Wall Street Starts Its Holiday Shopping
Now that we're about a week away from Christmas, I've passed a very important personal milestone: For the first time in years, I actually have a solid 28 percent of my Christmas shopping done. Retail shoppers are not the only ones making purchases this week. Global exchange operator Nasdaq OMX plans to pick up FTEN and BNY ConvergEx announced the acquisition of execution management system (EMS) provider Townsend Analytics from Barclays.
Although the Nasdaq and FTEN have gone on the record citing FTEN's low-latency pre-trade risk check function as the reason for the purchase, I feel that it is more about respective footprints. Nasdaq OMX offers FTEN a global presence, allowing it a better chance to expand into Europe and Asia-Pacific. On the other side of the coin, Nasdaq OMX gains a deeply entrenched foothold into the buy side. It the shades of what NYSE Euronext did with its acquisition of Nyfix last year.
ConvergEx's acquisition of Townsend RealTick seems a completely logical way to build out its product portfolio. The company acquired buy-side order management system (OMS) vendor Eze Castle Software awhile ago, and putting RealTick in front of it makes sense.
Both purchases continue to blur the lines between brokers, exchanges and trading infrastructure vendors. Prior to their demutualization a few years ago, the Street would have never seen exchanges directly courting the buy side and potentially disintermediating their sell-side member. But after NYSE Euronext acquired Nyfix and its Nyfix IoInet, the gates have been open. The question now is: Who's next? I can't envision the London Stock Exchange or Deutsche Borse not getting involved in this portion of the market now that two of their US counterparts have.
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Chris Edmonds takes the reins at ICE Fixed Income and Data Services
Edmonds is now leading ICE’s fixed income and data business as the rush to provide better data and analytics in fixed income builds.
Systematic tools gain favor in fixed income
Automation is enabling systematic strategies in fixed income that were previously reserved for equities trading. The tech gap between the two may be closing, but differences remain.
Waters Wrap: Examining the changing EMS landscape
After LSEG’s decision to sunset Redi, Anthony examines what might lie ahead for the EMS space.
This Week: Clear Street, AXA/AWS, TD Bank/Google Cloud and more
A summary of the latest financial technology news.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
WatersTechnology latest edition
Check out our latest edition, plus more than 10 years of our best content.
Getting aggressive: Overbond uses AI to assess dealer axes
The fixed-income analytics specialist has developed a new tool to help buy-side firms decide if they’re getting a good price from their dealers.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Sell-Side Technology Awards 2024: All the winners