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
FTSE Mondo Visione Exchanges Index:
National Stock Exchange To Use SunGard's Brass Liquidity Services For Execution And Clearing
Date 13/06/2008