SunGard Deploys PowerNet; First Independent Equities Order Delivery System for Securities Firms Offering Direct Access to Multiple Market Centers.Business Editors NEW YORK--(BUSINESS WIRE)--June 18, 2001 SunGard Trading Systems/BRASS, an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of SunGard (NYSE NYSE See: New York Stock Exchange : SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), today announced the deployment of PowerNet, the first independent equity order delivery network for securities dealers offering direct access to multiple market centers. PowerNet will deliver orders for execution of all types of equity securities to ECNs, market makers or other trade execution venues. PowerNet users will benefit from: - Direct Access to ECN limit order displays and market-maker quotes. - Complete views of the limit-order displays of participating ECNs, showing greater depth than other displays. - Reduced transaction costs vis-a-vis alternative order routing systems. - Reduced time to execution, which will offer greater pricing certainty and increased opportunities for price improvement. PowerNet also provides the efficiencies of screen-based trading to the Bulletin Board markets for the first time, and it will eventually do the same for Over the Counter securities traded on so-called "Pink Sheets." Both markets are now generally executed by telephone and processed manually. "As trading increasingly becomes an integrated, global, 24-hour operation, PowerNet will provide a single point of access to execution systems of all types of equity securities worldwide," said Thomas King
Thomas King (born 24 April 1943) is a noted Canadian novelist and broadcaster who most often writes about Canada's First Nations and is an outspoken advocate for First Nations , president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , SunGard Trading Systems/BRASS. Citing former SEC Chairman Arthur Levitt's call for "all market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. to move toward open books" through a "voluntary private sector initiative," Mr. King said it is clearly preferable to link competing liquidity centers than to attempt to regulate market competition. "Our end goal is to create a single desktop trading system The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. for all types of securities dealers in all types of markets on a global basis," Mr. King said. "We are witnessing the development of a virtual central market that promotes efficiency and innovation through competition while ensuring price discovery and transparency through technologies such as PowerNet." SunGard will be exhibiting PowerNet and other solutions at the Securities Industry Association's annual Technology Management Conference June 19-21 at the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hilton. About SunGard Trading Systems SunGard Trading Systems offers integrated straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. solutions for trading, managing and reporting of equities, derivatives, interest rates, money markets, fixed income and foreign exchange. These solutions include online transaction initiation and order management systems, integrated trading, trade matching and accounting systems. SunGard solutions are designed to make liquidity more cost-effective and accessible for trading businesses. Over 70% of Nasdaq trades flow through SunGard systems. Visit SunGard Trading Systems at www.trading.sungard.com. About SunGard SunGard (NYSE:SDS) is a global leader in integrated IT solutions and eProcessing for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . SunGard is also the pioneer and a leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in over 50 countries, including 47 of the world's 50 largest financial services companies. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo, BRASS and PowerNet are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. |
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