CMA, a Brazil-based provider of market data, order management systems and connectivity, has launched its CMA Algoritmos suite of execution algorithms on the CMA Trade Hub, a Latin American FIX connectivity platform.
The suite is specifically designed for the Brazilian market. Strategies available include SpreadMaker, VWAP, TWAP, QuickBasket, Best Offer and Financial Summary.
The CMA Trade Hub enables buy- and sell-side firms in North America, Europe and Asia to use the direct market access, sponsored access and routing services of more than 50 brokers for equities, derivatives, fixed income and foreign exchange trading in Latin America.
A number of large international brokers have recently started offering direct market access and execution algorithms for Brazil. In November, UBS launched three algos designed specifically for the market, only a month after rival broker Bank of America Merrill Lynch introduced 15 equity and six derivatives algorithms to Brazil. Credit Suisse’s Advanced Execution Services unit introduced a suite of algorithms in the country in September, and agency broker ITG launched DMA and algorithmic trading in Brazil in August in conjunction with local broker Ágora.