Trading Technologies International, Inc. (TT) has completed the acquisition of START, a broker-neutral trade optimization platform, from Abel Noser Holdings.
This acquisition marks the second and final phase of TT’s purchase of assets from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners. In August 2023, the Chicago-based trading software provider acquired Abel Noser Solutions, a provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners, and consultants.
TT acquired START separately to meet regulatory requirements for registering as a broker-dealer, which will allow it to operate under the right regulations and charge commercial fees in the securities markets on a per-transaction basis.
START is essentially an algorithmic product. Once it’s aligned and integrated with the RCM-X products that TT expanded and added to its suite of algorithmic tools, it will upgrade their algo capabilities in the equities space and be able to offer more algos that are used by Abel Noser’s many buy-side clients.
While the financial terms of the deal remain undisclosed, the acquisition complements TT’s offerings, particularly in the buy-side post-trade allocation service domain.
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The acquisition is part of TT’s broader strategy to expand into the multi-asset data and analytics space, as well as its presence in equities, fixed income, and FX markets.
TT CEO Keith Todd highlighted that while Abel Noser has a strong foothold in these areas, TT aims to further consolidate its position in derivatives and build stronger relationships with buy-side clients.
Trading Technologies acquired last year ATEO SAS, a developer of post-trade solutions for listed derivatives. This acquisition builds on a strategic partnership between TT and ATEO, which focused on developing a fully integrated post-trade allocation service.
The TT platform provides market access and trade execution through the software-as-a-service (SaaS) delivery model. In addition, the solution provides access to major international exchanges and liquidity platforms. The platform already serves a wide variety of users, including proprietary traders, brokers, money managers, CTAs, hedge funds, commercial hedgers, and risk managers.
