ELECTRONIC TRADING

SunGard Futures Systems has finalized all the system enhancements it had to make in order to process and clear single-stock futures transactions executed on a pair of new, all-electronic exchanges: Nasdaq Liffe Markets (NQLX) and OneChicago. SunGard intends to clear trades from both single-stock futures markets via GMI, its back-office clearing and accounting system. GMI's customer base includes futures-commission merchants, banks and brokerage firms -- many of which expect to trade SSF contracts via either NQLX or OneChicago. Both markets are scheduled to go live later this year.

Investment Technology Group and Hoenig Group have agreed to merge. ITG is an equity-trading systems supplier best known for its Posit Crossing Network. Hoenig is a provider of trade execution and research services targeted at money-management firms. Terms of the transaction were not released, but the merger is expected to close by Sept. 3.

The Singapore Exchange (SGX) expects to open a new global-electronic-trading center by the end of October. The center will provide SGX traders with direct access to the exchange's derivatives market, as well as to overseas markets via order-routing systems provided by patsystems and GL Trade. Members of the SGX will also have the power to route orders overseas via internally developed systems, after the center opens.

Chicago-based Townsend Analytics, a provider of real-time market data and direct-access trading software, has forged an alliance with Barra, a Berkeley, Calif.-based supplier of ris-management systems. The partnership gives subscribers of RealTick, Townsend's direct-access platform, the power to tap into Barra Risk Factor, a risk analysis tool.