Trading technology provider SunGard has purchased US broker-dealer Fox River Execution to build on its algorithmic trading offering and complement its Valdi multi-asset class trading suite.
Fox River, which will become part of SunGard's trading business, supplies algorithmic trading technology and execution solutions to institutional firms trading equities and exchange-traded funds (ETFs). The terms of the deal were not disclosed, although SunGard claims it will not have a material impact on its financial results.
Fox River's execution technology includes customisable execution algorithms, an ETF liquidity discovery programme and post-trade analytics capabilities. Fox River's current CEO Ronald Santella, will continue to lead the firm's management team following the acquisition.
“Fox River Execution's algorithmic and ETF trading solutions will help advance SunGard's 360 degree trading strategy by expanding our ability to support every step in the trade lifecycle for global market participants,” added Raj Mahajan, president of SunGard's trading business.
SunGard's current trading offering consists of its Valdi suite for multi-asset class trading, and the SunGard Global Network, a trade automation and connectivity network that links together buy-side traders, brokers and exchanges.