ABN Amro, Fidessa Expand Clearing
ABN AMRO Clearing extends its relationship with Fidessa to include screen distribution
October 16, 2017 – Fidessa group plc (LSE: FDSA) today announced that it has extended its existing relationship with ABN AMRO Clearing Bank N.V. to allow the global clearer to distribute Fidessa’s derivatives EMS. In June 2016 ABN Amro Clearing harmonised its global multi-asset market access by replacing numerous ISV and in-house systems with Fidessa’s XTP technology. ABN Amro Clearing can now present its clients with a globally consistent and highly performant market access layer to more than 110 futures, options, equities and FX markets delivered out of 11 key locations around the world.
ABN Amro Clearing is one of the world’s leading providers of clearing and financing services, handling over 16 million trades daily and covering the world’s leading exchanges across Europe, the Americas and Asia Pacific. The bank consistently ranks among the top three clearers in every time zone, based on market turnover.
“With this level of throughput, having a robust, scalable and highly flexible platform is hugely important to us and, more importantly, our clients,” said James Fairweather, Global Head of Execution Services at ABN Amro Clearing. “We were impressed by Fidessa’s intelligent F&O execution capabilities, including their algorithms, synthetic strategies and other smart order types.”
“Along with ensuring that our clients have access to the best execution capabilities in the world, Fidessa is also heavily vested in ensuring that they will be MiFID II ready. Along with our dedicated regulation practice that was established several years ago, we have invested over 10,000 man days of R&D this year alone in ensuring our solutions meet the regulation’s requirements,” added Justin Llewellyn-Jones, Global Head of Derivatives at Fidessa.
When MiFID II comes into force in January 2018, futures markets will enter the same cauldron of regulatory change and scrutiny that equities have been living through since 2007. In particular, the management of risk will be a key consideration, together with numerous additional reporting and tagging requirements.
The strength of Fidessa’s technology has been recognised with a number of industry accolades this year, most recently being named both Equity and Derivatives Trading System of the Year at the FOW and Global Investor Asia Capital Markets Awards and Best Trading and Execution Technology at the CTA Intelligence European Services Awards for the second year running.
About ABN AMRO Clearing
ABN AMRO Clearing is one of the world’s leading providers of clearing and financing services for listed derivatives and cash securities, OTC products, warrants, commodities and FX. With 11 offices globally employing more than 800 staff, ABN AMRO Clearing services clients on 160+ exchanges, MTFs, dark pools and FX liquidity centres and consistently ranks as a top 3 clearer in most time zones. We consistently post over 20% market shares of transactions cleared on most relevant derivatives exchanges globally. ABN AMRO Clearing offers an integrated approach to global transaction processing, financial logistics and risk management and processes over 16 million trades per day.
ABN AMRO Clearing received the FOW Award as the ‘Proprietary Traders’ Clearing Firm of the Year’ (Dec 2013, 2014, 2015, 2016); the CTA Intelligence Award for FCM – Best Client Service (US, Jan 2015 and Jan 2016), FCM – Innovation (US, Jan 2017), Best FCM – Overall (Europe, Nov 2015) and Best FCM – Client Service (Europe, Nov 2016). We also received the HFM-Week Service Award for Best Prime Broker – Client Service (Europe, Apr 2016).
About Fidessa group
Exceptional trading, investment and information solutions for the world’s financial community.
New technology, new regulation, new challenges: making money in today’s financial markets is all about staying ahead of the curve. Having the capability to spot new trends and act fast turns change into opportunity. That’s why 85% of the world’s premier financial institutions trust Fidessa to provide them with their multi-asset trading and investment infrastructure, their market data and analysis, and their decision making and workflow technology. It’s also why around $26 trillion worth of transactions flow across our global network each year. Because we’re the market leader, we can also offer unique access to the world’s largest and most valuable trading community of buy-side and sell-side professionals, from global institutions and investment banks to boutique brokers and niche hedge funds.
Fidessa is a global business with scale, resilience, ambition and expertise. We’re listed on the London Stock Exchange and recognised as the thought leader in our space. We set the benchmark with our unrivalled set of mission-critical products and services and, uniquely, serve both the buy-side and sell-side communities. Ongoing investment in our leading-edge, integrated solutions ensures Fidessa remains the industry’s number one choice.
Other awards for Fidessa in 2017 have included Best Sell-side Front Office Execution Platform in the Waters Sell-side Technology Awards, Best Sell-side OMS and Best Cross Asset Trading System in the Intelligent Trading Technology Awards, Markets Media’s Market Choice Award for Best Sell-side OMS and Waters Sell-side Technology Award for Best Sell-side Front Office Execution Platform.
New investors are LVC and IHS Markit.
Transactions from services like compression should be exempt from clearing obligation.
Clearing of FX options is due in the coming months.
The service has compressed over $6 trillion notional to date.
GCSA Capital helped the clearinghouse develop its performance bond.