SunGard Trading Systems has improved the customer order execution capabilities of its Brass order management system by providing clients with automated access to Nasdaq's Primex Auction System.
Through the link, Brass' 250 broker/dealer users can route orders to the auction system using the SunGard Transaction Network (STN), which incorporates the private equities network formerly known as the Brass Network (B-Net). To participate Brass clients must already be Nasdaq participants and must have signed Primex subscriber agreements.
Tom King, president, SunGard Trading Systems, Brass operating unit, says: "We worked hand-in-hand with Nasdaq and several of our largest customers to fine tune and test the Brass/Primex interface before putting it into production."
The Primex Auction is an automated system that is designed to provide price improvement and enhance "best execution" compliance for retail orders. Auctions are conducted at or inside the National Best Bid and Offer (NBBO) and can provide immediate executions.