In a perfect world, any sales trader would have a bird’s-eye view of what is going on in the organization at any point in time, and would always be informed about opportunities for liquidity and trading axes.
The reality, however, is that data is typically not efficiently shared across large financial institutions and complex infrastructures, huge amounts of data and thousands of orders mean sales traders are not necessarily in a position to take advantage of internal crossing opportunities before going outside the firm.
Having launched a tool to fix this widespread problem, it was unsurprising that Fidessa came out top in the Most Innovative Market Data Project (Vendor) category this year. Fidessa won judges’ votes for “continuing to innovate” with Fidessa Prospector, which as of this spring is arming sales traders with tools to search internal trading-related data for liquidity.
It is little wonder that six clients have already signed up to the brand-new tool that is tightly integrated with Fidessa OMS; there are obvious competitive advantages that can be realized when traders are not only alerted to liquidity within the firm that matches the client demand or order, but also offers suggestions to traders of clients that may be interested in a security based on current or previous trading activity.
To achieve this, Prospector, which is fully integrated into the trading workflow, mines and analyzes current and historical trading-related data available within a firm. It then delivers the information using color-coded heatmaps, making it easy for traders to identify potential crossing opportunities and strike fast. Instead of going out into the marketplace with a deal and paying execution costs to another broker-dealer, traders can then quickly match buyers and sellers internally.
Fidessa Prospector has the potential to deliver significant benefits to traders and clients alike, making this hot new offering a worthy winner in the innovation category.
Bill Murphy, CTO of Blackstone, once again joins the podcast to discuss the private equity firm's new offices, designed to house its innovations team.Subscribe to Weekly Wrap emails