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Fidessa Trading Platform from Fidessa (ION Group)
Equities and derivatives trading platform with integrated algorithmic trading, multi-asset order management, market connectivity, risk controls, and real-time analytics for global brokers and trading desks.
More about Fidessa (ION Group)
Product analysis by function
Algorithmic Trading Solutions for Trading Desk
Software implementing automated trading strategies based on mathematical models and predefined rules, capable of high-frequency trading and complex order execution tactics to minimize market impact.
More Algorithmic Trading Solutions
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Core Trading Algorithms
(13 Yes /13 Known /15 Possible features)
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Pre-Built Algorithms Availability of industry-standard, out-of-the-box trading strategies (e.g., VWAP, TWAP, Iceberg). |
Fidessa advertises integrated algorithmic trading with pre-built algorithms such as VWAP, TWAP, and Iceberg strategies. | |
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Custom Algorithm Development Support for users to develop, test, and deploy proprietary algorithms. |
Advanced users can develop and deploy proprietary algorithms, supported by Fidessa's algorithmic suite. | |
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Strategy Backtesting Ability to test trading strategies against historical market data before deployment. |
Historical backtesting is available for algorithmic strategies, as referenced in product marketing materials. | |
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Algorithm Editing Interface A graphical or script-based environment for modifying or creating trading algorithms. |
Script-based and graphical tools are available for editing and creating trading algorithms. | |
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Algorithm Version Control Facilities for tracking changes and versions of algorithms. |
Algorithm version control features are implicit for vendor-hosted trading platforms supporting workflow management. | |
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Multi-Asset Support Capability to run algorithms across various asset classes (equities, FX, derivatives, etc.). |
Supports multi-asset trading: both equities and derivatives are supported. | |
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Parameter Optimization Tools to optimize strategy parameters for performance. |
Parameter optimization is referenced as a capability for fine-tuning algorithms in product datasheets. | |
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Real-time Performance Analytics Instant analytics on algorithm performance as trades are executed. |
Real-time performance analytics are core to the platform’s offering. | |
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Risk Control Plug-ins Integrations for embedding custom risk rules into algorithm logic. |
The platform advertises user-defined risk controls and plug-ins for compliance. | |
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Low-Latency Execution Engine Execution core optimized for ultra-low latency trade processing. |
Fidessa markets the platform for ultra-low latency execution. | |
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Simulation Environment Live-like simulated trading to test execution without real risk. |
Simulation environment for trade testing is available. | |
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Market Impact Estimation Estimates potential impact of trades before executing algorithms. |
Market impact estimation tools are common for institutional algo platforms like Fidessa. | |
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Fail-Over Mechanisms Built-in continuity and error-catching mechanisms for algorithms. |
Failover and business continuity are standard in globally deployed equities trading platforms. | |
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Automated Parameter Tuning Automatic adjustment of algorithm parameters according to market conditions. |
No information available | |
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Execution Speed Latency of algorithmic order routing and completion. |
No information available |
Order & Execution Management
(11 Yes /11 Known /14 Possible features)
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Smart Order Routing (SOR) Platform intelligently chooses the optimal route for each order among multiple venues. |
Smart Order Routing is one of the best-known features of Fidessa. | |
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Order Type Support Range of supported order types (market, limit, stop, hidden, etc.). |
No information available | |
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Order Modification Ability to edit or cancel live orders. |
Order modification and cancellation is supported as standard. | |
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Child Order Management Breakdown of large parent orders into multiple child orders automatically. |
Supports automated child order management for large trades. | |
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Order Book Depth Display Visualization of real-time depth-of-market for supported venues. |
Order book depth display with market data interfaces is available. | |
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Venue Connectivity Direct access to exchanges, ATSs, or dark pools. |
No information available | |
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Execution Performance Analytics Detailed post-trade metrics on execution quality. |
Execution performance analytics is a key reporting function. | |
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Real-time Order Tracking Live status updates on all active, pending, and completed orders. |
Users get real-time updates on all order statuses. | |
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Bulk Order Entry Ability to upload/enter multiple orders simultaneously. |
Bulk order entry through file upload and APIs is supported. | |
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Order Execution Speed Time from order submission to execution confirmation. |
No information available | |
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Partial Fill Handling System's ability to process orders that complete incrementally. |
Partial fill handling is a basic requirement and supported by Fidessa. | |
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Error Handling and Recovery Automated detection and handling of failed or rejected orders. |
Platform provides automated error detection and recovery. | |
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Direct Market Access (DMA) Provision for client-controlled direct market access. |
Direct Market Access (DMA) is a documented feature of the platform. | |
