10:33 AM
SunGard Unveils GL Net Hub in Sao Paulo
SunGard has opened a new hub for its low-latency market data and order routing network in Sao Paolo, Brazil. The hub, which is the fifth to be opened in the Americas, will provide international investors with access to BM&F Bovespa, the Brazilian securities, futures and commodities exchange.
Local financial institutions will also gain access to SunGard’s GL Net network of brokers, and be positioned to take advantage of direct-market access execution services to more than 110 exchange and liquidity pools.
“We view SunGard’s investment in its Sao Paulo GL Net hub as recognition of the strength of Brazil’s capital markets, and of the potential of this and other South American cities to become international financial centers,” stated Cicero Augusto Vieria, COO of BMF& Bovespa, Brazil’s leading exchange, which was created in 2008 following the merger of the Brazilian Mercantile & Futures Exchange (BM&F) and the Sao Paulo Stock Exchange (Bovespa). “By opening the new GL Net hub, SunGard will help international investors send electronic orders cost effectively to Brazilian brokers via GL Net, helping them trade on BM&F Bovespa and create new investment opportunities,” stated Vieria in the release.
According to Vincent Buzynski, chief product officer for SunGard’s global trading business, “SunGard’s new GL Net hub in Sao Paolo will help provide Latin American customers access to worldwide capital markets.” Reflecting the increasing from customers for local and international connectivity and the growth of electronic trading, SunGard has expanded GL Net’s reach. New hubs were opened recently in Warsaw, Tel Aviv, Mexico City and now Sao Paolo.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio