SunGard has extended its Fox River Execution Solutions ("Fox River") suite of award-winning algorithms to Canadian institutions via Macquarie Group's ("Macquarie") global equities platform.
Macquarie's Canadian institutional customers can now seamlessly trade inter-listed equities on all available trading venues in both Canada and the U.S. and settle in a single currency, helping improve efficiency.
Fox River's algorithms have embedded "Trader Logic" technology which seeks and secures the best price under certain market conditions. This quantitative approach helps portfolio managers, asset managers and hedge funds reduce information leakage, improve trade fill rates and improve execution quality.
Damian Hoult, head of global execution services at Macquarie Group, said, "Canada is an important and growing market for Macquarie. The Canadian equity landscape has become increasingly complex and demands a sophisticated and flexible approach to execution that is independent from exchanges or other trading venues. Integrating Fox River's algorithmic solutions with Macquarie's Canadian equities platform - which includes both traditional cash equities and Direct Market Access facilities - helps give our clients high quality execution while helping us to expand our electronic execution footprint around the world."
Bob Santella, president of SunGard's Brokerage business, said, "Our customers trading in Canada require high performing algorithms that can support a variety of trading strategies, from basic to advanced. Adding short-term alpha to algorithms via Trader Logic will translate to high performing algorithms that can help Macquarie's customers and other firms trading in the Canadian marketplace become more successful."