Patsystems, a derivatives trading solutions provider, has become an independent software vendor for the derivatives segment of Brazilian exchange BM&F BOVESPA, allowing the firm to offer clients direct market access (DMA) to Brazil’s derivatives market.
Patsystems will also enable access to BM&F products via CME Globex, an electronic trading platform operated by the Chicago Mercantile Exchange. This will allow CME customers to trade the main BM&F derivatives contracts listed on the Globex platform.
All BM&F segment products will be available through Patsystems’ front-end products, J-Trader and Pro-Mark, and supported by the firm’s pre-trade System and Risk Administration (SARA) module. SARA specifies the order types and risk limits a user can apply, along with appropriate threshold values for issuing alerts.
“Patsystems recognises Brazil’s importance in the global marketplace and we have therefore invested accordingly,” said Patrick Kenny, managing director and officer, Patsystems. “Our existing customers want access to this market and we hope to attract local financial firms as well.”
BM&F BOVESPA was created in 2008 by the merger of the Bovespa Holdings and the Brazilian Mercantile and Futures Exchange. It is currently the largest exchange group in Latin America.