About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Fidessa BlockShadow Solves MiFID II Block Trading Problem

Subscribe to our newsletter

Fidessa has worked with long-standing client Redburn to deliver BlockShadow, a service driven by Markets in Financial Instruments Directive II (MiFID II) and designed to provide intelligent access across conditional dark venues for best execution of large orders.

BlockShadow manages the whole process of placing multiple conditional orders on these venues, while at the same time sending slices to regular markets. When there is a match on a conditional venue, BlockShadow pauses the second ‘worker’ algo, waits for volume to be released, and then firms up on the venue concerned. This ensures the best execution outcome with zero over-fill risk.

Will Winzor-Saile, execution architect at Redburn, says: “We have always worked closely with Fidessa. The BlockShadow capability is an exciting addition to our technology stack. BlockShadow not only allows us to provide access to a broader spectrum of liquidity, but also means we are able to post the same block volume on multiple venues simultaneously. Since going live with BlockShadow, the additional volume from Turquoise, Cboe and Euronext has meant larger fill sizes, reduced market impact and better performance across all our trading.”

Robert Barnes, CEO at Turquoise, adds: “Products like Fidessa’s BlockShadow are able to manage conditional messages while working algo orders. This means Fidessa clients can access services like Turquoise Plato Block Discovery for Large in Scale (LIS) business while working firm orders below LIS on innovations like Turquoise Lit Auctions to achieve the best result on a continuous basis, the very definition of best execution.”

James Blackburn, global head of equities product marketing at Fidessa, concludes: “Competition for execution business is fierce. One of the biggest challenges for brokers in the post-MiFID II world is demonstrating their relevance, whether that is in research or in execution. BlockShadow, together with our liquidity partnership with Virtu, are just some of the ways in which we’re enabling our customers to demonstrate a clear advantage.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

What the SEC’s New Treasury Clearing Rule Means for Dealers and Buy-Side Firms

Since December 2023, the Securities and Exchange Commission (SEC) has been steering the U.S. Treasury market toward a structural shift: mandating central clearing for broad categories of cash and repo trades in U.S. Treasuries. The objective is clear, reducing counterparty risk, improving transparency and operational resilience. But the transition presents several challenges that have yet...

EVENT

ExchangeTech Summit London

A-Team Group, organisers of the TradingTech Summits, are pleased to announce the inaugural ExchangeTech Summit London on May 14th 2026. This dedicated forum brings together operators of exchanges, alternative execution venues and digital asset platforms with the ecosystem of vendors driving the future of matching engines, surveillance and market access.

GUIDE

Data Lineage Handbook

Data lineage has become a critical concern for data managers in capital markets as it is key to both regulatory compliance and business opportunity. The regulatory requirement for data lineage kicked in with BCBS 239 in 2016 and has since been extended to many other regulations that oblige firms to provide transparency and a data...