steve Grob, Director of Group Strategy at Fidessa. “What we found was that … recent fragmentation into competing alternatives has simply made the whole process even more inefficient for market participants of all types.”

“Our approach has been to focus on both the messaging standards that the industry wants to adopt and the business process for the operational users,” said Fidessa’s David Pearson, co-chair of the FPL EMEA Post-trade Working Group. “By standardizing the workflow for all our buy- and sell-side customers we are able to provide a straightforward and effective middle office environment. In addition, firms can leverage the existing FIX infrastructure they already have in place for routing order flow.”