BNY’s Sonic Buy Reflects Push for Direct Access
NEWS ANALYSIS
NEW YORK--The acquisition of two Sonic Financial Technologies businesses by the Bank of New York (BNY) caps a recent trend of broker-dealers creating "low-touch," direct-market access (DMA) divisions for their buy-side customers.
In addition, at press time, Investment Technology Group (ITG) joined the fray, with its acquisition of Radical, whose Microsoft Windows-based trading solution had already been exclusively licensed by ITG. Relying on smart order routing technology (SORT), the Radical
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