Daniel Carrigan, managing director of OneChicago, said, "It is imperative for OneChicago to have full back-office support at the broker level and a straight-through processing environment to ensure a successful launch for our security futures products. By providing first-rate system expertise and service, SunGard has helped us to achieve this goal."
Now being introduced in the U.S., security futures are comprised of single stock futures, or futures contracts on individual stocks, and narrow-based indices, which are futures contracts on small groups of stocks that allow an investor to take a position in a concentrated area of the equities market. Upon its launch, OneChicago initially will list 80 to 85 well-known individual stocks and at least 15 narrow-based indices on key economic sectors.
"GMIâs flexible architecture and modular design make it an ideal solution for processing OneChicago security futures trades," said Steve Auerbach, chief operating officer of SunGard Futures Systems. "We are committed to meeting our customersâ evolving needs and are pleased to facilitate the introduction of OneChicagoâs innovative new products."