Tech firm Fidessa said it plans to extend in the coming
months one of its fund management post-trade systems to cover
listed derivatives instruments.
London-based Fidessa said it is looking to launch a
derivatives module for its post-trade affirmation management
solution by the end of the second quarter of the year.
"We are about to go into testing with one buy-side partner
and one of their clearers, with a target to match and
confirm each trade on the day the trade was struck," said David
Pearson, Fidessa’s head of post-trade
We have a go-live with the service by the end of the second
quarter this year, and in the subsequent weeks we will expand
across other clearers and executors."
The affirmation management solution (AMS) automates the
middle and back office processing for buy-side firms. The
technology will now be expanded to include processing for
According to the firm, automating the post-trade workflow
can help firms speed up processes, reduce errors and save
"The level of manual processing in the back-office to
complete the trading lifecycle in exchange traded derivatives
leaves a lot of potential for human error and exposes
operational risk," Pearson said.
The tech firm reported on Monday a 25% rise in 2016
profits to £48.8 million and a 12% rise in revenue
to £331 million. According to the firm, a weaker pound
and growth in its derivatives arm helped drive
Derivatives revenue at Fidessa grew 15% to £41.3
million last year.
Despite considerable pressure on futures brokers, Fidessa
said it is seeing continued demand in exchange-based
derivatives trading, and signed late last year a deal to
provide a new platform to BNP Paribas.
The agreement, announced by the French bank in October, will
support the French bank's futures and options agency operation
for listed derivatives across Europe, Asia-Pacific and North
The UK-listed firm has also said it plans to relocate its
main US office from New York to Jersey City in 2017.