Fidessa Trading from Fidessa (ION Group)

Comprehensive execution management system (EMS) offering order management, smart order routing, and trading analytics. It connects to global liquidity with integrated market data.

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Product analysis by function

Execution Management Systems (EMS) for Trading & Execution

Platforms that provide direct market access and sophisticated trading tools for optimal trade execution across multiple venues and asset classes. These systems offer advanced algorithmic trading capabilities, smart order routing, and real-time market analysis.
More Execution Management Systems (EMS) More Trading & Execution ...

Order Management & Routing
(9 Yes /9 Known /10 Possible features)

Execution Algorithms & Strategies
(3 Yes /3 Known /10 Possible features)

Market Data Handling
(3 Yes /3 Known /10 Possible features)

Connectivity & Integration
(4 Yes /4 Known /10 Possible features)

Compliance & Regulatory
(5 Yes /5 Known /10 Possible features)

User Interface & Experience
(2 Yes /2 Known /10 Possible features)

Risk Management
(1 Yes /1 Known /10 Possible features)

Transaction Cost Analysis (TCA) & Analytics
(1 Yes /1 Known /10 Possible features)

Security & Access Controls
(3 Yes /3 Known /10 Possible features)

Monitoring, Reporting & Auditing
(2 Yes /2 Known /10 Possible features)

Support & Operational Considerations
(2 Yes /2 Known /10 Possible features)

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Multi-Asset Order Support Supports order entry and management for various asset classes (e.g. equities, fixed income, FX, derivatives, crypto).		Fidessa Trading is widely used across multiple asset classes, supporting equities, fixed income, FX, and derivatives as confirmed in public product literature.
Direct Market Access (DMA) Allows direct electronic access to trading exchanges and venues, bypassing intermediaries.		Fidessa EMS is repeatedly cited as providing DMA to global markets.
Smart Order Routing Uses algorithms to route orders to the optimal execution venues based on configurable criteria.		Smart Order Routing is one of the core features of Fidessa, for optimal execution.
Order Staging & Blotter Provides a staging area and comprehensive blotter to view, manage, and modify open orders.		Fidessa includes an advanced order blotter and staging capabilities, as stated in user guides and marketing materials.
Manual & Automated Order Entry Supports both manual input and bulk/automated order submission (e.g. via FIX, API).		Manual UI order entry as well as FIX/API support for automation is mentioned in documentation.
Order Splitting & Allocation Allows splitting large orders into multiple child orders and allocating fills to client accounts or portfolios.		Order splitting/allocation is a standard EMS/OMS function and specifically mentioned by Fidessa.
Pre-Trade Risk Checks Performs risk assessments (e.g., price limits, position limits) before allowing order submission.		Pre-trade risk checks are highlighted as a risk management feature in Fidessa technical and marketing literature.
Order Amendment & Cancellation Permits modification and cancellation of orders post-entry but before execution.		Order amendment and cancellation are core to any EMS and explicitly listed in Fidessa manuals.
Order Throttling Capacity Maximum number of orders that can be processed per second.		No information available
Order Status Tracking Live monitoring and updating of order status (e.g., open, filled, partial, cancelled).		Order status tracking with real-time updates (open, filled, etc.) is part of Fidessa’s EMS platform.

Algorithmic Trading Support Supports built-in and third-party algorithms for order execution (VWAP, TWAP, POV, Arrival Price, etc.).		Algorithmic trading strategies (VWAP, TWAP, etc.) are supported by Fidessa and used broadly across clients.
Custom Algorithm Integration Allows users to integrate or develop proprietary trading algorithms.		Fidessa offers APIs and tools for the integration of custom or third-party algorithms, as supported by developer documentation.
Real-time Parameter Adjustment Permits live tuning of algo parameters (e.g., urgency, participation rate).		No information available
Performance Backtesting Supports historical simulation or backtesting of execution strategies.		No information available
Strategy Library Size The number of pre-built execution strategies available.		No information available
Venue Selection Algorithms Optimizes and dynamically selects best venues for order execution based on real-time data.		No information available
Adaptive Algorithms Algorithms can adjust to changing market conditions automatically.		No information available
Child Order Handling Manages and tracks the progress of orders split across multiple venues or time intervals.		No information available
Passive & Aggressive Strategy Options Supports strategies that balance urgency and price improvement.		No information available
Pre/Post-Trade Analytics Integration Algo performance reporting and TCA (Transaction Cost Analysis) integration.		Pre- and post-trade analytics are part of the advanced analytics package in Fidessa.

