BRAZILIAN EXCHANGE TAPS SUNGARD CONNECTIVITY SERVICES
Posted September 23, 2009
“The Brazilian market is attracting more and more DMA [direct market access] orders,” says Yassine Brahim, President, Global Trading Business at SunGard. “SunGard has been working with BM&FBOVESPA and its predecessors since the 1990s to help provide DMA connectivity for both the equities and derivatives segments of BM&FBOVESPA. We’re demonstrating that, through our ASP-based market connectivity services, SunGard can now respond to local and international demand for trading on the exchange while helping control the costs of market connectivity.”
BM&FBOVESPA was created in 2008 from the integration of the Brazilian Mercantile & Futures Exchange (BM&F) and the São Paulo Stock Exchange (Bovespa). Using the SunGard connectivity services, BM&FBOVESPA exchange members can outsource procurement and management of hardware, software and telecommunication links required for market access.
Users of SunGard’s trading solutions will be able to trade cash and derivatives markets from the same screen. Local brokers can use SunGard’s workstations and consolidated pre-trade risk management solution to trade simultaneously on BM&F and BOVESPA segments (equities and derivatives).
“BM&FBOVESPA has been developing its direct market access (DMA) business since 2008: DMA order routing brought 156,262 trades in July, in comparison to 112,621 trades in June,” says Cícero Augusto Vieira, Chief Operating Officer of BM&FBOVESPA. “We welcome initiatives that can help our members reach our markets more easily and cheaply. With its ASP-based market connectivity services, SunGard can help us gain new local and international trading customers.”