LatAm Buildouts Continue08.25.2011
LatAm broker-dealers are upgrading their trade processing systems to increase automation and trade multiple asset classes.
Prosper Corretora, a Brazilian brokerage firm, has selected SunGard’s Valdi for trade lifecycle management. Prosper Corretora will use Valdi Selector for pre-trade risk management; Valdi Trader for execution management; and Valdi Market Access for direct market access.
“We are providing a DMA and a FIX inbound connection to them,” Lionel Sancenot, executive vice president of SunGard’s global trading business, told Markets Media.
Prior to using SunGard, Prosper was using a handful of legacy local systems that were lacking scalability and reliability. “Valdi is helping them connect multiple clients electronically and is also plugging in to third party systems like algos,” said Sancenot.
Prosper Corretora has been, since 2008, among the 20 brokerages with the largest volume of transactions in the domestic market. It operates all products of BM&FBovespa, including cash terms, options, stocks loans, financial derivatives and agricultural commodities. The brokerage aims at becoming one of the largest distributors of capital markets products, with high technology and personalized customer services.
SunGard has been committed to the LatAm region for over 10 years and has had a longstanding relationship with the exchanges and member firms locally, Sancenot said.
‘Today over 30 firms are using us in Brazil, and LatAm is one of our fastest growing regions,” he said. “Beyond Brazil, we have a very big business in Mexico; it is growing fast and we are developing quickly around the Andean exchanges.”
Initially available on 30 screens at Prosper Corretora, SunGard’s Valdi will enable Prosper to generate and send orders to the stock market with real-time connectivity, helping it expand its business and offer its solution to institutional clients.
In addition, Valdi will help Prosper, which already has a presence in 20 cities in Brazil, make the solution available to its partners, independent agents, distributors and affiliates, which will help Prosper accelerate its growth strategy.
“Prosper will be able to leverage the platform to develop more electronic order flow,” said Sancenot. “Also, the platform is flexible and scalable enough so that the Prosper Corretora will be able to supply its customers with new services like algo trading.”
Demand for Valdi products in Brazil and Latin America is being driven by the fact that it’s a multi-asset class platform. “It is low on total cost of ownership and is reliable, automated and provides high performance,” Sancenot said. “The above characteristics are very important in an emerging market like LatAm.”