July 14, 2011

Getco LLC, the Chicago-based global market maker, said it has acquired 100 percent ownership of Automat, a London-based proprietary trading firm. The terms of the transaction were not disclosed.

Automat focuses its business on the exchange-traded derivatives and spot foreign exchange markets. It is regulated by the by the UK’s Financial Services Authority (FSA).

“Automat is well-respected both for its talented team of professionals, and its deep understanding of the financial markets. We are enthusiastic about the prospect of leveraging their capabilities across our organization as we expand our European market making and client services business,” commented Stephen Schuler, Getco co-founder in today's release.

Getco, which stands for Global Electronic Trading Co., is a market maker on more than 50 exchanges, ECNs, ATSs and MTFs in North and South America, Europe and Asia. In Europe, GETCO Europe Limited is a full-scope MiFID investment firm that is authorized and regulated by the FSA.

In the same release, John Williams, co-founder of Automat, said, “We are very pleased to join Getco, a leading market maker widely recognized for its technological innovation and risk management. We look forward to contributing to GETCO’s continued growth.”

According to the company, Getco is routinely one of the top 5 liquidity providers across European trading platforms and is a direct member of the following European exchanges and multilateral trading facilities: LSE, NYSE Euronext, Xetra, Borsa Italiana, Oslo Bors, Chi-x, BATS, Eurex, NYSE Liffe and MEFF. Getco also offers its European clients access to the deep liquidity of its market making business through its GETMatched broker-crossing offering.

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Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...