XIM, which is based on the exchange's Xetra electronic trading platform, provides Xetra members in 19 countries with trading for European blue-chip stocks, including the constituents of the Dow Jones EURO STOXX 50 pan-European large-cap index, and allows Front Arena customers to settle trades in their domestic markets.
XIM integrates with Front Arenaâs low-latency smart order router, which helps participants to add the trading platform as a new routing destination. Front Arenaâs smart order routing capability is a component of its order management system, which helps customers extend existing order routing configurations to a true multi-market environment. Front Arenaâs integration with Xetra International Market offers customers an optimized trading environment by providing the ability to leverage proprietary trading, as well as position keeping management, market making, online brokerage, order management, direct market access (DMA), smart order routing, out-of-the-box algorithms and more.
Michael Krogmann, executive director in the Xetra Market Development Division at Deutsche BÃ¶rse, said, "We are happy to welcome SunGard as an important software provider for Xetra International Market, our new segment for pan-European blue-chip trading. By introducing the individual markets progressively until mid-January 2010, we are addressing the requirements of market participants. SunGardâs Front Arena will help to ensure that all processes, systems and interfaces for trading, clearing and settlement can be checked per domestic market along the entire process chain and integrated gradually."
Tim Dodd, head of product management at SunGardâs Front Arena business unit, said, âConnecting SunGardâs Front Arena to XIM will help our customers to access liquidity at competitive prices. The addition of connectivity to Xetra International Market shows we are delivering on our promise to offer reliable solutions that help customers deal with increasingly fragmented liquidity.â