Miller Tabak, a firm that provides trading infrastructure and services to hedge funds and large financial institutions, announced it will use the Fidessa platform to consolidate its platform.
Miller Tabak said Fidessa's tool will simplify its handling of equity orders, trades, positions and market access, along with middle office services like client allocations and confirmations.
"Our biggest challenge was to find a way to consolidate our disparate systems and standardize on one single solution," Miller Tabak managing director Brian Byrne said. "We were able to see immediate benefits from having a seamlessly integrated platform, especially in the form of cost savings and increased efficiencies, which we have passed along to our clients through aggressive and imaginative trading strategies."
Rising market fragmentation and stricter regulations have put increased cost pressures on broker-dealers, who are increasingly looking to consolidate their platforms and minimize execution costs. By turning to Fidessa, Miller Tabak said it has also gained access to a complete set of trading tools, including Bluebox, an algorithmic trading engine solution, plus its pairs trading module and global basket trading capabilities.