Bank of America Merrill Lynch Trading Solutions Now Available to Fidessa Group’s Canadian Clients for the First Time

Tuesday, July 7, 2015 9:00 am EDT

Bank of America Merrill Lynch today announced it has been successfully integrated and certified into Fidessa’s Canadian trading platform, giving Fidessa’s Canadian clients the opportunity to access to the BofA Merrill Trader Instinct® suite of trading solutions for the first time.

BofA Merrill’s Trader Instinct is a global trading and consulting platform that provides clients access to unique liquidity and the tools to maximize their trading strategies. Clients benefit from access to the electronic trading tools and state-of-the-art infrastructure used by BofA Merrill’s internal trading desk such as the firm’s crossing product and registered Alternative Trading System (ATS).

Bill Stein, director of Electronic Trading, BofA Merrill said, “Through this arrangement, Fidessa’s Canadian clients will now have the ability to deploy an extensive range of our flagship strategies, along with the ability to interact with BofA Merrill’s diverse client flow.

“We have been certified on the Fidessa U.S. platform since 2008, and this arrangement builds upon our strong track record of working together. We are delighted to extend the reach and breadth of our products into the Canadian market through our integration onto the Fidessa platform.”

Martin Hakker, CEO of Fidessa Canada, added, "We are really pleased to be able to offer the Trader Instinct suite to our Canadian client base. We have a strong partnership with BofA Merrill across the world, and with this integrated offering, we continue to put the power in the hands of the client."

Fidessa clients in both Canada and the U.S. can now access the full suite Trader Instinct including:

  • Instinct X® – BofA Merrill’s crossing product and registered ATS. It supports numerous liquidity sources, offering clients the opportunity to achieve execution consistent with instructions. Liquidity sources include client algorithmic orders, high-touch trading desks, private client flows and market makers.
  • Canada electronic trading – trading across inter-listed stocks with ability to benefit from differences in trading volumes between U.S. and Canadian exchanges, real-time FX rates and consolidated market data.
  • Algorithmic trading including:
    • Instinct flagship strategy, which uses real-time quantitative signals to react to market conditions in a range of market caps and conditions.
    • Liquidity-seeking strategies for effectively accessing dark, lit and natural liquidity.
    • Schedule-based strategies that aim to execute an order against industry standard benchmarks such as arrival price, VWAP and interval volume.
    • Instinct ETF for optimal ETF executions through analyzing liquidity of the ETF and its constituents and futures to create an execution strategy that access all three assets

BofA Merrill has been servicing the Canadian market since 1947 and currently has a workforce of more than 600, including 75 in its Global Markets business. Canadian clients benefit from BofA Merrill’s global platform and expertise, along with its multi-award-winning research capability. Canada’s research team currently covers two-thirds of the Toronto Stock Exchange’s aggregate market capitalization.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 48 million consumer and small business relationships with approximately 4,800 retail financial centers and approximately 15,900 ATMs and award-winning online banking with 31 million active users and approximately 17 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of SIPC, and, in other jurisdictions, a locally registered entity. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

BofAML Instinct X
Bank of America Merrill Lynch (BofAML) operates Instinct X, an Alternative Trading System (ATS) in the U.S. and as a Broker Crossing Network (BCN) in other geographies. BofAML seeks to operate its ATS/BCNs in accordance with applicable regulations, and in accordance with reasonable expectations of fairness. However, potential execution counterparties in BofAML's ATS/BCNs and in external venues may have trading objectives and/or expectations that may be adverse to your own, and so execution outcomes may vary. BofAML makes no guarantee as to the performance that can be achieved through the use of its ATSs or BCNs. The Instinct X ATS/BCN operates on a price/capacity/time priority, with any BofAML principal capacity orders yielding to client orders at an equal price.

Within its own ATSs and BCNs, BofAML may offer a variety of crossing services that support a segmentation and/or tiering model to enhance client choice regarding the nature of potential counterparties with whom they may execute. Where it does so, BofAML will use reasonable efforts to adhere to your expressed preferences regarding the use of different crossing services, to assign clients to the appropriate segment and to maintain those assignments, and to adhere to your expressed preferences regarding interaction with participants in such segments. While BofAML will use reasonable efforts in this context, it makes no guarantee as to accuracy or consistency of the composition of any segmentation assignment, which may be based in part on BofAML’s understanding of information supplied by others.

BofAML Routing and Order Handling
In the absence of instructions to the contrary, or depending upon your expressed preferences, the particular BofAML routing strategy or algorithm that you may elect to employ, or that is employed on your behalf, and as part of BofAML’s services seeking the most efficient and effective experience for client orders, your orders may be given an opportunity to interact with any resident non-displayed orders in one of BofAML's own ATSs or BCNs, which may include BofAML principal trading interest, prior to being exposed to external venues. External venues may include but not be limited to public exchange markets, multi-lateral trading facilities, other ATSs or BCNs, or broker-dealers, (such routing appropriate to each BofAML region) consistent with your instructions or BofAML's routing logic as applicable. While BofAML maintains relationships and connectivity to a variety of such venues as part of its routing processes, BofAML does not represent that it has access to all such venues that potentially may be available at any given point in time. To the extent that this document references performance times, such information is indicative and attempts to illustrate the performance speed and latency generally associated with certain systems, order/message paths, and linkages. Actual performance may be different and, in some cases, materially slower than indicated.

Additional Disclaimers and Information: This document is provided to you solely for informational purposes by Bank of America Merrill Lynch and is designed to serve as a general summary of the trading services and products that Bank of America Merrill Lynch may offer from time to time. This document is not research and it was not prepared or reviewed by employees within the Bank of America Merrill Lynch Research department. This document is not intended to constitute advertising or advice of any kind, and it should not be viewed as an offer or a solicitation to buy or sell securities or any other financial instrument or product. Bank of America Merrill Lynch makes no representation, warranty or guarantee, express or implied, concerning this document and its contents, including whether the information (which may include information and statistics obtained from third party sources) is accurate, complete or current. The information in this document is provided “as is,” is subject to change at any time, and Bank of America Merrill Lynch has no duty to provide you with notice of such changes.

Bank of America Merrill Lynch will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, trading losses, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this document. Before determining to use any service or product offered by Bank of America Merrill Lynch, you should consult with your independent advisors to review and consider any associated risks and consequences. This document has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Bank of America Merrill Lynch does not render any opinion regarding legal, accounting, regulatory or tax matters.

Trader Instinct, Instinct X, Instinct are trademarks of Bank of America Corporation, registered in the U.S. and other countries. © 2015 Bank of America Corporation.

Visit the Bank of America newsroom for more Bank of America news.


Reporters May Contact:
Kristen Kaus, Bank of America Merril Lynch, 1.646.556.0999