Sucden Financial is launching direct market access to a wide range of cash equity and derivatives exchanges and platforms to bring multi-asset trading facilities to its institutional and corporate clients.
The new system, branded STORM, uses Sungard's GL technology and enables Sucden Financial's clients to directly trade equities, options, commodity and financial futures on global markets.
Sucden Financial, a subsidiary of Sucres et Denrées (Sucden Group), has in recent years expanded as a broker to institutions, trading groups, hedge funds and high net worth retail clients. Increasingly, clients are trading across a wide range of asset classes using more sophisticated combinations of markets and contracts requiring high speed, direct market access to exchanges and trading platforms.
Sungard's GL technology was chosen as it provided the best combination of access to cash and futures markets with sophisticated functionality and low latency quote data and order routing. STORM will access directly into NYSE Liffe, Eurex, ICE Europe and US, NYMEX, COMEX, CME, CBOT and the LME immediately, with the London Stock Exchange and NYSE following shortly.
STORM will operate alongside Sucden Financial's existing in-house developed system - STAR. STORM expands the range of exchanges and contracts directly accessible by clients in addition to providing DMA and a greater range of functionality, e.g. cross-asset spread trading. The ability of STORM users to access a wide range of markets directly comes with full pre and post-trade risk management which will block unauthorised access, trading in non-approved contracts and trading outside pre-set position and cash limits, for example.
Michael Overlander, chief executive officer of Sucden Financial, said, "This is a substantial development for Sucden Financial and its clients. Our historical focus on soft commodities and metals remains but clients increasingly require access to other asset classes such as energy, fixed income, money markets and cash equities. The new system will provide our clients with a fast, scalable single access point to all important global markets, offer improved functionallity and simultaneously reduce our unit processing costs."