Grupo Financiero Banorte (GFNorte), the third-largest financial institution in Mexico, has joined the Fidessa connectivity network.
Adding GFNorte considerably enhances the reach of the Fidessa network in Latin America and offers network members access to proximity-hosted and co-located DMA to Mexico’s stock exchange, the Bolsa Mexicana de Valores (BMV).
“In the Mexican marketplace, it is more essential than ever for broker dealers to have access to an extensive and secure transaction network as well as competitive execution services to help them capture liquidity and achieve global growth, says Bruno Grebe, GFNorte’s head of equities. New regulations in Mexico enable broker dealers to establish separate channels to segregate their order flow. Consequently, GFNorte is introducing a new channel specifically for DMA flow, which better facilitates group trading, which is available through the Fidessa network.”
Fidessa has been expanding its footprint in Mexico, having launched earlier this year a trading platform for BMV.
Along with its developing DMA offerings, the group’s presence on the network enhances the services on offer to our members around the globe and we are delighted to be able to extend our reach in Mexico in this way, says Alice Botis, Fidessa’s Head of Business Development in Latin America.
BMV itself has been working to attract the attention of foreign investors. The exchange now provides worldwide participants with seamless, high-speed access through low-touch direct market access (DMA), high speed co-location services and FIX standard protocol for order routing and market data. It has also partnered with CME and plans to launch a new trading engine next year.
(CG)