World Markets Goes Live With SunGard's Broker Direct U2 for Direct-Market Access
CIBC World Markets is one of 25 customers that's gone live with SunGard Trading Systems' Broker Direct U2 direct-market access and market-making system for sell-side traders. Broker Direct provides an extensive range of automated trading strategies and order types and has been expanded to include a FIX (Financial Information Exchange) application-programming interface (API). CIBC's Nasdaq trading desk is using Broker Direct U2 as its primary trading application for direct-market access and quote management. Citing the platform's broker neutrality and cost-effective pricing model in the announcement, Bruce Turner, managing director and head of U.S. equities trading at CIBC World Markets, indicates that CIBC is looking to extend the platform to other internal desks and to utilize a platform that can be integrated with the buy-side trading desk.
Broker Direct U2's graphical user interface supports market making, agency and proprietary trading. The system also comes with a software development kit for firms to build custom trading applications. The interface, which offers FIX 4.0 to 4.3 compatibility, allows firms to connect their program trading systems, proprietary trading engine, interface or OMS with Broker Direct U2's order routing and automated system.