Fidessa has added Tower Research Capital’s Tower (TRSi) to its systematic internaliser (SI) liquidity programme.
According to Fidessa, the partnership with Tower leverages Fidessa's market access architecture and order routing capabilities, assisting Fidessa customers to meet the liquidity challenges they now face under the second Markets in Financial Instruments Directive (MiFID II).
Tower's TRSi is integrated into Fidessa’s smart order routing (SOR) and market access layer so that it can be used alongside sources of liquidity.
Fidessa’s order handling capabilities, including its Spotlight and BlockShadow liquidity seeking services, enable users to manage their order flow across lit venues, SI operators, and the new dark pools that have emerged in the wake MiFID II.
James Blackburn, global head of equities product marketing at Fidessa, said: "As the new SI players enter the market it's important for brokers to have choice, but this choice needs to be managed within a framework that promotes best execution."
He added: "We felt it was important to have one integrated approach across the entire liquidity spectrum. Fidessa is committed to providing a single point of entry to major sources of SI liquidity alongside existing dark and lit venues."
Simon Dove, head of liquidity management at Tower Research Capital Europe, commented: "Tower is part of the elite new SIs that bring best of breed liquidity to markets in the post-MiFID II world.”
“We are delighted that Fidessa has selected us to help bring greater choice to our sell-side partners in their search for specialist and market leading liquidity.”
He added: “We have strived to not only deliver a best of breed SI platform and liquidity profile, but also to develop our market making strategies and risk appetite to embrace the exciting post-MiFID II world of periodic auctions. This complements our significant footprint across European equities, fixed income, commodities and equity derivatives."
