NSX to Use SunGard's Brass Liquidity Services for Execution and Clearing
National Stock Exchange, Inc. (NSX) will use SunGard’s Brass Liquidity Services’ dual routing infrastructure to route all traffic NSX directs to other venues for best execution obligations.
New York, NY (Vocus/PRWEB ) June 11, 2008 -- National Stock Exchange, Inc. (NSX) will use SunGard’s Brass Liquidity Services’ dual routing infrastructure to route all traffic NSX directs to other venues for best execution obligations. NSX will also use SunGard’s correspondent clearing services to support its clearing needs. NSX is a cost-effective provider of exchange services, committed to transparency, pricing leadership and partnering with its customers. SunGard’s Brass Liquidity Services is a suite of market access solutions for both buy- and sell-side institutions, and includes sponsored access, directed and smart order routing, dark aggregation and advanced algorithms.
NSX will use Brass Sponsored Access, from SunGard’s Brass Liquidity Services suite, to help it with Reg NMS-compliant, direct connectivity to protected venues, ECNs and dark pools*. Brass Liquidity Services’ dual-routing infrastructure will help NSX fulfill both its best execution and Reg NMS obligations by supporting exchange requirements to route away flow to any of the Reg NMS protected venues showing a better price. Additionally, the dual structure will provide NSX with a backup routing infrastructure and a cross-platform failover mechanism. This will help ensure reliability and stability, especially during volatile trading conditions.
NSX will leverage Brass Sponsored Access' high-speed, low-latency direct connectivity to reduce the number of hops it takes to reach available, better-priced markets. By minimizing the number of hops, latency in the trade lifecycle is reduced, and will help NSX to better fulfill its best execution obligations. Correspondent clearing services will help NSX to increase post-trade efficiency, while decreasing infrastructure requirements and clearing and settlement costs.
Joseph Rizzello, chief executive officer of NSX, said, “We have a commitment to our clients to provide cutting edge technology and keep our cost structure low. SunGard worked with us to tailor a custom solution with competitive pricing that meets our own unique needs and will help us reduce our operational expenses. We look forward to the prospect this presents for offering our clients even more competitive pricing and we are particularly excited to provide SunGard’s customer base with our low-cost solution.”
Raj Mahajan, president of SunGard’s trading business, said, “NSX and SunGard share a customer-centric focus and approach to running our businesses. We strive to present our customers with cost-effective, innovative solutions, across the entire trade lifecycle. NSX’s selection of SunGard demonstrates how we strategically partner with our customers to provide tailored, complete solutions that support all areas of the business.”
SunGard provides traders of US equities, commodities and listed options with Web-based, electronic trading platforms for trade order management, direct market access and risk and compliance management. SunGard’s cross-asset solutions automate the transaction lifecycle, providing network connectivity and straight-through processing from pre- to post-trade. SunGard data analysis tools help improve the speed and ease of optimizing portfolios, assessing risk exposure, conducting alpha tests and identifying market opportunities. To learn more, visit: www.sungard.com/trading.
About NSX
National Stock Exchange, Inc. (NSX®) is the cost-effective provider of exchange services, committed to aligning its interests with those of its customers. In the fourth quarter of 2006, NSX launched NSX BLADESM, a new technologically advanced platform, which was the culmination of a major transformation that began a year earlier with the development of an entirely new business plan for NSX. The new technology platform was built from the ground up to meet the speed, price and service needs of a post-Regulation NMS environment. It was designed to accommodate the broadest range of users, including agency brokers, algorithmic traders, and ECNs. Founded in 1885, NSX has been a driving force for change in the world of securities exchanges and continues to lead the way in exchange innovation. For more information, visit the NSX website at www.nsx.com.
About SunGard’s Brass
An integrated trade and order management solution suite supporting Nasdaq, listed, listed market making and sales trading, Brass serves market makers, institutional brokers and traders working in a variety of roles. The suite includes a trade order management system; a set of direct market access tools as well as solutions for automated indications of interest and advertised trades; trade matching; and compliance analysis and reporting. Brass facilitates trade execution through connectivity with the buy-side community via the SunGard Transaction Network, through links with major back-office clearing firms, and through direct access to all major domestic exchanges and trading destinations.
About SunGard
With annual revenue of $5 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com.
*Brokerage products and services offered through Brass Liquidity Services, Brass Sponsored Access and Correspondent Clearing Services are provided by Assent LLC, member FINRA/SIPC.
Trademark Information: SunGard, the SunGard logo, and Brass are trademarks or registered trademarks of SunGard or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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