The ten firms whose algorithmic trading strategies will interface directly with MoxyÂ® are Banc of America Securities, BNY Brokerage, Credit Suisse First Boston, Goldman Sachs, Jefferies & Company, Inc., Lehman Brothers, Merrill Lynch, Morgan Stanley, Susquehanna Financial Group and UBS. All of these brokers' algorithmic trading strategies are available through the SunGard Transaction Network, which is preconfigured for integration with MoxyÂ® through Advent's partnership with SunGard.
MoxyÂ® is the industry's most widely used trade order management system with more than 700 client firms world wide.
"With the addition of algorithmic trading strategies into MoxyÂ®, hundreds of buy-side firms now have access to the sell-side?s cutting edge trading tools," said Will Clemens, vice president of Advent's straight-through processing business line. "With the expanded use of algorithms, buy-side firms can focus on strategy and counterparty selection, as opposed to manually working orders. Investment managers and their clients will benefit from lower transaction and operational costs, improved transparency, and fewer errors. In addition, sell-side firms can have confidence that their buy-side clients are able to take full advantage of the tools in which they have invested."