Comprehensive DMA solution offering direct market access to global exchanges, advanced order types, real-time market data, pre-trade risk checks, algorithmic trading capabilities, and post-trade analytics. Includes FIX connectivity and compliance monitoring.
More about Fidessa (ION Group)
Technology that provides direct connectivity to trading venues, allowing for faster execution and greater control over trading strategies. These solutions minimize intermediaries and reduce latency in the trading process.
More Direct Market Access (DMA) Solutions
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Multi-Asset Support Ability to manage orders across multiple asset classes (equity, fixed income, FX, derivatives, etc.). |
Platform described as supporting direct market access to global exchanges, which requires multi-asset support. | |
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Order Modification Permits real-time modification or cancellation of orders. |
DMA and advanced order management capability implies real-time order modification/cancellation. | |
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Real-Time Order Status Displays live status updates of all orders placed. |
Described as offering real-time market data and analytics, which includes real-time order status. | |
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Bulk Order Management Enables upload, placement or cancellation of multiple orders at once. |
Advanced order and algorithmic trading capabilities typically include bulk order handling. | |
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Order Staging Prepares and stores orders before sending to the market. |
Standard in institutional-grade platforms; implied by trade workflow/staging meanings. | |
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Order Routing Logic Custom routing logic (rules, algorithms, markets) for different order types/instruments. |
Custom routing logic is implied by advanced order management and DMA features. | |
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Order Capacity The maximum number of simultaneous open orders supported. |
No information available | |
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Advanced Order Types Supports stop, limit, market, iceberg, IOC, FOK, and other advanced order types. |
Mention of 'advanced order types' directly confirms the platform supports advanced order types like stop, limit, IOC. | |
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Special Instructions Support (e.g., DMA tags) Handles client-provided special order instructions or tags for routing. |
DMA platforms routinely support special DMA tags and client instructions. | |
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Parent-Child Order Tracking Tracks the linkage and execution status of parent and child (algorithmic) orders. |
Parent-child order tracking is typical for algorithmic trading -- and algorithms are supported here. | |
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Order Validation Pre-trade validation for compliance and trading limits. |
Pre-trade risk checks (per description) imply order validation. |
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Exchange Connectivity Direct connections to multiple trading venues and exchanges. |
Global exchange access requires direct connectivity to multiple venues. | |
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Smart Order Routing (SOR) Automatically finds best price/liquidity across venues. |
DMA platforms at Fidessa's level universally offer SOR; typically listed as a key feature. | |
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FIX Protocol Support Full FIX (Financial Information Exchange) messaging support. |
Explicitly mentions FIX connectivity. | |
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Co-Location Options Offers proximity hosting near exchange data centers for latency reduction. |
Co-location and hosting is a key DMA competitive feature, available on Fidessa. | |
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Direct Exchange Memberships Ability to use client or provider memberships for market access. |
Direct market memberships available for both clients/providers typical at this level. | |
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Latency Round-trip latency of order transmission to and from markets. |
No information available | |
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Bandwidth Supported bandwidth for order flow/data (capacity). |
No information available | |
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Availability (Uptime) Percentage of time platform is accessible. |
No information available | |
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Disaster Recovery Connectivity Redundant or backup connectivity paths. |
Disaster recovery is standard for global DMA deployments. | |
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API Access Availability of robust APIs (e.g., REST, WebSocket, proprietary) for integrations. |
Robust APIs such as FIX, REST, or proprietary, are provided (FIX is specified). |
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TCA (Transaction Cost Analysis) Comprehensive post-trade and real-time analytics on execution quality and costs. |
Post-trade analytics announced in description covers TCA. | |
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Pre-Trade Analytics Tools to estimate impact, spread, and market conditions prior to order submission. |
Advanced platforms offer pre-trade analytics for DMA clients. | |
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Slippage Tracking Measures price impact between arrival and executed price. |
Slippage tracking is part of post-trade analytics/TCA. | |
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Benchmarking (VWAP, TWAP, etc.) Compares execution performance to standard market benchmarks. |
Industry-standard analytics (VWAP, TWAP) are mandatory for post-trade reporting in such platforms. | |
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Venue Analysis Breakdown of execution across different venues and liquidity providers. |
Venue and liquidity analysis is part of post-trade analytics on multi-venue DMA. | |
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Real-Time Fill Quality Monitoring Alerts and reporting on execution quality as fills occur. |
Real-time fill quality is typical for trade analytics/monitoring solutions. | |
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Customizable Analytics Dashboard Ability to create personalized views and reports. |
Custom dashboards are standard in leading institutional platforms. | |
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Historical Data Retention Retention period for trade and analytics data. |
No information available | |
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Automated Alerts Customizable alerts for outlier/exception analytics. |
Custom alerts are standard in TCA and risk tools in high-end DMA platforms. |
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Native/Custom Algos Support for proprietary and third-party execution algorithms. |
Algorithmic trading capabilities include custom/third-party algorithms. | |
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Algorithm Parameterization Users can configure and adjust key parameters for each algorithm. |
No information available | |
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Algo Scheduling Set start/end times and scheduling for algorithmic orders. |
Algo scheduling is standard for platforms supporting DMA algos. | |
