SunGard announced that its cross-asset trading and order management solution, Front Arena, is now live with a connection to Burgundy, a multilateral trading facility (MTF) trading Nordic securities, authorized and regulated by the Swedish Financial Supervisory Authority.
With the addition of Burgundy connectivity, SunGard's Front Arena now has access to major liquidity pools in Scandinavia, helping to ensure that its customers are provided with the best possible execution opportunities.
The Burgundy trading facility is owned by leading Scandinavian banks and authorized securities trading firms. The system was launched on May 8, 2009, providing trading in equities listed in Stockholm, Helsinki, Oslo and Copenhagen. Front Arena's smart order routing capability is an integrated component of the order management system which helps to extend an existing order routing setup to be truly multi-market.
Olof Neiglick, chief executive officer, Burgundy, said, "By connecting to our platform SunGard's Front Arena will help improve its customers' ability to achieve best execution. In the Nordic region Front Arena is handling large order flows; in fact many of our Nordic customers use Front Arena. Burgundy can help Front Arena customers reduce fees and achieve best execution."
Tim Dodd, head of product management for SunGard's Front Arena business unit, said, "Connecting SunGard's Front Arena to Burgundy will help our customers access competitive prices and lower purchasing fees on transactions. We worked quickly with Burgundy to help build the connectivity that will deliver added-value to our customers."