SunGard Customizes Algo Packge For Oppenheimer' Trading Process

Oppenheimer & Co., a New York based brokerage, adds SunGard's algorithm package to its electronic offerings. The initiatives strengthens Oppenheimers position as agency brokerage and sellside OMS vendor. The 12 Brass Liquidity Services algos join other SunGard products Oppenheimer is

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Oppenheimer & Co., a New York-based brokerage, adds SunGard’s algorithm package to its electronic offerings.

The initiatives strengthens Oppenheimers position as agency brokerage and sellside OMS vendor. The 12 Brass Liquidity Services algos join other SunGard products Oppenheimer is using, including its OMS, EMS and dark pool aggregator.

The suite includes such single-stock algos as VWAP, TWAP, implementation shortfall and inline. Oppenheimer can also use a non-displayed strategy called Flashlight, Mahajan said. Three portfolio algorithms-called Setup Pair, Dollar Neutral and Port- Close-round out the package.

Oppenheimer states that algos would help it offer its trading services more efficiently and better manage the transaction life cycle.

“Our customers were looking for ways to reduce their execution costs,” says Raj Mahajan, president, SunGard Trading. And many were looking for a provider that would customize algos to fit their strategy.”

L.D.

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