US financial software service opens in UK markets

SunGard, a world leader in financial software and IT services, have launched an electronic agency-broker service to allow traders “sponsored access” to European markets in a bid to reduce customers’ trading and infrastructure costs.

The service is set to strengthen the UK’s position as a financial hub on the global economic stage.

The new scheme offers overseas traders simple and cost-effective access to the markets which have been hit by fragmentation since the introduction of new rules aimed to encourage growth in alternative trading venues.

Firms will benefit from using a technology-neutral broker-dealer to gain access to the market more efficiently.

Sang Lee

Aite Group

SunGard will help brokers and dealers both in and out of the UK access these venues by allowing them to “piggy back” on their membership, rather than having to become a member themselves.

Sang Lee, a Co-founder and Managing Partner at Aite Group, a financial markets research and advisory firm, said: “The European equity industry is at a turning point and firms are finding it harder to access fragmented liquidity in a cost-effective way.

“Firms will benefit from using a technology-neutral broker-dealer to gain access to the market more efficiently.

Raj Mahajan, president of SunGard’s trading business said, “With our new broker-dealer in Europe, SunGard can provide US and European customers with one access point to nearly 100 per cent of displayed liquidity. This will help customers achieve best execution at a reduced cost.”

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