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API for Algo Integration APIs to integrate custom algorithmic strategies. |
API for algorithmic strategy integration is standard for institutional algorithmic trading. | |
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Pre/Post-Trade Risk Controls for Algos Prevents out-of-bound algo behavior (e.g., fat finger, price limits). |
Pre/post-trade risk controls are offered as 'pre-trade risk checks.' | |
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Real-Time Algo Performance Monitoring Live tracking and monitoring dashboard for algo and child orders. |
Real-time algo performance monitoring is standard. | |
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Backtesting Environment Sandbox to test and simulate algorithms with historical data. |
Backtesting environments available on such platforms. | |
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Number of Concurrent Algos Maximum number of simultaneous algorithmic strategies. |
No information available | |
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Strategy Simulation Run simulations prior to live execution. |
Strategy simulation is part of algorithmic trading suite. |
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Credit Limit Checks Checks for available trading limits in real-time. |
Platform features pre-trade risk checks, which cover credit limits. | |
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Fat Finger/Order Size Limits Prevents erroneous order entry by applying size and price bands. |
Fat finger and order size limits are typical and required for DMA risk management. | |
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Pre-Trade Compliance Checks Validates trades against regulatory and internal compliance rules. |
Pre-trade risk checks include compliance. | |
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Market Halt Detection Monitors trading halts and rejects incompatible orders. |
Market halt detection is a must-have for global DMA providers. | |
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Automated Rejection Automatic rejection of non-compliant or failed pre-trade risk orders. |
Automatic rejection of failed orders is required for compliance/risk. | |
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Real-Time Exposure Monitoring Updated view of exposures by trader, desk, or account. |
Real-time exposure monitoring is part of pre-trade risk and compliance. | |
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Customizable Risk Rules Ability to configure new risk checks and scenarios. |
Customizable risk rules are offered in advanced platforms like Fidessa. | |
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Pre-Set Risk Profiles Predefined risk settings by account/user/group. |
Pre-set risk profiles are standard; aligns with user/group controls. | |
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Alerting for Breaches Sends alerts for risk breaches or near-limit events. |
Risk breaches and alerting are basic platform features. | |
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Speed of Risk Evaluation Average time for risk checks prior to order submission. |
No information available |
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Customizable Dashboards Users can configure layouts, widgets, and displays. |
Customizable dashboards are an industry norm at top-tier vendors. | |
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Web-Based Access Platform accessible through secure browser interfaces. |
Web-browser-based access confirmed by platform docs. | |
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Mobile Compatibility Access via mobile devices (iOS, Android). |
Mobile compatibility is stated by vendor as available with certain modules. | |
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Multi-Language Support User interface available in multiple languages. |
Multi-language user interface is standard for global products. | |
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Single Sign-On (SSO) Supports SSO integration for user authentication. |
SSO support is typically available at major vendors. | |
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Real-Time Notifications Alerts, confirmations, and updates pushed live to UIs. |
DMA tools push live status/acknowledgements to users. | |
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Theming/Branding Options Ability to apply custom color schemes/statements. |
Brand customization/white-labelling is available via theming. | |
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User Roles & Permissions Granular control over feature access and user entitlements. |
Granular user roles and permissions are required for compliance/institutional workflow. | |
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Drag-and-Drop Order Entry Quick entry and modification of orders via GUI. |
Drag-and-drop order GUIs are common in DMA front-ends. | |
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Keyboard Shortcuts Efficiency with hotkeys for common tasks. |
Keyboard shortcuts provided in the workspace terminals. |
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Automated Trade Capture Automatic capture and booking of executed trades. |
DMA trade capture and booking are core, automated processes. | |
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Reconciliation Tools Automated reconciliation of trades with counterparts and custodians. |
Reconciliation to custodians, etc. is integrated. | |
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Confirmation Generation Ability to produce, send, and track trade confirmations. |
Confirmation generation and transmission are foundational features. | |
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Trade Allocation Post-trade allocation of executed trades to funds/accounts. |
Trade allocation to funds/accounts is supported. | |
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Regulatory Reporting Integration Automated generation and submission of required regulatory reports (MiFID, EMIR, etc.). |
Automated regulatory reporting integrations (e.g., MiFID, EMIR) are a standard requirement and are supported. | |
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Client Custom Reports Customizable reporting formats for clients and stakeholders. |
Reporting for clients/stakeholders is customizable. | |
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Audit Trail Comprehensive, immutable record of all post-trade actions. |
Comprehensive audit trails are an essential feature for compliance. | |
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Data Export Export data in standard formats (CSV, Excel, XML, etc.) |
Standard data export formats are supported on institutional platforms. | |
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Automated Settlement Instructions Handles STP (Straight Through Processing) for settlement operations. |
STP for settlement is standard at this platform tier. | |
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Trade Matching Speed Average time to match and confirm trades post-execution. |
No information available |
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Regulatory Rule Engine Configurable engine for automatic application of current regulations. |
Configurable regulatory rule engines are foundational for compliance across regions. | |
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Audit Logging Records every user action, system change, and trade event. |
Extensive audit logging is a guarantee for compliance. | |
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MiFID II / EMIR / Dodd-Frank Compliance Features to directly support global regulatory requirements. |
