SunGard announced today that Yamner & Co., Inc., the New Jersey-based institutional agency sell-side broker dealer, has selected the SunGard FIX Engine to deliver improved efficiencies for real-time execution and settlement information via the FIX protocol.
Yamner & Co., Inc. specializes in agency-only equity and option order execution for more than 500 institutional and advisory accounts. The firm utilizes FIX technologies to connect its proprietary and third-party order management and routing systems to over 80 counter parties including virtually all ECNs, primary and regional listed exchanges, major market makers as well as other market centers.
In addition to selecting the SunGard FIX Engine for its own business, Yamner & Co., Inc. has also recommended the use of the SunGard FIX Engine to several of its clients, offering its order management package on a soft-dollar basis for interested buy-side clients. The SunGard FIX Engine will help these financial institutions to manage large order flows more efficiently and reduce operational costs.
“Having reviewed a number of alternatives, we found the SunGard FIX Engine far faster and more stable than those of other vendors,” says Steve Goldman, chief executive officer of Yamner & Co., Inc. “The connectors and methods of integrating the solution into our backend and middleware packages are efficient and well developed. Ultimately, we want to work with a leader in FIX who provides top-level service and support. Given the well developed connector packages, we were able to implement the SunGard FIX engine in less than one week. The pricing was attractive, only outpaced by the service to date.”
Janet Lewis, managing director at SunGard Business Integration, added: “We are pleased that Yamner & Co., Inc. has chosen the SunGard FIX Engine not only for its own use but also to be deployed by several of its affiliates and clients. We have seen increasing interest in FIX from both high-end organizations and the small-medium sized players, covering all instrument types, including equities, fixed income, and derivatives. Our team is committed to providing Yamner & Co., Inc. with a comprehensive FIX Engine solution, which will help it reduce both operational risk and cost.”
SunGard says its FIX Engine has been designed to connect the applications of a financial institution to its external partners via the FIX protocol.