SunGard to Provide Direct Market Access for China Index Futures Trading
SunGard is offering a direct market access (DMA) solution to help global Qualified Foreign Institutional Investors (QFIIs) trade Chinese stock-index futures. QFIIs will be able to send orders in FIX Protocol via the SunGard Global Network (SGN) to Chinese futures brokers and use a CFFEX (China Financial Futures Exchange) version of SunGard’s GL Win trading solution.
(Vocus) October 21, 2010
SunGard is offering a direct market access (DMA) solution to help global Qualified Foreign Institutional Investors (QFIIs) trade Chinese stock-index futures. QFIIs will be able to send orders in FIX Protocol via the SunGard Global Network (SGN) to Chinese futures brokers and use a CFFEX (China Financial Futures Exchange) version of SunGard’s GL Win trading solution.
Trading of Chinese stock-index futures contracts on China Financial Futures Exchange (CFFEX) debuted in April. Although the Chinese financial authority currently limits trading access to local players, QFIIs may be able to participate in the near future. SunGard is able to test electronic DMA access solutions with QFIIs to help them prepare for investing if and when authorization is granted. Chinese futures brokers will be able to receive FIX orders from QFIIs via SunGard’s Global Network. The network links 2,000 asset managers and 110 markets worldwide. It also provides order routing for equities, fixed income and listed derivatives and assists in automating the entire trade lifecycle.
Paul Rowady, senior analyst at TABB Group and author of a recent report on trading in Asian derivatives, commented: "China is both one of the biggest markets – across most asset classes - as well as one of the most difficult to access from outside the country. The West is anxious for any open channel through which this market can be accessed. In general, the QFII designation and, in specific, the CSI 300 Index Futures, represent the most near-term channels to provide such eagerly awaited access.”
Yassine Brahim, president of SunGard's global trading business, said, "Whenever Chinese authorities open access to local marketplaces, there is tremendous interest from the global financial community. Even if stringent requirements must be met before firms can trade China's index futures, requests for access will undoubtedly increase. SunGard helps international investors to access and trade on new electronic marketplaces, offering early testing capability to QFIIs interested in trading China's index futures."
About SunGard Global Network
A trade automation and connectivity solution, the SunGard Global Network links institutions throughout the financial services value chain, offering services for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents. The SunGard Global Network helps automate the entire trade lifecycle from order execution through to post-trade processing. It provides access to 110 markets worldwide and connects the buy-side, third party networks, broker/dealers and investment companies, including 2,000 asset managers and 500 broker connections. Its international connectivity hubs also support low-latency market data delivery from global markets.
About the SunGard Global Network
A trade automation and connectivity solution, the SunGard Global Network links institutions throughout the financial services value chain, offering services for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents. The SunGard Global Network helps automate the entire trade lifecycle from order execution through to post-trade processing. It provides access to 110 markets worldwide and connects the buy-side, third party networks, broker/dealers and investment companies, including more than 2,000 asset managers and 500 broker connections. Its international connectivity hubs also support low-latency market data delivery from global markets.
About SunGard
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit http://www. sungard. com.
Trademark Information: SunGard, the SunGard logo and SGN are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U. S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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