CME Buys Pivot for IM Data, Trading

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CME Group has acquired instant messaging-based trading software vendor and liquidity aggregator Pivot Inc. for an undisclosed sum, to form the basis for CME Direct Messenger, a new IM platform that will leverage Pivot's messaging platform, content parsing and broadcast technologies, and integrate the vendor's technology into traders' and brokers' pre-trade, trading and post-trade workflows.

CME officials say Direct Messenger is part of CME Direct, a new technology that supports side-by-side trading of listed and over-the-counter markets, which currently supports energy futures and OTC energy swaps, but will also be available on a standalone basis for equity markets participants.

Officials say the new organization has yet to be finalized, but the exchange plans to retain Pivot's staff within CME's OTC Solutions group.

Rival exchange the IntercontinentalExchange acquired Pivot competitor YellowJacket, an OTC energy messaging software vendor, in 2008.

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