CX Capital Markets LLC, a new futures commission merchant focusing on institutional and managed account business, will use SunGard's GMI clearing and accounting system for exchange traded derivatives, futures and options in an application service provider (ASP) environment.
Connie Burnet, vice president of operations at CX Capital Markets, said, "Our goal is to offer excellent service at competitive prices, and provide our clients a high level of reliability, confidentiality and personal service. As our core back-office platform, SunGard's GMI will be a key component to achieving these goals from an operational standpoint, by providing ease of use and flexibility with room to grow. In addition, SunGard's industry knowledge and responsiveness will help to ensure a successful roll-out of our business as well as consistent client service."
Gerry Murphy, president of SunGard's brokerage and clearance business, said, "The breadth of functionality of SunGard's GMI makes it well suited for a range of financial services organizations, from large tier 1 to start-up organizations like CX Capital. With GMI provided in an ASP environment, firms can benefit from a swift implementation and the ability to hit the ground running on day one and support future growth."
The owners of CX Capital Markets are also principals of X-Change Financial Access (XFA), a prominent execution group that fills orders on the Chicago Mercantile Exchange/Chicago Board of Trade (CME/CBOT) and Chicago Board Options Exchange (CBOE) trading floors.