Smart BRASS will also allow Jefferies to manage and maintain a common book structure between its London and New York operations with the ability for either office to view positions as well as access risk management services. Smart BRASS will interface with Jefferies’ back office and settlement systems and provide complete STP for their London and New York trading operations.
Jefferies & Company, Inc., the U.S. subsidiary of Jefferies Group, Inc., is already a large user of the Smart BRASS trade order management system in the U.S. for Nasdaq and Listed trading. Jefferies’ London trading desk will be using Smart BRASS to route trades directly on the London Stock Exchange.
With close to 300 market making investment and broker clients in the U.S. using Smart BRASS, SunGard Trading Systems is committed to establishing the same level of usage in Europe.
"We are extremely excited about Jefferies International becoming one of our clients," said Michael Roberts, managing director of the SunGard Trading Systems/BRASS U.K. office. "SunGard Trading Systems has been committed to developing European specific functionality for Smart BRASS. There is significant demand for a system that links market participants across multiple liquidity pools, both traditional and alternative. We are confident that our Managed Application Service and Facility Management service model is unique and that we can achieve in Europe the same level of success as we have already achieved in the U.S."
Smart BRASS links to all major and regional U.S. stock exchanges, Intermarket, the London Stock Exchange, Nasdaq Europe, Xetra, Euronext, Jasdaq and others.
To date six broker-dealer clients in Europe have selected and implemented Smart BRASS as their trade order management system.
Jefferies Group, Inc. (NYSE: JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., and its international subsidiary, Jefferies International Ltd., comprise an institutional brokerage firm and an investment bank. The firm offers capital raising, mergers and acquisitions, financial advisory, and restructuring services for middle market companies and is focused on trading in equity, high yield, convertible and international securities.
Founded in 1962, Jefferies pioneered equity trading in the third market, the trading of exchange-listed equities for institutional investors on an over-the-counter basis. Today, Jefferies employs nearly 1.200 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, Nashville, New York, Paris, San Francisco, Tokyo and Zurich.
About SunGard Trading Systems
SunGard Trading Systems offers integrated straight-through processing solutions for trading, managing and reporting of equities, derivatives, interest rates, money markets, fixed income and foreign exchange. These solutions include online transaction initiation and order management systems, integrated trading, trade matching and accounting systems. SunGard solutions are designed to make liquidity more cost-effective and accessible for trading businesses. Over 70% of Nasdaq trades flow through SunGard systems.