SunGard connects to CIBC Northbound Trader execution service
22 November 2004 | 1315 views | 0
Source: SunGard Trading Systems
SunGard Trading Systems, an operating group of SunGard Data Systems (NYSE:SDS), today announced that CIBC World Markets Corp.'s (CIBC World Markets) proprietary execution service, Northbound Trader, which automates trading of U.S. and Canadian interlisted stocks and domestic Canadian stocks, is now available through SunGard Trading Systems/BRASS' BNET broker-to-broker routing network and the SunGardTransaction Network (STN).
SunGard clients can now send interlisted stocks and orders through BNET and STN to CIBC World Markets and the Northbound Trader (NBT) system. NBT converts the stock symbol and the value into the appropriate Canadian symbol and dollar amount, routes the trade to the Toronto Stock Exchange and converts the symbol and price back into U.S. symbols and dollars so that the order can clear and settle in the U.S.
"This offering simplifies cross-border trades to Canada by bringing together the market-leading technology of SunGard and CIBC World Markets' superior execution expertise in the Canadian market," said Bruce Turner, managing director, U.S. equities at CIBC World Markets.
"CIBC World Markets and SunGard are facilitating the trading of Canadian stocks in the U.S. by providing a platform for rapid and convenient access to the liquidity in the Canadian market," added James T. Leman, president of SunGard Trading Systems/BRASS.