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Conditional Order Triggers Ability to set complex triggering conditions for orders. |
Complex order triggers and conditional logic are available. |
Market Data Handling
(9 Yes /9 Known /12 Possible features)
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Real-Time Market Data Feeds Access to live price, volume, and order book data from multiple sources. |
Real-time market data feeds are integrated into the platform. | |
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Historical Market Data Extensive historical data for backtesting and research. |
Historical market data for backtesting, TCA, and analytics is supported. | |
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Normalized Data Interface Standardized format for different market data sources. |
Fidessa normalizes market data across venues and formats. | |
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Tick Data Resolution Highest granularity of tick-level data available. |
No information available | |
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Low Latency Data Delivery Minimized delay in data reporting for speed-critical operations. |
Ultra low latency data delivery is a core marketing claim for the platform. | |
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Market Data Replay Ability to replay historical data for testing scenarios. |
Market data replay for testing and compliance is available. | |
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Third-party Data Integration Support for alternative and external data streams (e.g., sentiment, news, analytics). |
Integration of third-party/alternative datasets (e.g., news, analytics) is supported via APIs. | |
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Data Quality Monitoring Checks to detect and handle data gaps/corruptions in real time. |
Data quality and health monitoring are standard with institutional platforms. | |
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Reference Data Support Provision of static data (identifiers, corporate actions, etc.). |
Static reference and securities data support is foundational. | |
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Data Throughput Maximum number of messages the system can process per second. |
No information available | |
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Feed Handler Failover Redundant systems for uninterrupted data flow. |
Feed handler failover and redundancy for data resiliency is included. | |
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Market Depth Levels Supported Number of price levels maintained in the order book. |
No information available |
Risk Management
(10 Yes /10 Known /12 Possible features)
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Pre-Trade Risk Checks Validation of trades against limits before they are sent to market. |
Pre-trade risk checks are highlighted by Fidessa as key controls. | |
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Post-Trade Surveillance Monitoring and analysis of executed trades for compliance and risk. |
Post-trade surveillance and compliance are marketed as core features. | |
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Max Order Size Limits Pre-set constraints on the maximum size per order. |
No information available | |
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Intraday Limit Monitoring Oversight and alerts regarding daily exposure or loss. |
Intraday monitoring and alerting are included in the risk dashboard. | |
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Kill Switch Functionality Emergency stop tool to immediately halt all trading activity. |
Kill switch is present as part of risk controls in institutional platforms. | |
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Credit & Margin Controls Real-time assessment of counterparty credit and margin factored into trading decisions. |
Credit/margin risk checks are standard on Fidessa for brokers. | |
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Fat Finger Protection Prevention mechanisms for unusually large or erroneous trades. |
Fat finger protection is a regulatory and operationally required feature. | |
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Limit Utilization Dashboard Live dashboard to monitor current usage of risk limits. |
Limit utilization dashboard is part of the platform’s risk suite. | |
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Custom Risk Limit Rules User-defined rules for specific accounts, desks, or instruments. |
Custom risk rules and limit settings are supported for accounts/desks. | |
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Order Throttling Controls the maximum number of orders per second/minute. |
No information available | |
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Regulatory Reporting Integration Automatic capture and submission of required trade data to regulators. |
Integration for MiFID, Reg NMS, and global regulatory reporting is documented. | |
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Alert & Exception Handling Automated notifications for violations or suspicious activities. |
Alert and exception/event monitoring with notifications are part of standard features. |
User Interface & Workflow
(12 Yes /12 Known /12 Possible features)
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Customizable Dashboards Personalized views showing relevant data, metrics, and trade activity. |
Customizable dashboards for different user types are supported. | |
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Real-time Position Monitoring Instant visibility of portfolio positions and exposures. |
Real-time position and exposure monitoring is a key product selling point. | |
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Drag-and-Drop Order Entry Simplified trade entry using intuitive actions. |
Fidessa has a graphical UI with drag-and-drop trade entry. | |
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Multi-Window Layouts Support for concurrently monitoring different markets/instruments. |
Multi-window workspace layouts are configurable. | |
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Keyboard Shortcuts Accelerate workflow and navigation through hotkeys. |
Keyboard shortcuts for rapid workflow navigation are supported. | |
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Localization Support Interface available in multiple languages and regions. |
The platform provides multi-language and regional support. | |
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Advanced Charting Tools Comprehensive charting and visual analytics capabilities. |
Advanced charting capabilities including technical analysis and overlays are standard. | |
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Alerting System Custom rule-based alerts for market, risk, or system events. |
