Fidessa has added Tower Research Capital to its Intelligent SI Liquidity Program, helping users of its access architecture and smart order routing capabilities meet the liquidity challenges presented by Markets in Financial Instruments Directive II (MiFID II).
Tower uses a diverse set of trading strategies across a broad range of asset classes to provide liquidity on electronic markets around the world. Its Tower Systematic Internaliser (TRSi) price feed is integrated into Fidessa’s smart order router and market access layer so that it can be consumed alongside traditional sources of liquidity.
Fidessa’s order handling capabilities, including its Spotlight and BlockShadow liquidity seeking services, enable users to intelligently manage all their order flow across lit venues, SI operators, and the Large in Scale dark pools that have emerged in the wake of MiFID II.
James Blackburn, global head of equities product marketing at Fidessa, explains: “As new SI players enter the market, it’s important for brokers to have choice, but this choice needs to be managed within a framework that promotes best execution. With our customers also seeking new ways to access block liquidity from Large in Scale venues, we felt it was important to have one integrated approach across the entire liquidity spectrum. Fidessa is committed to providing a single point of entry to major sources of SI liquidity alongside existing dark and lit venues.”
Simon Dove, head of liquidity management at Tower Research Capital Europe, the electronic liquidity provider within Tower Research Capital that operates the SI, comments: “Tower is part of the elite of new SIs that bring best of breed liquidity to markets in the post-MiFID II world. We are delighted that Fidessa has selected us to help bring greater choice to our sell-side partners in their search for specialist and market leading liquidity.”