About a-team Marketing Services
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: Generative and Agentic AI in Financial Markets: What the Data Really Shows

Date: 15 October 2026 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Artificial intelligence is reshaping financial markets – but the reality on the ground is more nuanced, more uneven, and more instructive than the headlines suggest. A new A-Team Insight research programme, drawing on responses from senior AI decision-makers at...

BLOG

Data Firms Responding as AI Seen Driving Sovereignty Concern

While the criticality of data to financial institutions has made its security paramount, the internationalisation of that information has made it a strategic priority. With ever greater volumes of data criss-crossing the world within and between organisations’ systems, data sovereignty has become a key component of governance policies required by regulators. Once considered relevant to...

EVENT

Data Management Summit London

Now in its 17th year, Data Management Summit (DMS) London returns In April 2027, to explore how to use data and AI to drive measurable business outcomes reliably, repeatedly and at scale.

GUIDE

AI in Capital Markets Handbook 2026

AI adoption in capital markets has moved into a more disciplined phase. The priority is now controlled deployment: where AI can be used safely, where it can deliver measurable value, and how outputs can be governed, monitored and evidenced. The 2026 edition of the AI in Capital Markets Handbook examines how AI is being applied...