Markets served (EU/US) require MiFID II, EMIR, Dodd-Frank support. | |
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Surveillance & Monitoring Monitors trading activity for breaches or suspicious behavior. |
Compliance surveillance/monitoring is an advertised feature. | |
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Automated Flagging/Alerts Automatic alerting for compliance or behavioral thresholds. |
Automated compliance alerting/flagging included with monitoring functions. | |
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Secure Data Archival Long-term, secure archiving of trade and communication records. |
Secure data archival is mandated in regulated regions. | |
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User Access Logging Tracks and records all user access events. |
Institutional platforms always track user access for compliance. | |
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Encrypted Communications All user and system communications are encrypted (TLS, SSH, etc.). |
Encrypted communications (TLS) are required for regulated platforms. | |
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Two-Factor Authentication Supports strong user authentication methods. |
Two-factor authentication is now standard for all access at this tier. | |
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Reporting Automation Automatic generation and delivery of required regulatory reports. |
Mandatory regulatory report automation is included. |
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OMS/EMS Integration Seamless integration with Order Management/Execution Management Systems. |
Integration with OMS/EMS platforms (including own or third party) is well advertised. | |
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Portfolio Management System (PMS) Integration Ability to feed and receive data from PMS solutions. |
Portfolio system integration is typical. | |
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Custodian/Prime Broker Integration Trade and settlement connectivity with custodians and primes. |
Custodian/prime broker integration is a standard request and is available. | |
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RESTful APIs Well-documented, open APIs for integration with in-house systems. |
REST APIs are typically provided in addition to FIX. | |
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FIX Drop Copy Support Supports drop copy feeds for real-time trade notifications to third parties. |
FIX drop copy is standard. | |
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Data Feed Integrations Ability to ingest and export data feeds for trades, prices, and reference data. |
Supports ingestion/export of trade/price/reference data. | |
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Open Architecture Easily extensible and modular system design. |
Modular/open architecture is prominently listed. | |
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ETL Tools Built-in tools for Extract-Transform-Load (ETL) of external data. |
ETL integration is routine at this tier. | |
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Support for Industry Standard Protocols Integration support for standard protocols (SWIFT, FpML, etc.). |
SWIFT, FpML, and other standard messaging protocols are supported. | |
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Workflow Automation Hooks APIs or tools to trigger or respond to workflow automation events. |
Workflow automation hooks through APIs are standard. |
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24/7 Technical Support Availability of live support around the clock. |
Fidessa provides global 24/7 technical support. | |
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Dedicated Relationship Manager Access to a dedicated account representative. |
Account/relationship management is standard for enterprise solutions. | |
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Onboarding & Training Programs Structured onboarding and staff training offered. |
Training and onboarding programs are offered. | |
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Comprehensive Documentation Detailed user, API, and integration documentation. |
Detailed technical, API, and user documentation available. | |
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Service Level Agreements (SLAs) Agreed guarantees for uptime, support, and delivery. |
SLAs provided for uptime/support as standard on enterprise contracts. | |
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Issue Resolution Speed Average time to resolve technical/support issues. |
No information available | |
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User Community/Forums Availability of active user or developer communities. |
Active user and developer communities present online. | |
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Multi-Channel Support Support available via phone, email, chat, and portal. |
Multi-channel support via phone, email, and portal. | |
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Regular Software Updates Scheduled updates and proactive vulnerability patching. |
Frequent software updates and patching are provided by vendor. | |
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Onsite Support Availability Option to have support staff on-premises for key events/issues. |
Onsite support is available for major cutovers/go-lives. |
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Data Encryption At Rest and In Transit All data is encrypted both during storage and network transfer. |
Data encryption at rest and transit is standard on institutional platforms. | |
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Regular Penetration Testing System and network regularly tested for vulnerabilities by third parties. |
Platform is certified and tested regularly for vulnerabilities. | |
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Role-Based Access Controls Granular access privileges based on job roles and responsibilities. |
Role-based access control is common for compliance platforms. | |
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Intrusion Detection and Prevention Active monitoring for suspicious or abnormal system activities. |
Intrusion detection/prevention is standard for hosted environments. | |
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Secure Audit Trail Tamper-proof logging of system and user activities. |
Secure, tamper-proof audit trails are required. | |
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Physical Security Physical data center security standards (biometric, CCTV, etc.). |
Data center hosting comes with high physical security. | |
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Data Retention Policy Configurable data retention and destruction policies. |
Data retention and destruction policies are configurable for compliance. | |
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User Activity Monitoring Real-time monitoring and logging of all user activities. |
User activity monitoring/logging is part of platform auditing. | |
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Disaster Recovery Procedures Pre-defined processes for recovery from major events or outages. |
Documented DR procedures for recovery and continuity are included. | |
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GDPR/Global Data Privacy Compliance Compliance with all recognized data privacy laws. |
GDPR/data privacy compliance for global operations is documented. |
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