Outsourcing of global multi-asset trading platform and order management system

Newedge, a joint venture between Société Générale and Crédit Agricole CIB, is a major force in the global multi-asset brokerage business and has a world-leading position in the execution and clearing of listed derivative products. Headquartered in Paris, Newedge has a presence in 16 countries across Europe, America, the Middle-East and Asia-Pacific and offers access to more than 85 global exchanges.

Brodies was asked to act on Newedge's behalf in negotiating a material IT outsourcing agreement with Fidessa for a trading platform and order management system for its critical global derivatives and equity trading business. Fidessa is a UK-based provider of high-performance trading platforms, investment management and information systems and solutions. This required complex and lengthy negotiation over a period of about six months by the in-house legal team at Newedge, working with Brodies' experienced and knowledgeable outsourcing team. Our employment team also provided advice to Newedge on TUPE and other legal issues arising from the deal.

The first phase of this project, covering trading hubs in London and Chicago, is now live. Subsequent phases will see the platform rolled out across hubs in Asia. Fidessa will also supply comprehensive, global market data as part of the deal, as well as low-latency gateways to access over 100 derivatives and cash equity markets.