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Banc of America Adds Third Technology Partnership

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NEW YORK (–In a continuing effort to expand the adoption of its trading services technology, Banc of America Securities has forged an agreement with Charles River Development, Burlington, Mass.

The initiative gives Charles River Investment Management System clients access to Banc of America Securities’ Electronic Trading Services trading platform. The deal is part of the bank’s Trading Alliance network, which collaborates with technology vendors to provide trading software for institutional traders, including hedge funds.

It’s the third such partnership for Banc of America in recent weeks (see).

The Charles River and Banc of America systems are linked using the FIX protocol, and Charles River clients now have access to BofA’s algorithmic strategies directly from the platform’s trade blotter. The interface is available at no additional cost to Charles River clients using the latest version of the Investment Management System scheduled to be released later this month.

Charles River has had other partnerships finalized this year, as well. The first deal was with FutureTrade in February. That deal integrated portfolio management, trade-order management and direct-access platforms (see). In March, Charles River also teamed up with FXall to create a system for the straight-through processing of foreign exchange trading (see).

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