SunGard has opened a new hub of its GL Net low-latency market data and order routing network in Sao Paolo, Brazil.
The hub, which is the fifth to be opened in the Americas, will provide international investors with access to BM&FBOVESPA, the Brazilian securities, futures and commodities exchange. Local financial institutions will also gain access to SunGard's GL Net network of brokers, and be able to take advantage of direct market access execution services to more than 110 exchanges and liquidity pools.
BM&FBOVESPA was created in 2008 following the merger of the Brazilian Mercantile & Futures Exchange (BM&F) and the São Paulo Stock Exchange (Bovespa). BM&FBOVESPA is now Latin America's leading exchange, and one of the largest in the world in terms of market value. By opening the new GL Net hub, SunGard will help international investors send electronic orders cost-effectively to Brazilian brokers via GL Net, helping them trade on BM&FBOVESPA and create new investment opportunities.
Cícero Augusto Vieira, chief operating officer of BM&FBOVESPA, said, "We view SunGard's investment in its Sao Paulo GL Net hub as recognition of the strength of Brazil's capital markets, and of the potential of this and other South American cities to become international financial centers. With the additional trading activities that GL Net can help us to offer our customers, we're confident of attracting new members and investment to the exchange."
Vincent Burzynski, chief product officer for SunGard's global trading business, said, "SunGard's GL Net hub in Sao Paolo will help provide our Latin American customers access to worldwide capital markets. It will also help to meet an increasing demand from our customers for local and international connectivity. Demand for new investment opportunities and the growth of electronic trading are leading us to invest in the expansion of GL Net's reach, with hubs opened recently in Warsaw, Tel Aviv, Mexico City and now Sao Paulo."