Front Arena Sees First 'Systematic Internalizer'
LONDON—Software and services vendor SunGard will announce today that its first customer has gone live with auto-matching on SunGard's Front Arena internal market platform, DWT has learned.
The large unnamed European bank, which declines to comment for the story, is acting as a systematic internalizer (SI), as defined by the E.U.'s Markets in Financial Instruments Directive (Mifid) by using Front Arena to automatically match trades from its proprietary wholesale and retail order books and
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