OpenBondX Acquires Direct Match
Alistair Brown will stay on as CEO; Jim Greco will serve as CTO, head of rates.
As a result of the deal, OpenBondX hopes to introduce central limit order book (CLOB) trading for on-the-run US treasuries ─ which was created by Direct Match ─ in Q1 2017, according to a release. The platform will add functionality for corporate bonds at a later date.
According to a Bloomberg article, OpenBondX will link to the Depository Trust & Clearing Corporation (DTCC) through a clearing agreement with Wedbush Securities. As the Bloomberg article notes, Direct Match went dormant ─ and almost folded completely ─ in August after it lost its clearing agreement with State Street.
Alistair Brown will continue on as CEO of OpenBondX. Jim Greco, Direct Match's cofounder and CEO, will take over as chief technology officer and head of rates. William O'Brien, who was Direct Match's executive chairman, will take over in the same role for OpenBondX. O'Brien had previously served as CEO of Direct Edge and president of Bats Global Markets.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Inside the company that helped build China’s equity options market
Fintech firm Bachelier Technology on the challenges of creating a trading platform for China’s unique OTC derivatives market.
Fitch claims 20% developer productivity boost using AWS GenAI tools
The vendors have expanded an existing deal to include new Amazon tools that have helped Fitch modernize its infrastructure and applications.
Waters Wavelength Ep. 308: Arta Finance’s Caesar Sengupta
Caesar, who previously spent 15 years at Google, joins to discuss Arta’s goal of putting a private banker in everyone’s pockets.
Terry Duffy on CME’s cloud future, takeover targets, and ... candy
CME CEO Terry Duffy explains the relatively narrow strategy that the derivatives exchange has taken under his leadership, especially compared to its peers.
Waters Wavelength Ep. 307: The shrinking OMS landscape
This week, Tony and Nyela discuss FactSet’s recent acquisition of LiquidityBook and what it could signal for trading technology.
Banks urged to track vendor AI use, before it’s too late
Veteran third-party risk manager says contract terms and exit plans are crucial safeguards.
Market data woes, new and improved partnerships, acquisitions, and more
The Waters Cooler: BNY and OpenAI hold hands, FactSet partners with Interop.io, and trading technology gets more complicated in this week’s news round-up.
Waters Wavelength Ep. 306: Reykjavik and market data
Reb is back on the podcast to talk about her trip to Reykjavik, as well as two market data reports released this month.