Fidessa group plc (LSE: FDSA) has announced that Toyo Securities, an independent securities company headquartered in Tokyo, has selected Fidessa as its new wholesale agency trading system. Fidessa's agency trading platform is currently used by six of the top eight domestic brokers in Japan, as well as by many of the country's mid-tier brokers.
Increased liquidity in equity markets as a result of global monetary-easing policies, as well as a push by Abenomics, has driven the Japanese equity market's trading value to its highest level since the 2008 financial crisis. Algorithmic trading, proprietary trading systems (PTSs) and dark pools are now widely used by Japanese domestic buy-side traders. As a result, domestic agency brokers have demanded more sophisticated data processing capabilities and functionality from their front-end systems. With the upgrade of the Tokyo Stock Exchange's low-latency trading system 'arrowhead' scheduled for September, these demands from local firms are on the increase.
Fidessa's unrivalled trading capabilities and the fully-managed nature of its service enable clients to keep up to speed with the latest trading rules and system changes from exchanges whilst also minimising IT costs and increasing efficiency.
Wataru Sato, Trading Section Manager for the Corporate Department at Toyo Securities, comments: "For our new trading system we are pleased to announce that we have selected Fidessa, who have extensive experience with Japanese securities firms. With the new system we will further improve our algorithmic trading service, especially our direct strategy access (DSA) offering. We continue to strive to meet the diverse needs of our users by providing faster and more accurate trading services to our existing clients, as well as to new clients, who we hope to acquire through our service expansion."
Ian Chilton, Chief Executive of Fidessa in Japan, comments: "We are very excited that Toyo has selected Fidessa for their agency trading service. We have established our reputation as the system of choice for Japanese securities firms by providing a comprehensive agency system for both equity and derivatives trading. With our extensive market coverage and unmatched network of buy-side and sell-side firms around the world, Fidessa will be able to further strengthen Toyo's new business endeavours with new and existing clients."
Fidessa's global products and services support around 24,000 users across 1,000 clients worldwide and are used by 85 per cent of tier-one financial institutions. Fidessa's global network provides connectivity to more than 4,100 buy-sides and 870 brokers across 210 markets around the world.