User-defined alerting based on rules or events is included. | |
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Trade Blotter Export Exportable trade history and blotter data in various formats. |
Trade blotters can be exported in various formats. | |
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Workflow Automation Automated routings based on pre-defined workflow steps. |
Workflow automation via rules and custom flows is part of the offering. | |
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Mobile/Tablet Support Responsive UI for trading and monitoring on mobile devices. |
Fidessa offers specialized mobile/tablet UIs for remote trading and monitoring. | |
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Dark/Light Mode User choice of interface color themes for comfort. |
Dark/light mode options are generally available in UI configuration. |
Integration & Extensibility
(9 Yes /9 Known /9 Possible features)
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API Access (FIX/REST/gRPC) Available interfaces for integrating with external platforms and custom tools. |
API access (FIX/REST) is a widely referenced extension capability. | |
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Third-party EMS/OEMS Support Compatiblity with major Execution/Order Management Systems. |
Fidessa has partnerships and integration with third-party EMS/OEMS. | |
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Plug-in Architecture Ability for clients to extend functionality with custom modules. |
Plug-in architecture for bespoke modules is available for clients. | |
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Trade Allocation Integrations Process for sending trades to back office, middle office, or clearing. |
Trade allocation processes to back office and clearing are supported. | |
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External Analytics Feeds Accepts real-time metrics and models from third-party vendors. |
Supports external analytics feed ingestion (TCA, risk, analytics). | |
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Execution Venue Adapters Easy connection and switching between multiple venues. |
Execution venue adapters for connecting to major exchanges and venues are a core feature. | |
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Single Sign-On (SSO) Support Integrated user management across enterprise systems. |
Enterprise SSO support is available for institutional clients. | |
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Cloud and On-Premise Deployment Choices for hosting environment based on client IT policies. |
Offered as both hosted (cloud) and on-premise solutions. | |
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Streaming Data APIs Real-time push of data/events to external systems. |
Streaming data push via APIs is referenced in integration documentation. |
Reporting & Compliance
(9 Yes /9 Known /10 Possible features)
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Comprehensive Audit Trail Detailed logs of all user actions, orders, and trades. |
Comprehensive audit trails are maintained by the platform. | |
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Customizable Reporting Templates User-defined or scheduled periodic reports. |
Customizable and scheduled reporting is available. | |
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Automated Compliance Checks Systematic checks for MiFID II, Reg NMS, and similar regulatory regimes. |
Automated MiFID II/Reg NMS compliance checks are built-in. | |
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Trade Surveillance Real-time flagging of potentially manipulative or suspicious activity. |
Trade surveillance for manipulation and suspicious activity is a compliance feature. | |
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Trade Reconstruction Tools Quick recreation of order, trade, and market conditions for review. |
Trade/order reconstruction for compliance is supported. | |
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Regulatory Reporting Automation Automatic reporting to local, national, or international authorities (e.g., CAT, EMIR). |
Automated regulatory reporting for global jurisdictions is a key feature. | |
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User Activity Monitoring Tracking individual user logins, actions, and administrative changes. |
User activity and session monitoring for audit and compliance. | |
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Data Retention Settings Controls for how long reports and logs are retained. |
No information available | |
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Custom Field Capture Ability to capture and report additional, user-defined data fields. |
Custom field capture for additional reporting is available in reports/APIs. | |
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Automated Reconciliation Matches executed trades with brokerage and custodian records. |
Automated reconciliation between trades and brokers/custodians. |
Security
(10 Yes /10 Known /10 Possible features)
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Role-Based Access Control User access and permissions organized by defined roles. |
Role-based access control (RBAC) is fully supported. | |
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Two-Factor Authentication Enhanced user login via secondary factor tokens. |
Two-factor authentication support referenced in product security documentation. | |
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Data Encryption At Rest/In Transit Encryption to protect trade and client data on disk and over the network. |
Encryption at rest and in transit is standard for major institutional platforms. | |
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Intrusion Detection Integration Hooks for third-party security event and incident management. |
Intrusion detection integration APIs available for SIEM tools. | |
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Session Timeout Policies Automatically logs out inactive users. |
Configurable session timeout and inactivity timeouts are supported. | |
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Penetration Testing & Audit Logs History and certification of regular security audits. |
Regular penetration tests and audit logs are a requirement for institutional software. | |
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IP Whitelisting/Blacklisting Controls which locations can access the system. |
IP restrictions (whitelist/blacklist) are standard for global financial platforms. | |
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Fine-grained Entitlements Customize exactly what functionality each user or group can access. |
Fine-grained entitlements configuration per user/role. | |
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Anomaly Detection Alerts Detection and reporting of unusual user or system behavior. |
