SunGard has extended its Fox River suite of award-winning algorithms to cover the Canadian equities market as well as the U.S., helping customers in the two countries trade inter-listed equities and reach a broader pool of liquidity. Traders can trade in one currency and settle in another, providing access to traditional and non-traditional trading venues in both countries with the simplicity of settling in a single currency.
Fox River provides algorithms that mimic the experience, logic and knowledge of a human trader. Instead of focusing on benchmarks, Fox River’s “Trader Logic” technology can seek and secure the best possible price under current market conditions. This quantitative approach helps portfolio managers, asset managers and hedge funds reduce information leakage, improve trade fill rates and improve best execution.
Sang Lee, managing partner, Aite Group, said, “As the Canadian equities markets accelerate the use of electronic trading and move beyond the cash equities market, trading firms are looking for sophisticated algorithms. The buy side is becoming accustomed to leveraging more advanced trading tools, such as smart order routing, which is adding to that demand. The quality of the algorithms will become a critical factor for the buy side when they select platforms, putting the impetus on brokers to provide them.”
Bob Santella, chief operating officer for SunGard’s Fox River and Valdi trading solutions in the US, said, “According to research by Aite Group, there are hundreds of Canadian firms that are dual-listed on Canadian and U.S. exchanges. In addition, electronic trading volumes in Canada continue to grow. Fox River’s automated, cross-border trading tools help customers capitalize on those lucrative opportunities and access all possible liquidity pools, including traditional exchanges and alternative trading systems.”