Swiss American Securities Inc., the New York brokerage, clearing and custody arm of the Credit Suisse Group, has struck a deal with Visual Trader Systems, the technology subsidiary of the Madrid Stock Exchange, to implement an open messaging gateway between Swiss American’s International broker-custody network and Bolsa de Madrid’s Visual Trader Network.
Visual Trader members will be able to trade and settle transactions (execution through custody), with their associated messages, seamlessly into Swiss American’s systems. Back office operations will also be handled by Swiss American and then reported back to Visual Trader and their clients.
“The connection to Swiss American Securities means, in addition to a new access for Visual Trader users to international markets, a link to an entity with a long history as a custodian “, said Gabriel Domnguez, President of Visual Trader Systems, “This dual function of broker and custodian, together with its research and market information to clients, will surely contribute to facilitate Visual Trader users trading in outside markets “.
Visual Trader users – which include some 60 Spanish institutions, half of which are members of the Madrid Exchange – will benefit from automatic routing as well as clearing and custody capabilities to both their domestic market and major international stock exchanges. Membership of the exchange isn’t essential though, with access offered by any of the over 400 brokers reachable through the Visual Trader platform.
Visual Trader is accessing Swiss American Securities through technology provided by StreetLine, also a member of Credit Suisse Group. StreetLine Direct’s FIX solution will support key information flows both in the trading, settlement and custody lifecycle while facilitating Straight Through Processing (STP) for all the markets provided to Visual Trader members.
“We are excited about the opportunity to work with Bolsa de Madrid and Visual Trader on this mutually beneficial initiative,” said Kenneth Barbalato, Swiss American’s COO. “Clearly this project reflects the Bolsa de Madrid’s globalization growth strategy along with their commitment to developing technology that affords their members access to worldwide markets.”
(For additional information on Swiss American Securities Inc., see Swiss American Profile in Global Custodian, Summer 2002, Pages 21-22).