Fidessa plans ASEAN trading network
Fidessa is hoping to capitalise on mounting interest in the ASEAN markets
Trading technology company Fidessa has partnered with Asian brokers CIMB, DBS Vickers, Maybank Kim Eng, OCBC Securities, Philip Securities and UOB Kay Hian as part of a plan to create a one-stop trading service for all ASEAN markets.
The Association of Southeast Asian Nations – whose members include Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – is a regional political and economic association that is currently working to improve economic growth by linking the stock exchanges of the respective countries, which boasted a combined GDP of £1.1 trillion and a collective market capitalisation of £1.2 trillion when the project was announced in April 2011.
Fidessa is looking to take advantage of a rise in interest in the ‘ASEAN asset class’ among domestic and international investors, which has risen along with the project’s progress in recent months. In September 2012, Singapore and Malaysia joined the trading link, followed by Thailand in October. Earlier this month, ASEAN held a much-celebrated food festival at the Indonesian Embassy in Islamabad which celebrated the cultural traditions of the ASEAN member nations.
“Global firms are looking for a service that gives them low cost, low risk, low maintenance access across ASEAN markets, and are turning to the Fidessa network to connect to local brokers,” said Jean-Pierre Baron, managing director for Fidessa in Asia Pacific. “This is an important time for southeast Asia, as individual markets are proving increasingly attractive to international investors. Indonesia is recognised as one of the world’s fastest growing emerging economies. The Philippines Stock Exchange has started to offer direct market access, encouraging more advanced trading.”
Fidessa currently operates a FIX network that connects 3,500 buy-side firms to 750 brokers. The network carries order flow of around $850 billion each month, according to the firm’s own statistics.
