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March 9, 2009

New Brokers Get New Platform

The dozens of institutional agency brokerages springing up don't need a lot, but they do need an OMS and an EMS to compete in today's marketplace. And trading platform provider Fidessa wants to grab a piece of this new market.

Newer, small agency brokerages typically don't require their trading platforms to provide either market-making functionality or connectivity to multiple internal desks within their firms, said David Polen, Fidessa's senior vice president of product marketing. Fidessa is targeting such firms with MAAX, its new order and execution management trading platform.

"Given the uncertainty in the tier-one players, we've seen a lot of new, smaller, boutique agency shops start up; it's a growth market right now," Polen said. "We believe that a lot of the traders who are starting these are used to using robust and functional applications-maybe from their tier-one or tier-two backgrounds-and they want that same level of service, even though they have a much more focused shop at this point."

MAAX offers firms standard services such as order delivery from the buyside and back-office connectivity; smart-order routing; compliance and regulatory requirement support; and access to exchanges, ECNs and dark pools, as well as broker algos. The platform also provides real-time risk and position management.

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