Prudential Equity to Deploy Brass OMS
TRADING FLOOR TECHNOLOGIES
NEW YORK—New York-based Prudential Equity Group has selected the Brass order management system (OMS) from SunGard as its trading platform for listed and Nasdaq Stock Market securities, according to SunGard officials.
Prudential traders will use Brass for automated routing and the execution of order flow within a hosted, application service provider (ASP) delivery environment. Using Brass, Prudential will be able to leverage a single platform for order management and direct market access (DMA), SunGard says.
Prudential Equity executes trades for approximately 2,000 institutional clients in the U.S., Europe and Asia.
Brass will help Prudential "support their businesses and address complicated compliance requirements," says Raj Mahajan, newly appointed president of SunGard's Brass business unit. Over this past summer, Mahajan replaced Patrick Lynch (DWT, Aug. 21).
Prudential officials were unavailable for comment.
Investment bank Thomas Weisel Partners recently replaced its SunGard Brass installation in favor of an equity trading platform from Fidessa (DWT, Sept. 11). Jefferies International did the same thing last year in an effort to link to more European markets (DWT, Oct. 31, 2005). In response, SunGard will relaunch Brass in Europe as part of SunGard's Front Arena trading and risk management software (DWT, Aug. 21). SunGard Brass has approximately 140 customers in the U.S., SunGard says.
In 2003, Wachovia purchased a controlling interest in Prudential Securities from Prudential Financial, creating the third largest firm in the country at the time (DWT, Feb. 23, 2003).
Chloe Albanesius
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