Bank of America Corp (NYSE:BAC) 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. (Original Source)
Shares of Bank of America closed yesterday at $16.94. BAC has a 1-year high of $18.21 and a 1-year low of $14.84. The stock’s 50-day moving average is $17.06 and its 200-day moving average is $16.33.
On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on June 24, Deutsche Bank analyst Matt O’Connor maintained a Buy rating on BAC, with a price target of $18.50, which implies an upside of 9.2% from current levels. Separately, on June 17, Oppenheimer’s Chris Kotowski maintained a Buy rating on the stock and has a price target of $21.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matt O’Connor and Chris Kotowski have a total average return of 5.0% and 3.1% respectively. O’Connor has a success rate of 76.5% and is ranked #923 out of 3691 analysts, while Kotowski has a success rate of 69.2% and is ranked #791.
Overall, 2 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $18.90 which is 11.6% above where the stock closed yesterday.