U.S. broker-dealer Maxim Group has returned to using solutions provided by Fidessa. The New York firm has re-signed for Fidessas fully-managed U.S. trading platform for its sales, market-making, options and international desks.
We needed a solution that was far more sophisticated than our previous choice. Fidessa gives us basket trading functionality robust enough to avoid using third party brokers, plus a compliance module that allows intraday fixes to problems as they are flagged. A technology partner like Fidessa, with the know-how and infrastructure to support us now and in the future, is the key to weathering the constant change and capricious shifts that have become the marketplace norm, said Bill Vitale, managing director of equity trading, at Maxim Group.
Traders inside Maxim will use Fidessas US trading platform to support varied and complex multi-asset workflows, including Fidessas order management system (OMS) for its straight-through processing of orders from creation and routing to executions and confirmations. This will include international trading, such as global parity, as well as advanced trading tools for algorithmic and basket trading.
Maxim will also be a member of Fidessas connectivity network, which provides access to 3,600 buy-sides and 200 venues globally.
David Polen, managing director at Fidessa, is understandably pleased. This move reinforces our position as a global vendor with the depth to support aggressive growth and the multi-asset capabilities to trade a wide range of geographically dispersed instruments. Intelligent multi-asset workflow – a fundamental requirement for many – is hardwired into our solution, and developing and supporting these systems has been our focus for three decades, he said in a press statement.
Fidessa’s multi-asset trading solutions serve more than 25,000 users at 1,000 clients around the world across the buy- and sellside, according to company claims.
Maxim Group is a full-service investment banking firm headquartered in New York.