Trading Technologies

Carsten Kengeter’s 7RIDGE Completes Acquisition of Trading Technologies

The acquisition of Trading Technologies International by 7RIDGE has been completed, the fintech firm announced.

7RIDGE Founded by ex-Deutsche Börse CEO

7RIDGE is a specialized growth equity firm invested in transformative technologies founded by Carsten Kengeter, former CEO of Deutsche Börse, from June 1, 2015 to Jan 1, 2018.

Carsten Kengeter is a Forex industry giant, having first become sole chairman and CEO of UBS in 2010. During his tenure, UBS was investigated in connection with the fraudulent manipulation of Libor. UBS trader Tom Hayes would later testify that Kengeter participated in meetings in Tokyo where plans to manipulated Libor were discussed, but authorities never accused Kengeter of wrongdoing.

His reputation took a hit after the 2011 UBS rogue trader scandal, which lost the bank $2.3 billion and created pressure for Kengeter to resign. After first stepping down from the bank’s executive board, he then resigned from UBS in February 2013.

He became a visiting professor in the Department of Finance at his alma mater, the London School of Economics, before getting back on the helm of a major bank. This time, Deutsche Börse.

Keith Todd Appointed CEO of Trading Technologies

Keith Todd has assumed the role of Chief Executive Officer of the provider of professional trading software, infrastructure and data solutions for a wide variety of users, including proprietary traders, brokers, money managers, Commodity Trading Advisors (CTAs), hedge funds, commercial hedgers and risk managers.

Trading Technologies provides access to the world’s major international exchanges and liquidity venues via its TT trading platform, but also offers domain-specific technology for cryptocurrency trading and machine-learning tools for trade surveillance.

TT’s market connectivity spans six continents as its privately managed infrastructure delivers secure market access from anywhere in the world.

TT has recently partnered with CloudQuant to create a new business unit, which would look to providing data advisory services and Altdata for the clients of Trading Technologies. This partnership is expected to further bolster the data offering of the company and thus enhance the services provided to their users.

FEX Global, the newly launched Australian futures exchange, has also deployed TT’s platform with all futures and options listed on FEX Global being available for trading through TT, as well as its full suite of tools, including functionality for spread and algo trading, charting and analytics, mobile trading, options, FIX services and API development.

In 2020, TP ICAP entered into a multi-year agreement with Trading Technologies whereby TP ICAP uses TT’s new Order Management System (OMS) solution, thus replacing 85 trading screens in London, Paris, and New York with TT’s award-winning TT Pro trading screen.

The deal had TP ICAP’s IS brokers using all of the TT OMS advanced order handling and post-trade allocation features to optimize their order executions and reporting.

In addition, the Advanced Options Package for options trading and analytics and direct ultra-low-latency access to the major derivatives markets across six continents were included in the agreement.