Fidessa LatentZero is an international technology firm that specializes in developing complete front-office solutions for the buy-side community. Our products are used by over 210 buy-side companies, including nine of the world's largest ten global asset management organizations, through to smaller specialist managers and hedge funds.

Founded in January 1999, Fidessa LatentZero was acquired by the Fidessa group in April 2007. Head-quartered in London and with offices in Boston, New York, Tokyo, Hong Kong, Paris, Toronto and San Francisco, Fidessa group serves 22,000 users across 600 clients globally. Fidessa group was founded in 1981, has revenues of around US$350m, employs over 1,200 people and has been fully listed (LSE:FDSA) since 1997.

Fidessa LatentZero's product suite, Capstone, can be implemented as a single integrated front office system, or as individual portfolio analysis, order and execution management, and investment compliance tools. With support for equities, fixed income, listed and OTC derivatives, money markets and foreign exchange, it's the first truly full-asset solution for the buy-side.

Solutions For Asset Managers

Capstone is comprised of three components:

• Tesseract for portfolio slice and dice, real-time P&L, strategy management, modeling, what-if scenarios and order generation
• Minerva OEMS for order management, trading and post trade processing
• Sentinel for pre- and post-trade investment compliance

• An optional OTC Derivatives overlay module provides end to end investment workflows and pricing for OTC credit, interest rate, inflation, equity and currency derivatives across all areas of the Capstone suite.
• A standalone, hosted EMS Workstation can be deployed. This is delivered as a broker neutral ASP solution, and provides market data, connectivity and trading for global equities and listed derivatives, and can receive orders from and send executions to any third party OMS via FIX.

Capstone for Hedge Funds
Capstone for hedge funds is a broker neutral, pre-packaged and easy to implement application that supports hedge fund investment and trading workflows for all asset classes, including OTC derivatives.

The hedge fund solution includes position analysis by fund, strategy, sub-strategy, etc, with cross-asset class real-time exposure and P&L, and integrated market data. Orders can be easily created to open or adjust positions, and trading connectivity is provided to global brokers, algorithms, DMA venues as well as ECNs/alternative trading systems. The system supports pre-and post-trade allocation by fund and strategy, and workflow controls with integrated compliance to reduce trading errors.

EMS Workstation
The EMS Workstation is a broker-neutral, low-latency trading application for equities and equity derivatives for global markets. The Workstation is ideal for any asset manager, from small hedge funds to larger institutional managers, requiring out-of-the-box access to a comprehensive set of brokers, algorithms and DMA venues, with integrated real-time, full-depth market-data with broker IOIs, news, charts and fundamentals.

The fully hosted ASP solution is quick to deploy and requires minimal or no technical support. The Workstation can also receive orders from and send executions to any third party OMS via FIX.

• Broker neutral platform
• Support for all asset classes: equities, fixed income, listed and OTC derivatives, money markets and FX
• Position management by fund, strategy or sub-strategy with real-time exposure and P&L
• Comprehensive control and audit of the order management and trading process, with highly configurable workflows and trading screens
• Easy-to-use order creation
• Full coverage of North American, European, Japanese and Asian trading practices
• Integrated trading capability, with instant connectivity to 310+ global brokers across 100 exchanges, broker algorithms, DMA and alternative trading systems
• Integration with all leading ECNs for all asset classes, including LiquidNet, ITG Channel, BIDS Trading, Pipeline and NYFIX Euro Millennium for equities; TradeWeb, Bloomberg AllQ, MarketAxess and BondVision for fixed income; and FXall, FXConnect and BAXTER for foreign exchange
• Global, real-time level 1 and level 2 market data, news, IOIs, indices
• Integrated compliance checks by strategy and fund throughout the investment process (pre-, intra and post trade) for all major regulators around the world
• Pre and/or post-trade allocation of executions to multiple strategies and/or funds
• Can be deployed across multiple sites and desks globally, from a single central server

