SunGard to buy Brut ECN - WSJ
09 July 2002 | 6556 views | 0
The Wall Street Journal is reporting that SunGard Data Systems has agreed to buy electronic communications network Brut, citing anonymous sources close to the transaction.
The purchase is valued at more than $100 million, says the US business daily.
SunGard currently owns 22% of the trading system, which was established with 26 broker-dealers. Bank-backed dealing systems have come under scrutiny from US competition authorities of late, firing up speculation about potential sales and bail-outs by consortium partners.
If the acqusition goes through, it will herald a further intensification in competition for order flow between competing alternative trading systems. It follows Instinet's recent deal to acquire rival Island.