SunGard is to provide Financial Information eXchange (FIX) connectivity through its SunGard Global Network (SGN) to DelphX to create CentralX, a neutral, centrally-cleared global facility.
The CentralX market will be integrated within SGN to facilitate anonymous all-to-all interaction of orders entered by SGN users and buy-side and sell-side subscribers to DelphX and other participating fixed income ATS/ECNs and linked trading platforms.
"CentralX is specifically designed to serve the growing need for centralised interaction among all fixed income market participants to help achieve best execution, stimulate liquidity and reduce market fragmentation. Our commitment to providing transparency, anonymity and a level playing field to all market participants is complemented by the global scale of SGN and its connectivity with thousands of firms around the world,” says Larry Fondren, president and chief executive of DelphX.
"Shifting economic forces and merging regulatory pressures are transforming the fixed income market and altering the way participants interact and access and source liquidity. SGN and DelphX are working together to help facilitate unified market interaction and anonymous access to deep new sources of price-sensitive liquidity,” says Ralston Roberts, chief operating officer, real-time market data and network services, SunGard's brokerage business.
The SunGard Global Network (SGN) is a trading services network that facilitates trading on more than 150 venues worldwide, linking more than 2,100 asset managers and more than 500 brokers throughout the financial services value chain. SGN is available in 48 jurisdictions across the globe and offers trade automation and connectivity for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents.
DelphX provides real-time fair-value pricing and anonymous alert, query, negotiation, trading, matching and clearing services for best execution among all market participants.