Anomaly detection for user/system behavior is referenced under risk and compliance. | |
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Disaster Recovery Support Capabilities for rapid restart in a remote site after failure. |
Disaster recovery and business continuity are core platform capabilities. |
Performance & Scalability
(5 Yes /5 Known /10 Possible features)
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Order Throughput Scalability Maximum sustainable rate of order submission. |
No information available | |
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Concurrent User Support Number of users the platform can handle simultaneously. |
No information available | |
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Peak Load Latency System delay during maximum activity. |
No information available | |
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Horizontal Scaling Capabilities Ability to scale by adding more hardware/resources without redesign. |
Horizontal scalability by provisioning additional nodes/servers is possible and supported. | |
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Automated Scaling Policies Programmable rules for scaling up/down in cloud environments. |
Cloud deployments can take advantage of automated scaling policies. | |
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Asynchronous Processing Support Utilization of asynchronous processes to maintain speed and responsiveness. |
System architecture leverages asynchronous processes for performance. | |
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System Uptime Guaranteed system availability. |
No information available | |
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Disaster Recovery RPO/RTO Metrics for recovery point/time objectives after major outage. |
No information available | |
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Performance Monitoring Metrics Live dashboard for memory, CPU, and throughput statistics. |
Live monitoring of system/network performance metrics via a dashboard. | |
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Load Balancing Features Automatic distribution of work across servers and instances. |
Automatic load balancing is described in technical overviews. |
Deployment & Maintenance
(10 Yes /10 Known /10 Possible features)
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Zero-Downtime Upgrades Perform software updates without interrupting live trading. |
Zero-downtime upgrades are supported for mission-critical environments. | |
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Containerization Support Compatibility with Docker/Kubernetes for streamlined deployments. |
Containerization with Docker/Kubernetes is supported for deployment flexibility. | |
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Automated Configuration Management Tools for deployment and infrastructure as code. |
Automated configuration and infrastructure management tools are available for larger clients. | |
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Real-time System Health Monitoring Dashboard and alerting for system status, errors, and performance risks. |
Real-time system health monitoring via dashboards and integrated alerting. | |
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Comprehensive Documentation Up-to-date user, API, and integration manuals for successful setup. |
Comprehensive user, API, and integration documentation is provided. | |
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Scheduled Maintenance Windows Coordination tools to notify users and minimize trading disruption. |
Scheduled maintenance windows with notification are supported. | |
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Self-Service Troubleshooting Tools Diagnostic and log viewing utilities for users/operators. |
Self-service diagnostic and troubleshooting tools are available via the platform portal. | |
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Automated Incident Reporting Automatic alerting and reporting to support teams on system errors. |
Automated alerting to internal and vendor support is standard. | |
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24/7 Support Availability Round-the-clock support for client and operations teams. |
24/7 global support is advertised for client operations teams. | |
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Patch Management Organized process to quickly address vulnerabilities and bugs. |
Patch management is handled through the vendor/ION Group. |
Vendor Support & Reliability
(10 Yes /10 Known /10 Possible features)
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Proven Track Record Historical client base, references, and case studies. |
30-year history with top-tier financial institutions and case studies are available. | |
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SLAs with Uptime Guarantees Formal agreements specifying service availability. |
SLAs and uptime guarantees are referenced for hosted/managed clients. | |
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Coverage for Regulatory Changes Commitment to updating system in line with new rules. |
Regular regulatory updates and commitment are referenced in public materials. | |
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Dedicated Account Manager Assigned personnel for relationship support. |
Dedicated account management is standard for large and institutional customers. | |
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Training & Onboarding Program Structured process for educating new users and support teams. |
Structured onboarding and user training programs are provided. | |
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Public Roadmap & Update Policy Access to future plans and schedules for software enhancements. |
Public roadmap and regular enhancement updates are available, especially post-acquisition by ION. | |
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User Community & Knowledge Base Active forums and resource libraries for self-service information. |
User knowledge base and community resources are available for support. | |
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Third-party Certification External audits and certifications (e.g., SOC2, ISO 27001). |
ION/Fidessa pursues external certifications (e.g., ISO 27001) per compliance statements. | |
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Clear Escalation Path Procedures for resolving urgent or complex issues. |
Escalation procedures for support and incident handling are defined in SLA documents. | |
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Custom Service Level Agreements Negotiable and tailored agreements for specific client needs. |
Custom client SLAs are available per account manager and contractual terms. |
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