Trading Technologies, the capital markets technology platform provider, has acquired London-based AxeTrading, provider of fixed income trading solutions.
The acquisition marks a broadening of TT’s multi-asset capabilities with an expansion into full coverage of corporate, government, municipal and emerging market bonds as well as over-the-counter (OTC) interest rate swaps, strengthening TT’s position in fixed income derivatives and US Treasuries. Terms of the transaction were not disclosed. AxeTrading has serviced a wide range of global customers with its platform, providing connectivity to major fixed income trading venues, and offering a customisable pricing and quote management engine, and automated workflow management tools. However, its focus on fixed income as a single asset class has been a barrier to adoption as buy-side firms increasingly sought multi-asset order and execution management tools.
The firm replaced its founders as the management team in January 2022. 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 recognised 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 US 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.”
During 2022, TT acquired RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products, and entered into strategic partnerships with KRM22 to expand its risk management product portfolio, Talos to broaden its cryptocurrency offering, ATEO Finance to deliver post-trade allocation services and Bantix Technologies to provide the QuikStrike options analysis software application through the TT platform. TT says it will further expand its product portfolio and asset class coverage through new strategic initiatives in 2023.
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