Source: BATS Trading
SunGard's BRASS business unit and BATS Trading Inc. Monday reported that BRASS is providing direct market access to the fast-growing BATS ECN, giving sell-side broker dealers access to a greater source of liquidity and helping to prepare them better for Reg NMS trade-through requirements.
BRASS customers have direct access to the BATS pool of liquidity and are able to match trades in New York Stock Exchange, NASDAQ National Market, NASDAQ Capital Market and American Stock Exchange securities.
"We are pleased that BATS is an order destination on BRASS, one of the leaders in direct market access and a well-established name in the industry," said BATS Chief Executive Officer Dave Cummings. "We look forward to continuing to work with BRASS through our second generation trading platform, which was designed to handle the high-speed, high-volume, anonymous, reliable algorithmic trading that BRASS customers desire."
BATS ECN, which launched in January 2006, averaged daily volume of 307 million shares in February, touching about 13.3% of Nasdaq-listed volume and matching about 9.2%. The ECN recorded record volume of 399.9 million shares on Feb. 27 and announced its move into Tape A-listed shares February 5, 2007.
"Providing customers with unfettered and immediate access to liquidity, both on the protected venues and through alternative trading systems is critical," said Raj Mahajan, president of SunGard's BRASS business unit.