• Capstone's Service Oriented Architecture enables it to scale performance, while providing high levels of resilience and failover. It enables global deployment from a central server, with real-time screen updates and support for the high transaction throughput and market data volumes now required with algo trading and DMA.
• FLZ has been able to integrate EMS (trading) functionality relatively easily due to this underlying architecture. One large customer regularly processes 20,000 orders and 200,000 fills a day; another processed 200,000 fills from 10 brokers in 10 minutes. Fidessa LatentZero has also tested one million fills being processed in 12 minutes, and an arrival rate of 1,400 fills a second.
• Fully integrated EMS functionality which makes the system the market's first "OEMS" - a truly integrated environment for both order management and trading. Buy-side traders no longer need to stage orders to third-party EMSs or manage orders in two or more separate systems, minimizing workflow error and improving usability. Capstone checks investment compliance and trading restrictions - an area that Fidessa LatentZero customers had identified as a key weakness in staged OMS/EMS configurations.
• Strong OTC derivatives capability that makes Capstone one of the only buy-side products to measure, monitor and manage underlying and counterparty exposure.
• Intuitive user interface/look and feel - highly customizable trade-screens and richness of functionality make it adaptable to any asset class, any investment style and any workflow.


EMS WORKSTATION
Key Features


Service

• Fully hosted (ASP), out-of-the-box solution with integrated market data
• Quick to deploy, requiring no internal technical support
• Independent vendor and broker-neutrality ensures impartiality and data confidentiality
• Proven, robust Fidessa network provides market connectivity to 310+ brokers across 100 exchanges globally
• Automatic upgrade at Fidessa data centers continuously adds new execution destinations and product functionality
Functionality
• Supports equities and listed derivatives for global markets
• Low latency connectivity to broker, algorithm and DMA execution destinations
• Real-time, full-depth market data with IOIs, news, charts and fundamentals
• Intuitive trading functions
• Execution benchmarks and trading P&L
• Receive orders from any OMS and export completed trades
• User configurable screens for optimized workflow

Capstone is currently deployed as an enterprise system. Wherever possible FLZ will deliver as much of the system in a pre-configured state as possible. Over the years we have refined our implementations to incorporate 'best practice' workflow designs, screen configurations and reference data that ensures customers enjoy Capstone's full potential. Once customers become familiar with the standard implementation model, they will have the opportunity to refine it to reflect the specifics of their own operations.

An ASP version of the application will be available in 2009.

Technology

• Service Oriented (SOA) and Event-Driven (EDA) real-time architecture, provides performance, stability and future proofing
• Multi-tier, distributed XML-message-based architecture gives high throughput and scalability, with immediate screen updates around the world
• Global access with no requirement for emulation software such as Citrix
• Windows 2000 and XP desktop
• Choice of Windows, Unix and Linux servers
• SQL Server or Oracle database support
• .NET, ActiveX, Java and C++ APIs, enabling easy real-time integration with other systems
• Event-driven process taking place on-line, with no end-of-day batch required
• Meta data architecture enabling any data attributes to be included in blotters and used in the trading process

The Fidessa LatentZero EMS Workstation is a fully hosted ASP model that can be internet or VPN delivered to the client site. The front end application can be automatically downloaded and updated through Fidessa's network of global data centers across Europe, Asia and the US. This negates the need for any onsite infrastructure, minimizes regulatory compliance and ensures that users have the very latest version of the software available.

For a simple implementation a screen can be put in place with 5 days.

Server hardware is all hosted, so there is no requirement for the client to have hardware on site.

The pricing model is based on the following factors:

• Number of servers
• Assets under management
• Asset class coverage
• Number of users

EMS Workstation

Fidessa LatentZero EMS operates a model where the EMS screen is sponsored by the brokers receiving the flow. The buy-side firm only pays for the implementation of the screen on site and the market data that they require. We operate a flexible pricing model for its market data which enables companies to pay just for the data they use from the source of their choice rather than incur a flat fee for a raft of feeds they may not require. Market data is treated as a commodity; hence financial institutions can typically reduce their market data costs by up to 50%.

Contact your CAPIS salesperson at 800.247.6729 or 214.720.0055, or contact Fidessa LatentZero:

Fidessa LatentZero
160 Federal Street
Boston MA 02110
Phone: 617.235.1000
Email: info@latentzero.com
Web: www.latentzero.com