CIBC World Markets Corp.’s proprietary execution service, Northbound Trader, is now available through SunGard Trading Systems/BRASS’ BNET broker-to-broker routing network and the SunGardTransaction Network (STN).
SunGard clients can now send interlisted stocks and orders through BNET and STN to CIBC World Markets and the Northbound Trader (NBT) system, which automates trading of U.S. and Canadian interlisted stocks and domestic Canadian stocks. NBT converts the stock symbol and the value into the appropriate Canadian symbol and dollar amount, routes the trade to the Toronto Stock Exchange and converts the symbol and price back into U.S. symbols and dollars so that the order can clear and settle in the U.S.
“This offering simplifies cross-border trades to Canada by bringing together the market-leading technology of SunGard and CIBC World Markets’ superior execution expertise in the Canadian market,” said Bruce Turner, managing director, U.S. equities at CIBC World Markets.