REDI has added another broker-dealer to its network but this time it’s in the European equity space.
Neonet Securities, an independent agency broker and execution specialist, announced that it has joined REDI’s broker network, providing mutual clients seamless access to Neonet’s advanced suite of execution tools using the REDIPlus trade management platform.
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“We have been closely watching the development of REDI as an independent firm and are very pleased to now offer our existing and future client base access through its proven and widely used platform,” said Tim Wildenberg, chief executive officer of Neonet. “Our integration within REDIPlus allows our clients to leverage a best-of-breed platform to access us, and several have expressed interest in doing so immediately.”
The addition of a broker to any EMS provider’s network requires extensive testing and certification by a FIX team for each route offered, according to a REDI spokesman. With Neonet, the latest broker to be added to the REDI network, its U.S. and European Algo and DMA products, as well its U.S. and European high-touch trading desk routes, have been certified and are now accessible through the REDIPlus trade management platform.
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REDI also recently added Evercore ISI Institutional Equities’ electronic execution platform to the REDI multi-broker network.
Last year, Goldman Sachs spun off REDI to five new investors making it an independent firm. These included brokers Bank of America, Barclays, Citadel Securities and BNP Paribas. Private equity firm Lightyear Capital rounds out new consortium ownership.
“Neonet is a transparent agency broker with a strong smart order router and algo offering that aggregates liquidity from a number of dark and lit market places across Europe and North America,” said Sean Sullivan, global head of sales and marketing at REDI. “We are excited to further expand our network of broker-dealers with the addition of one of the true pioneers within the European electronic brokerage space.”
