Actually, I think he was talking about some of the guys in NYC and I think you are in NJ. But nice try anyway. Good luck with trading, how have your results been anyway? Next time I am in the NJ office, maybe I'll come find you and say hello.
Stop by, it would be nice to meet you. We're still making money, so life is good. It would be nice if the market would get out of this rut, so we can make more. All will agree with that latter statement.
Looks like my source may have been wrong. According to a headline on Efinancialnews.com, it looks like SDS did buy Andover. But I can't find the news elsewhere. Does anyone have a subscription to efinancialnews.com? Can you copy and paste the artcile here. Thanks. http://www.efinancialnews.com/
SunGard expands professional trading with Andover acquisition Heather McKenzie - 3 Jan 2003 SunGard, the financial IT supplier, is to acquire New York-based Andover Brokerage for an undisclosed amount in a further move to strengthen its grip in the investment market. The acquisition - via an asset purchase transaction subject to regulatory approval - will enable SunGard to expand its offerings to the professional investor marketplace by offering greater access to a wider range of liquidity pools, more sophisticated order routeing and execution services. Founded in 1993, Andover is one of the largest equity trading firms in the US and provides direct access trading, order routeing, brokerage and clearing services to professional investors. The company's Hammertrade day trading platform will be integrated with SunGard's existing trading, brokerage and trade processing systems. Hammertrade provides real-time market data and direct access to all electronic communication networks (ECNs) and the New York Stock Exchange. It can be customised to suit any style of trading and is designed to deliver the same trading services used by Andover's in-house traders. Michael Picozzi, founder of Andover Brokerage, said the acquisition would enable the firm to offer its technology to a larger segment of the securities trading industry. Robert Greifeld, executive vice-president, SunGard said Andover's technology was a perfect complement to SunGard's business, providing a flexible and modular front-end technology that can be tailored to individual customer segments. In August 2002, SunGard completed its acquisition of Brut, the alternative trading system that operates an ECN for the trading of Nasdaq securities. Brut provides liquidity and trading execution services to the professional investment community. The total purchase price incorporated an upfront cash payment of about $50m plus additional cash payments of up to $55m contingent upon Brut's performance over the two years following closing. SunGard claims that more than 70% of Nasdaq trades flow through its systems.
Wow, that has to be great news if you trade with Andover. As others have posted in the review section lately, I have to say I did finally demo the Hammer over the Christmas break and I have to say I came away extremely impressed with their technology. I played around with it without the realtick combo that most traders use for the charts but even without charts, the functionality was impressive. If Sungard plugs in their expertise...look out. No wonder they seem to be doing so well as of late. :eek:
When I spoke to Mike P. he says "no change". Might start trading overseas markets too. No threat to Subs. Stronger than ever. I like the fact it just added a billion to the company's balance sheet. Sungard's Technology + Hammer will be huge plus. Business as usual...