November 29, 2011

Two U.S. vendors have announced they are making new inroads in the Australian market.

On the heels of the recently launched Chi-X alternative exchange in Australia, Broadridge Financial Solutions announced that users of its SUMMIT stockbroking and accounting solutions for the Australian equities market can now implement its new broker trading connectivity tool to process trades executed on the alternative trading venue.

The connectivity solution can also be used to process trades executed via any other exchange that supports the FIX financial messaging protocol. Broadridge says connectivity to the new Australian Securities Exchange's (ASX) PureMatch service is also supported.

Meanwhile, Bloomberg announced that Australian insurer Medibank Private Limited will use Bloomberg's Foreign Exchange (FX) trading platform to manage the exchange rate risk associated with its $2.5 billion global equity portfolio.

The Australian financial institution uses the Bloomberg Professional service to research global news, data and analytics to hedge their interest-rate risk. Now, Medibank will also use the system's FXGO function to manage its foreign-exchange risk, execute FX trades and get requests for quotes (RFQs) in spot, forwards, swaps, options and deposits.

Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in ...