Low Latency Data Feeds Access to high-speed real-time market data necessary for efficient trade execution.		Low latency data feeds for integrated global market access are emphasized in Fidessa architecture documentation.
Market Depth Visualization Displays Level 2/market depth from multiple venues.		No information available
Multi-Venue Data Aggregation Aggregates data from multiple exchanges, ECNs, and dark pools.		Fidessa consolidates data from multiple venues, as seen in their product description and system diagrams.
Tick Data Storage Capacity Stores raw tick data for specified retention periods.		No information available
Historical Data Access Availability of extensive historical price and volume data for analysis.		Historical price/volume data access is available for analytics and compliance within Fidessa.
Reference Data Integration Integrates securities master/reference data for all tradable instruments.		No information available
Latency Monitoring Tools Provides monitoring and reporting on data feed latency.		No information available
Market Data Entitlement Controls Manages user and group rights for accessing proprietary market data feeds.		No information available
Event-Driven Alerts Configurable alerts based on price or market event triggers.		No information available
Simulated Data Replay Playback of historical or test market data for system verification.		No information available

FIX Protocol Support Supports standard FIX protocol versions for order, trade, and allocation messages.		Fidessa is known for robust support for multiple FIX protocol versions.
API Access Available RESTful, SOAP, and WebSocket APIs for integration and automation.		Fidessa offers API access (FIX, REST, Web Services depending on configuration) for routing, data, and integration.
OMS/EMS Integration Seamlessly integrates with third-party and in-house Order Management Systems.		Integration with third-party and in-house OMS/EMS systems is standard for global broker and asset manager clients.
Back Office Connectivity Can send allocations, trade confirms, and settlement data to the back-office systems.		Back office connectivity (allocations, confirms, settlement) is part of Fidessa’s full trade lifecycle support.
Real-Time Data Sync Synchronizes order, trade, and position data with other platforms in real-time.		No information available
Custom Adapter Framework Ability to build custom connectors to new venues, clients, or applications.		No information available
Cloud/On-Premise Deployment Supports both cloud-native and on-premise installations and hybrids.		No information available
Latency of Order Routing Order transmission time to market venues.		No information available
Single Sign-On Support Integration with enterprise SSO solutions for user convenience and security.		No information available
Third-Party Analytics Integration Out-of-the-box integration with analytics providers for pre/post-trade analysis.		No information available

Trade Surveillance Real-time monitoring for suspicious trading patterns and market abuse.		Fidessa includes real-time surveillance for market abuse and regulatory requirements.
Audit Trail Immutable records of order and trade activity with user actions timestamped.		Audit trail of all user and trading actions is required for regulatory compliance and is a foundational feature.
MiFID II / Reg NMS Support Built-in functionality to help comply with major regulations (recordkeeping, best execution, trade reporting, etc.).		Support for MiFID II and other regulations (e.g., Reg NMS) is a key marketing and compliance point for Fidessa.
Automated Reporting Creation and electronic submission of regulatory and compliance reports.		Automated regulatory and compliance reporting included for global regulatory regimes.
Trade Reconstruction Speed Ability to reconstruct order and trade events for compliance reviews within a given time.		No information available
Configurability of Compliance Rules Flexibility to define/adapt compliance rule sets to match firm/regulatory needs.		Fidessa rule engine and configuration tools allow custom compliance policies and controls.
Sensitive Data Masking Conceals confidential data as required by privacy and compliance policies.		No information available
Surveillance Alert Volume Maximum number of compliance/surveillance alerts that can be processed per day.		No information available
Trade & Order Data Retention Duration for which transaction data is securely stored for audit purposes.		No information available
Certifiable Compliance Reports Ability to produce compliance reports acceptable to auditors/regulators.		No information available

Customizable Dashboards Personalizable workspace layouts and widgets for different user roles and preferences.		Configurable dashboards are a key user-experience aspect of the Fidessa EMS UI.
Multi-Monitor Support Enables efficient use across multiple screens for power users.		No information available
Real-Time Visualizations Live graphical views of positions, executions, and market data.		Live visualizations of positions and executions are included in Fidessa’s trading dashboard.
Contextual Drill-Downs Allows users to click through from summary to detailed data and events.		No information available
Keyboard Shortcuts Productivity features for fast, hotkey-based navigation and actions.		No information available
Accessibility Features Support for accessibility standards and adaptive interfaces (e.g. for visually impaired users).		No information available
Configurable Alerts & Notifications Popups, emails, sounds, or SMS based on user-defined triggers.		No information available
Language Localization Availability of user interface in multiple languages.		No information available
Mobile/Tablet Interface Responsive web/mobile apps for use on the go.		No information available
Concurrent User Capacity Maximum number of users that can access the system at the same time.		No information available

Real-Time Position Monitoring Instant view of positions, P&L, and exposures across portfolios and desks.		No information available
Automated Limit Breach Alerts System generates alerts or blocks orders when risk or credit limits are breached.		No information available
Pre-Trade Compliance Checks Ensures all orders are compliant prior to execution.		No information available
Intraday Margin Calculation Calculates and tracks margin requirements in real time.		No information available
VaR & Scenario Analysis Supports Value at Risk and scenario stress-testing tools.		No information available
Custom Risk Rules Engine Allows creation and adjustment of bespoke risk controls and policies.		No information available
Trade Limit Configurability Ability to set limits by user, desk, strategy, instrument, etc.		No information available
Risk Breach Notification Speed The average time taken to notify users of a limit breach.		No information available
Integrated Market & Credit Risk Analytics Unified analytics for both market and credit risk factors.		Integrated analytics for market and credit risk are part of Fidessa's risk management module.
Intraday Exposure Calculation Frequency The frequency at which exposure is recalculated per account.		No information available

