US Bancorp Piper Jaffray prepares for fixed income revolution

US Bancorp Piper Jaffray prepares for fixed income revolution

Preparing for a shift to electronic order entry and execution via the Internet, US Bancorp Piper Jaffray has contracted with SunGard for a new 250-position fixed income trading operation.

The integrated SunGard solution will handle fixed income trading, sales and order management for all of the bank's institutional services in the full range of fixed income instruments, from repos and commercial paper to municipal and convertible bonds. It will provide real-time pricing quotes to the institutional sales force and feed the retail sales offering system.

SunGard's Global Trader front office system and Mint middleware will form the core of the solution, which will also incorporate Bolt for back office processing and the Brass order management system, and which will also link to the SunGard Transaction Network (STN).

The Mint system will provide US Bancorp Piper Jaffray with a single point of access for simultaneous offer- and order-routing to multiple electronic communication networks (ECNs) and automated trading systems (ATS). Global Trader is being implemented to provide front-end trading functionality across more than 250 workstations in nearly 20 branch locations.

The bank says it is implementing the new system in advance of a fundamental shift in fixed income trading, encompassing delivery and execution via the Internet.

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