Back to all announcements

SunGard to Offer Dealers Access to Primex Auction System

New York, August 23, 2001 - SunGard Trading Systems/BRASS, an operating unit of SunGard (NYSE: SDS), announced today that it will be providing customers of the SunGard Transaction Network direct access to the Primex Auction System. incorporates the secure, private equities network formerly known as the BRASS Network (B-Net), the largest network of Nasdaq broker-dealers - linking broker-dealers on Nasdaq, NYSE, U.S. regional exchanges and international exchanges.

Through an interface with the Primex Auction System, dealer participants on will now be able to route equity orders through The Primex Auction to seek price improvement for customer orders, tapping liquidity made available by a collection of the industry’s largest retail and wholesale securities firms. includes more than 250 Smart BRASS trade order management system users as well as other industry participants.

Glen Shipway, chief executive officer of Primex Trading explains, "Combining the Primex Auction’s mission of preserving the values of the dealer market in a decimal environment with SunGard's large base of market makers is a natural fit. By forging a strong link between the two, over two hundred Nasdaq broker-dealers can choose to participate in The Primex Auction within a convenient and extremely cost effective platform. We recognize the value that the Primex Auction--SunGard initiative could yield our customers and their clients."

Tom King, president of the SunGard Trading Systems/BRASS operating unit, said, "The Primex Auction is a valuable addition to our service offering and will provide our customers with an innovative new venue to use in search of price improvement and enhanced liquidity for their retail orders."

The Primex Auction is an automated system that is designed to provide price improvement for retail orders by exposing them to an electronic crowd of traders in search of liquidity. Auctions are conducted at or inside the National Best Bid and Offer (NBBO), and can provide immediate executions. The Primex Auction System is operated as a facility of the Nasdaq Stock Market and is offered to all Nasdaq participants as a value-added service.

The SunGard Transaction Network (STN) is a connected community of financial services institutions, comprising SunGard customers and other market participants. It is a virtual network connecting the processes in the financial services marketplace, linking asset managers with brokers, brokers with exchanges, exchanges with banks, and banks with settlement agents and custodians. STN supports the key information flows in the trading lifecycle, including order routing, pricing, execution, allocations, affirmation and matching, notification, reconciliation and reporting. STN supports the cross-border information flows for equities, mutual funds, and fixed income securities.