AG Edwards went live on SunGard's BRASS and Portware turnkey program-trading solution to support its institutional customers. The BRASS product incorporates Portware's execution management system on a hosted basis. Portware Professional is an automated portfolio trading system supporting basket, single-order and algorithmic trading.
The St. Louis-based full-service national brokerage firm is the first client to go live on the Portware-BRASS program trading product since the partnership was announced in June, according to Portware.
As a result of moving to the hosted-ASP based service, AG Edwards, an existing SunGard customer, was able to quickly and cost-effectively add program trading to its institutional offerings, according to SunGard's release.
"Our buy-side clients needed us to provide program trading, and SunGard supplied us with the integrated ASP-based service with robust program trading software," states Frank Murphy, vice president and manager of institutional equity trading at AG Edwards, in the release. "The solution helped us to add, manage and support a new program trading capability," Murphy further states in the release. Besides the Portware Professional hosted software, AG Edwards relies on a complete SunGard solution that includes the BRASS Broker Direct U2 FIX (Financial Information Exchange) API (application programming interface) for order routing to exchange destinations, and the BRASS OMS for order management, clearance and settlement. The solution also includes the SunGard Transaction Network (STN) for FIX connectivity to buy-side clients, and Raptor Trading Systems' gateway for intelligent automatic routing of buy-side client orders to either the Portware software or the BRASS OMS.