Advent Software adds ten algo brokers to Moxy
10 November 2005 | 1342 views | 0
Source: Advent Software
Advent Software, Inc. (NASDAQ: ADVS) announces it has established agreements with 10 equity algorithmic trading brokers to provide algorithmic trading functionality to its Moxy trade order management system.
The addition of algorithmic trading capabilities will allow Moxy's buy-side users to consolidate more of their trading activity on one trade screen, while accessing leading broker algorithmic trading strategies.
The ten firms whose algorithmic trading strategies will interface directly with Moxy are Banc of America Securities, BNY Brokerage, Credit Suisse First Boston, Goldman Sachs, Jefferies & Company, Inc., Lehman Brothers, Merrill Lynch, Morgan Stanley, Susquehanna Financial Group and UBS. All of these brokers' algorithmic trading strategies are available through the SunGard Transaction Network, which is preconfigured for integration with Moxy through Advent's partnership with SunGard.
"With the addition of algorithmic trading strategies into Moxy, hundreds of buy-side firms now have access to the sell-side's cutting edge trading tools," said Will Clemens, vice president of Advent's straight-through processing business line. "With the expanded use of algorithms, buy-side firms can focus on strategy and counterparty selection, as opposed to manually working orders. Investment managers and their clients will benefit from lower transaction and operational costs, improved transparency, and fewer errors. In addition, sell-side firms can have confidence that their buy-side clients are able to take full advantage of the tools in which they have invested."