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

Upcoming Webinar: How to move to a modern, component based trading architecture using a Buy AND Build approach

Date: 7 May 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes To remain competitive in today’s electronic markets, firms need trading architectures that support rapid innovation, effortless integration of new capabilities, and the agility to respond to shifting market demands. This is prompting technology leaders to move beyond the traditional...

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

Eagle Alpha Alternative Data Conference, London, hosted by A-Team Group

Now in its 8th year, the Eagle Alpha Alternative Data Conference managed by A-Team Group, is the premier content forum and networking event for investment firms and hedge funds.

GUIDE

Regulatory Data Handbook 2024 – Twelfth Edition

Welcome to the twelfth edition of A-Team Group’s Regulatory Data Handbook, a unique and useful guide to capital markets regulation, regulatory change and the data and data management requirements of compliance. The handbook covers regulation in Europe, the UK, US and Asia-Pacific. This edition of the handbook includes a detailed review of acts, plans and...