Trading Technologies buys AxeTrading, further enhancing multi-asset class expansion

CIOTechOutlook Team | Thursday, 09 March 2023, 03:20 IST

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A significant global provider of fixed income trading solutions with headquarters in London, AxeTrading, was bought by Trading Technologies International, Inc. (TT), a provider of capital markets technology platforms. With a significant expansion into full coverage of corporate, government, municipal, and emerging market bonds as well as over-the-counter (OTC) interest rate swaps, the acquisition significantly broadens TT's multi-asset capabilities and reinforces TT's dominant position in fixed income derivatives and U.S. Treasury securities. The deal's financial details weren't made public.
 
AxeTrading's award-winning platform has served a wide spectrum of international customers for more than ten years. AxeTrading offers connectivity to all significant fixed income trading venues in addition to a highly advanced, customizable pricing and quote management engine and automated workflow management tools, providing significant benefits to market participants who must deal with the complexity of pricing, quoting, and trading fixed income products across numerous venues and protocols.
 
Keith Todd, CEO of TT, said: "The fixed income market represents a major opportunity for TT given its size, considerable growth and ongoing adoption of electronic trading. This acquisition is a key element of our strategy to expand beyond listed derivatives and cryptocurrencies, giving us an extensive offering in the fixed income space. AxeTrading and Trading Technologies are both recognized as technology leaders in our respective markets. We are excited to welcome the talented AxeTrading team to TT and to implement our shared vision for the delivery of core fixed income functionality via the industry's leading Software-as-a-Service (SaaS) platform."
 
AxeTrading CEO Greville Lucking said: "This acquisition represents a significant game changer. The combination of AxeTrading's leading expertise in fixed income markets technology, together with TT's already established position in listed derivatives and U.S. Treasuries, will provide a comprehensive offering to customers globally. Leveraging the TT SaaS platform to deliver and distribute a true multi-asset offering is exactly what our customers are seeking. We have been extremely impressed with the ambition of the TT team in the fixed income market space, and we are confident that our aligned vision and culture will drive a highly successful future for our customers, partners and employees."
 
In 2022, TT acquired RCM-X, a technology company that offers algorithmic execution strategies and quantitative trading products, and formed strategic alliances with KRM22 plc, Talos, ATEO Finance, and Bantix Technologies to expand its risk management product portfolio, diversify its cryptocurrency offering, and offer post-trade allocation services. Additionally, TT acquired RCM-X. Through new strategic initiatives, TT will broaden its product offering and asset class coverage in 2023.
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