ION’s Fidessa platform is being used to support auction events on PISCES, the London Stoc Exchange’s (LSE) Private Intermittent Securities and Capital Exchange System framework.
LSE was approved as the first PISCES operator in August. Participants on the platform have not yet been named, but Tom Simmons, director of private markets development at the LSE, confirmed to Global Trading that a number of companies are “in the preparation phase”.
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“We’re trying to reuse as much of the public markets infrastructure as makes sense – principally that’s around trading execution, sharing of trading data and settlement. Investors will be using the existing pipes and plumbing from public markets to access intermittent trading events on the Private Securities Market,” Simmons said. As such, the LSE has tapped long-term collaborator ION to support its PISCES auction events.
ION’s Fidessa offers automated equity trading, covering execution and order management and middle-office operations. More than 6,500 buyside customers and 600 brokers are connected to the platform via FIX, and more than 200 global equity markets are covered.
Robert Cioffi, global head of equities product management at ION, told Global Trading, “We’re been able to leverage the existing connectivity we have with the LSE, and created a new trading segment for PISCES.
“Our clients are constantly looking to evolve their business and expand new market segments. So when something like the Private Securities Market comes along from the London Stock Exchange, which already has a large market presence, it made sense to be early movers in this new area of interest.”
ION’s customers will be able to access PISCES directly.
“Because of Fidessa’s scope of client coverage, many of the tier one broker-dealers who would be interested in accessing PISCES are already on our network,” Cioffi added.
PISCES will be delivered through a financial market infrastructure sandbox by the FCA before a permanent regime is established in 2030.
