Fidessa has partnered Alpha Omega to tackle the cost and inefficiency of post-trade affirmation processing, promote use of the FIX protocol, and grow its global trading network.
The partnership integrates Fidessa’s post-trade Affirmation Management Service (AMS), an industry utility that provides low-cost affirmation processing as an alternative to central matching, and Alpha Omega’s FIX based affirmation processing workflow FIXAffirm. The result gives Fidessa access to asset management firms using FIXAffirm and third-party order management platforms. Alpha Omega, which has a strong buy-side presence, gains access to the sell-side community through integration with Fidessa’s AMS utility.
Steve Grob, director of group strategy at Fidessa, explains: “There is no commercial advantage in post-trade activity and the industry needs to dull down cost and increase efficiency. Alpha Omega has worked closely with the FIX community on how orders are routed and has extended use of the FIX protocol into post trade. Its solution avoids buy-side and sell-side firms running different systems to talked to the same people about the same order and establishes FIX as a protocol for buy-side and sell-side communication. Integrating FIXAffirm with the Fidessa AMS utility means the sell side can use FIX in post-trade affirmation.”
Kamal Duggirala, CEO at Alpha Omega, adds: “Our partnership with Fidessa is a significant step forward in making the adoption of FIX based post-trade processing easy and cost effective.”
The partnership will initially offer FIXAffirm’s affirmation workflow covering equity and fixed income securities, but has plans to collaborate on other asset classes, including derivatives. Fidessa suggests this could ultimately provide the trading community with a single industry utility for post-trade processing, regardless of asset class. Fidessa is talking to other FIX specialists about integrating with AMS, but will continue to support other protocols to ensure access to the utility.
The relationship between Fidessa and Alpha Omega has been made under Fidessa’s partnership programme, which aims to drive momentum in the post-trade space by working with innovative technology providers. Alpha Omega is Fidessa’s second partner in the programme, which already includes OTAS, a provider of market analytics. Grob comments: “The partnership programme does due diligence on fintech firms and helps to validate them in the market. For customers, it provides access to cool technologies that are embedded in Fidessa workflows.”