Penson Buys Tick Data for Algo Trading

ORGANIZATION & STRATEGY

Penson Worldwide, the US financial services, broking and clearing group, last week bought Tick Data Inc., a Washington DC-based vendor of historical market data, to respond to client demand for historic tick data to drive automated trading strategies.

Penson will use Tick Data to help clients create and test complex trading strategies based on the historical tick data, on which firms can then base future trading decisions. However, officials say they will not be able to fully automate this