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Traders Magazine, August 2000

Peter Chapman

SunGard's entrant in the ECN sweepstakes, BRUT, was an also-ran for its first two years, struggling to attract trades. Then BRUT met UMA.

UMA is the Universal Market Access system, a quote management front-end that competes with Nasdaq's NWII product. SunGard launched UMA in April 1999 chiefly to help traders comply with their obligations to display limit orders. But, in a clever combination of engineering and marketing, SunGard integrated it with BRUT, its majority-owned electronic communication network. Nasdaq dealers could now access an ECN without taking their eyes off their markets.

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