SunGard connects with ECNs

SunGard connects with ECNs

SunGard Trading Systems/Brass is to provide connectivity from its PowerNet securities order delivery network to the ECNs operated by Brut, Island, RediBook, Archipelago and Instinet.

PowerNet's ECN connections will provide securities dealers with access to greater market depth while reducing transaction costs associated with traditional order delivery services, says the company.

The system integrates the limit order books of multiple ECNs into one central facility using vendor level data feeds, enabling dealers to see the market's true depth and directly enter orders. In the future, PowerNet will also provide a single point of access to market-maker quotes for all types of equity securities.

Lawrence Leibowitz, chief executive officer of RediBook - soon to be merged with Archipelago - says: "We believe that open markets benefit everyone, and we look forward to providing enhanced liquidity to our clients and SunGard's."

During the third quarter of 2001, more than 46% of all Nasdaq market volume was traded on ECNs.

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