SunGard has announced a deal with Moscow-based broker Otkritie Capital to launch an automated ruble-dollar conversion service.
The direct market access utility converts ruble-denominated trades on the Micex order book, at Moscow Exchange, into US dollars. This allows clients to avoid the complexities of ruble-denominated clearing processes.
SunGard has also provided integrated access to algorithmic trading for Otkritie Clients, as part of the deal. The currency conversion service is available on Valdi and the SunGard Global Network.
"At Otkritie, we have always pioneered new electronic trading services for Russia and we intend to continue delivering innovative products and services to our clients," says Serge Alexandre, sales director for International Electronic Trading Services at Otkritie. "Partnering with SunGard to offer this new conversion and algorithmic offering will enable our clients to leverage Otkritie's renowned expertise on Russian capital markets, and ultimately benefit from and facilitate new trading in Russia."
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