GL TRADE, global provider of multi-market and multi-asset solutions for international financial institutions, is pleased to announce that it is the first trading platform vendor to be certified on the new Brazilian Stock, Mercantile and Futures Exchange (BM&FBOVESPA) derivatives gateway. The new FIX 4.4 derivatives gateway will enable the exchange to receive worldwide broker-sponsored direct market access (DMA) orders.
BM&FBOVESPA offers a full range of equity, derivatives, commodity, OTC and structured products in a fully integrated trading model with four clearing houses-equities, derivatives, securities and foreign exchange-and a full service custody system.
Thanks to the BM&FBOVESPA certification and to local broker sponsorships, GL TRADE’s customers across the world will be able to execute DMA orders on the BM&FBOVESPA derivatives markets with GL TRADE’s trading platforms.
Marcio Augusto de Castro, who is responsible for the project at BM&FBOVESPA, comments: "We are very pleased with GL TRADE’s certification. The new BM&FBOVESPA derivatives gateway is an ambitious project that will provide connectivity to third-party clients and brokerages using the FIX Protocol. We hope this initiative will help broaden the growth prospects for our derivatives markets."
Gerard Varjacques, ceo of GL TRADE Americas, says: "Latin America, and in particular Brazil have always been core to our strategy. We have been providing technology to BM&FBOVESPA for the past 8 years. As a pioneer in the electronic trading industry, GL TRADE is naturally a first choice vendor when a market is looking to develop its exposure internationally. The BM&FBOVESPA is a first class exchange and we are very happy to enter a new phase in our partnership with them!"
Ryan Keough, managing director of GL TRADE Americas’ trading solutions and client connectivity business unit adds: "We are pleased to be early adopters of the new BM&FBOVESPA derivatives API’s. Our teams have worked in harmony with the exchange. The new high performance gateways will add openness to the several hundred GL TRADE’s screens already present in Brazil. They will also enable all the exchange’s members to increase derivatives trading opportunities domestically as well as, give GL TRADE’s clients around the world the ability to have sponsored-broker DMA on the BM&FBOVESPA derivatives markets. This should be live in production this summer once the GL NET* offerings such as DMA execution services have been launched in San Paolo."
* GL NET is GL TRADE’s proprietary international market data and order routing network. It provides access to more than 140 equities, derivatives, commodities, fixed income and FOREX markets. GL NET is available for both buy- and sell-side institutions via GL TRADE workstations, FIX or third party applications.