Tom Flynn

ION, a global leader in trading, analytics, treasury, and risk management solutions for capital markets, commodities, and treasury management, announces the extension of its partnership with Sigma Broking (Sigma). Sigma is an international, privately-owned brokerage company servicing institutional customers and deploys ION’s post-trade solutions to automate its middle- and back-office operations. Under the new agreement, Sigma will now also leverage the XTP Execution (XTP-E) suite to offer customers the capability to trade listed derivatives on the London Metal Exchange (LME).

Sigma offers broking and execution services to investment banks, producers and consumers of base metals, hedge funds, and portfolio managers across global financial markets and within multiple jurisdictions. It aims to facilitate access to the world’s leading exchanges and products, providing tailored hedging strategies and highly efficient execution services for a vast community of institutional customers.

ION is one of the premier software providers routing orders to the LME, providing automated services for retail and institutional firms worldwide. Its XTP-E suite offers efficient and accurate execution, supporting advanced risk management and future business growth.

Gary Pettit, CEO of Sigma Broking Ltd, said: “A core pillar of my strategic growth plan for Sigma is the implementation of best-in-class systems to provide our clients with seamless execution. Sigma Broking is one of only eight Category 1 Ring Dealing members on the LME; ION’s XTP Execution further strengthens our front-office execution capabilities and infrastructure for trading commodities on the LME.”

Francesco Margini, Chief Product Officer for Cleared Derivatives, ION Markets, said: “We are delighted to build on our existing partnership with Sigma, which offers access to trading worldwide. Using XTP Execution, Sigma is able to capitalize on additional opportunities on the LME, using integrated workflows and connected data for real-time insights.”

Sigma Broking Ltd, the international privately-owned brokerage company servicing institutional customers, today announces that it has selected FIA Tech, a leading futures industry technology provider, to support the Firm’s trade processing.

The agreement between the two parties enables Sigma Broking to utilise FIA Tech’s Atlantis settlement platform and covers the housing of Give Up Agreements between parties as well as facilitating the execution of new ones. Atlantis simplifies the calculation, invoicing and payment of brokerage fees to executing brokers.

Commenting, Gary Pettit, CEO of Sigma Broking Ltd, said:
“Our focus is on ensuring it is easy for our clients to do business with Sigma Broking whilst streamlining our processes between counterparties so that we’re as efficient as possible. FIA Tech’s Atlantis settlement provides us with all the functionality we require and we are already onboarding many clients who wish to use the platform.”

Erin Kairys, VP, Head of Brokerage Growth at FIA Tech, added:
“We are pleased that Sigma Broking has started using Atlantis to settle brokerage and we look forward to supporting them as they onboard with additional counterparties. Atlantis is the global industry standard brokerage payment platform and processes more than 170 million trades per year. Firms using Atlantis enjoy automated settlement rates up to 99% and often have 2-3x productivity of their brokerage payables and receivables teams vs firms not using Atlantis.”