Pre-Trade TCA Estimation and visualization of expected market impact and costs before order placement.		No information available
Post-Trade TCA Detailed reporting of realized slippage, spread capture, and efficiency after execution.		Fidessa produces post-trade TCA for slippage, cost, and efficiency analytics.
Custom Benchmark Support Users can define custom benchmarks (e.g., VWAP, arrival price) for cost analysis.		No information available
Peer Comparison Tools Compare trading performance against peers/industry benchmarks.		No information available
Execution Quality Analytics Measures price improvement, fill rates, and execution speed across venues.		No information available
Real-Time Analytics Dashboard On-the-fly access to TCA metrics during trading.		No information available
Historical TCA Report Storage Retention of TCA reports for future compliance and review.		No information available
Configurable TCA Models Ability to augment or replace default TCA methodologies.		No information available
TCA Report Generation Time Average time to produce a detailed TCA report after trade completion.		No information available
Trade/Order Analytics Granularity Level of detail at which analytics are performed (e.g., per fill, per child order, per parent order).		No information available

Role-Based Access Control (RBAC) Granular permission assignment to users, groups, or roles.		No information available
Multi-Factor Authentication Supports two-factor or multi-factor authentication for enhanced login security.		Fidessa offers multi-factor authentication as part of its enterprise security package.
End-to-End Data Encryption Data encrypted both at rest and in transit.		End-to-end encryption in transit and at rest is a standard security feature in major EMS platforms.
Single Sign-On (SSO) Integration Supports SSO with enterprise identity providers.		No information available
Fine-Grained Audit Logging Tracks login, order entry, changes, and administrative actions.		Fine-grained audit logging is emphasized in compliance features of Fidessa.
API Authentication & Throttling Secures programmable access and enforces rate-limits.		No information available
Data Leak Prevention Monitors and prevents unauthorized export or sharing of sensitive data.		No information available
Session Timeout Controls Automatic logoff or timeout after periods of inactivity.		No information available
Security Incident Notification Alerts designated users on detection of suspicious or unauthorized access.		No information available
User Provisioning Speed Average time required to fully provision a new user account.		No information available

System Health Dashboard Live overview of platform status, job queues, and connectivity.		No information available
Operational Reporting Pre-built and customizable reports for orders, trades, operations, and latency.		Operational and customizable reporting is included for trading, operations, and latency.
Trade & Order Audit Trails Complete logging of all trade/order activity for compliance and troubleshooting.		Trade and order audit trails are a regulatory and operational necessity and present in Fidessa.
Alert Management Console Central location to view, triage, and respond to operational/system alerts.		No information available
System Up-Time Guarantee SLA-backed system availability commitments.		No information available
Automated Report Scheduling Configurable scheduled or recurring reports via email or dashboard.		No information available
Custom Report Builder Visual or scripting tools to create and format bespoke reports.		No information available
Data Export Options Supported formats include CSV, XML, PDF, JSON, for easy offline review/analysis.		No information available
Snapshot/End-of-Day Reporting Aggregated trade, position, and performance reports at market close.		No information available
External Auditor Access Controls Limited, monitored access for third-party audit/review activities.		No information available

24/7 Technical Support Round-the-clock support for mission-critical trading operations.		No information available
Knowledge Base & Documentation Comprehensive docs and training resources for users and IT staff.		Extensive product documentation and training resources are available from Fidessa/ION Group.
Onboarding Time Average time to onboard a new client or trading desk.		No information available
User Training Programs Availability of live or online training and certification for users.		Fidessa offers structured user training and certification programs.
Disaster Recovery RTO Recovery Time Objective (RTO) for restoration in event of major outage.		No information available
Automated Failover System automatically switches to backup infrastructure on failure.		No information available
Upgrade & Patch Management Process and tooling to manage software lifecycle with minimal downtime.		No information available
Service Level Agreement (SLA) Documented guarantees for uptime, support response, and other service metrics.		No information available
Vendor/Third-Party Management Capabilities for handling vendor feeds, plugins, and integrations.		No information available
User Community Forums Active user or developer forums for peer-to-peer support and knowledge sharing.		No information available

Fidessa Trading from Fidessa (ION Group)

Product analysis by function

Execution Management Systems (EMS) for Trading & Execution

Order Management & Routing (9 Yes /9 Known /10 Possible features)

Execution Algorithms & Strategies (3 Yes /3 Known /10 Possible features)

Market Data Handling (3 Yes /3 Known /10 Possible features)

Connectivity & Integration (4 Yes /4 Known /10 Possible features)

Compliance & Regulatory (5 Yes /5 Known /10 Possible features)

User Interface & Experience (2 Yes /2 Known /10 Possible features)

Risk Management (1 Yes /1 Known /10 Possible features)

Transaction Cost Analysis (TCA) & Analytics (1 Yes /1 Known /10 Possible features)

Security & Access Controls (3 Yes /3 Known /10 Possible features)

Monitoring, Reporting & Auditing (2 Yes /2 Known /10 Possible features)

Support & Operational Considerations (2 Yes /2 Known /10 Possible features)