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Fidessa is used to capture all the originating
institutional or retail client orders. These can
be entered directly into the system or taken from
an electronic source; such as from the Internet,
over FIX directly from an institution, or from
third party networks.
Once captured, orders are passed to the
appropriate execution service for trading. Execution
services vary from real people (market makers,
listed desk, block desk) to automatic computerized
functions (auto execution, price improvement monitor)
to remote electronic systems (markets, crossing
networks, other brokers, ECNs). Highly specialized
routing rules can be defined to ensure orders
are given to the most suitable execution services.
During the life of the order, the originator can
receive real-time status updates to keep him fully
informed of where the order is, the volume traded,
and the average price achieved. In addition, the
system keeps a complete audit trail of every action/event
that occurred against the order.
All details regarding an order and any executions
associated with an order can be viewed. A full
audit trail for an order is available and lists
all transactions that have successfully been applied;
the audit trail captures the market prices at
the time of each transaction and can be used to
help resolve client queries. Sales people can
be grouped together so that all staff in a group
can view and manipulate each other’s orders.
Orders routed to traders automatically appear
on their display via an alert trigger, and once
accepted by the trader it is inserted into his/her
active order monitor.
There are four main ways for the trader to work
and track an order:
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By
interacting with the market |
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Over
the phone to brokers or market makers |
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Over
the phone to clients to actively cross client
business |
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Off
principal house accounts |
Traders are grouped together so that all staff
in the group can view and manipulate each other’s
orders. Furthermore, traders can be configured
with access to a list of groups, and as a result,
he/she can also view and manipulate orders entered
by trading staff in those groups.
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