The Brazilian Securities, Commodities and Futures Exchange - BM&FBOVESPA has authorized SunGard to act as a provider of direct market access (DMA) for the BM&F segment (derivatives markets). SunGard will offer brokerage houses and its clients an order routing system for the direct trading of financial and agricultural derivatives traded at the Exchange.
This DMA modality permits investors to directly access the Exchange's electronic trading platform, GTS, without having to transmit data through a brokerage house's network. A client connects to BM&FBOVESPA's system through its authorized provider. The connection between the investor and the Exchange, however, is monitored by a brokerage house that provides the access so as to enable it to control the customer's order flow.
SunGard is the fourth company authorized to act as a DMA provider. Since 2009, when the Exchange launched this DMA modality, Marcopolo Networks, Bloomberg Tradebook, and Cedro Market & Finances have begun offering the service. BM&FBOVESPA is also working with SunGard to develop a back-office solution for North American clients that trade agricultural and financial derivatives in Brazil. This new solution will help customers increase efficiency by automating the process of loading trades, performing bookkeeping functions, and calculating margins and fees.