SunGard Opens New SGN Hub in Indonesia
SunGard has opened a new SunGard Global Network (SGN) hub in Jakarta, Indonesia. SGN is a low-latency information and order routing network that links more than 2,000 asset managers and 500 brokers on 110 markets worldwide. The hub, which is SunGard’s ninth in the Asia Pacific region, will provide international investors with access to the Indonesia Stock Exchange (IDX), the exchange for Indonesian equity and derivatives. Local financial institutions will also be able to gain access to SunGard’s SGN community of brokers, and will be able to take advantage of global direct market access execution services.
As one of the largest exchanges in Asia, IDX is continuously developing, with 500 listed companies and increasing market capitalization. By opening the SGN hub, SunGard will help international investors send IDX market orders cost-effectively to Indonesian brokers.
Adikin Basirun, director of IT and risk management at IDX, said, “Indonesia is set to be one of the global economic powerhouses of the next ten years. We view SunGard’s investment in its Jakarta SGN hub as recognition of the increasing strength of Indonesian capital markets and the potential of these to become international financial centers. SGN will help IDX offer its members new business from international investors and attract new market participants and investments to the exchange.”
Wiwit Gusnawan, director of finance and operations at Bahana Securities, said, “SunGard’s new SGN hub will help facilitate direct market access to the local marketplaces. Joining the SGN community will help us establish gateways to provide direct market access to the IDX to Indonesian brokers and international customers – of both Bahana Securities and SunGard.”
Yassine Brahim, president of SunGard’s global trading business, commented: “The launch of this new hub helps SunGard address the increasing demand from our Asia-Pacific customers for greater direct market connectivity in the region. It is a further demonstration of SunGard’s strategy to expand the SunGard Global Network, helping to support the growth of electronic trading and helping customers find new investment opportunities.”