Itau Securities, the broking arm of Brazil’s Bank Itau, is to offer its global clients direct market access (DMA) to the Sao Paolo equities and futures exchange using an electronic trading platform from NYSE Technologies.
The new service means Itau will become the first local broker to provide customers with DMA connectivity to Brazil’s BM&F Bovespa.
Stanley Young, CEO, NYSE Technologies and co-global CIO, NYSE Euronext, said the agreement between the two firms would lead to a “new breed of direct market access solutions” in Latin America. “We are excited to work with Itau on a truly ground-breaking project that further opens the Latin American marketplaces to the global investors and puts the global markets within reach of the Brazilian investors,” he said.
“As we continue our global expansion to London, Dubai, Hong Kong and Tokyo, Itau Securities is working with NYSE Euronext to build this new platform giving us the ability to offer our customers outside Latin America a robust, innovative trading solution for trading in our markets,” said Roberto Nishikawa, CEO, Itau Securities.
The solution will combine hosting software with an integrated back-office platform and utilise NYSE’s SFTI (Secure Financial Transaction Infrastructure) network.
Under the agreement, NYSE Technologies will build, deploy and maintain a set of enterprise solutions for managing electronic trading connectivity for Itau’s clients worldwide. The platform will provide functionality including low-latency, real-time market data, and high-throughput DMA messaging capabilities for high-frequency customers. ?
NYSE Technologies is the commercial technology division of exchanges group NYSE Euronext.