Fidessa said that the new platform will provide market participants with all the necessary features for compliant multi-asset trading under Mexico’s new trading regulations, which include routing and prioritization rules.
According to the Fidessa, the Mexican version of the Fidessa trading platform will include the core functions found in all other international implementations. It will provide straight-through processing from order inception to trade confirmation, integrated real-time global market data, and intelligent workflow and order management.
Th platform will also incorporate advanced trading tools including algorithmic, program and pairs trading, member and non-member DMA trading and connectivity to over 2,400 buy-sides for electronic client order flow and more than 600 brokers and 150 markets globally.
In addition, the Mexican trading platform will enable brokers to implement multiple channels to the market and will offer the independent FolioCB sequencing and a separate FIX connection to the Mexican exchange (Bolsa Mexicana BMV) for each channel as required by the regulations.
The Mexican trading platform also incorporates Level 1 market data sourced from the BMV, available either from a direct feed handler into Fidessa’s market access module or from Fidessa’s market data ticker plant. It also supports all new order types allowed under the new regulations.
Fidessa said that the traders can validate orders by tick scales and round lot checks based on last execution price, tradability of instrument, extraordinary price fluctuations, foreign entry trading restrictions and, where applicable, custodial positions.
The new platform will provide brokers with access to standard VWAP and TWAP algorithms, plus additional algorithms for market-making automation.
In addition, Fidessa’s Pairs module will allow traders to conduct automated arbitrage between US and Mexican markets.
Fidessa head of business development Latin America Alice Botis said that close collaboration with the Mexican exchange and local regulators has ensured that the Fidessa trading platform meets the needs of customers in this new technology-driven marketplace.
BMV transactional service director Alfredo Guillen said by working with a company such as Fidessa, which has developed solutions to address regulatory changes like MiFID in Europe and RegNMS in the US, BMV is taking another big step towards increasing foreign interest and investment in Mexico.
