Tide turning for Spain's Interdin with SunGard 09 September 2014Madrid Reporter: Catherine Van de Stouwe
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Interdin Bolsa Sociedad de Valores (Interdin) has selected SunGard’s Valdi Market Access trading platform to support its direct market memberships on the BATS Chi-X Europe exchange.
The order routing service will enable Interdin’s clients to access the full depth of Spanish stock’s liquidity on multiple venues.
Oscar Sierra, head of prime brokerage at Interdin, said: “The changes in Spain on the distribution of trading volumes and the eruption of market fragmentation have made substantial impact.”
“At Interdin, we see these changes as a great opportunity and our membership of BATS Chi-X Europe as a crucial differentiator to offer a better service to our clients. We selected SunGard for its outsourcing capabilities and also for its expansion versatility to cover our future requirements.”
Mark Hemsley, CEO of BATS Chi-X Europe, said: “The tide is very clearly turning in Spain. Brokers and investors alike are aware of the huge benefits they can derive from trading shares on a pan-European platform.”
“Our momentum continues and shows that real competition in Spain is now established and growing.”
“I am delighted to welcome Interdin on our markets, leveraging our long-standing relationship with SunGard, one of the first independent software vendors to be certified on BATS Chi-X Europe markets.”
The Valdi platform address the processing requirements of a broad range of users within financial services, with the primary purpose to automate the many processes associated with trading, managing investment portfolios and accounting for investment managers.
Philippe Carré, global head of connectivity for SunGard’s capital markets business, said: “The Spanish securities market is experiencing transformation, ahead of future clearing and settlement changes, which should further open up the market.”
“Local market participants, like many firms across Europe, need the ability to adapt quickly. SunGard’s Valdi Market Access service offers the flexibility clients require to help make outsourcing market access easier.”
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