Wall Street & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Trading Technology

03:54 AM
Cristina McEachern
Cristina McEachern
News
Connect Directly
RSS
E-Mail
50%
50%

Tradescape.com Gobbles Up MarketXT

Tradescape is expected to integrate the MarketXT trading system with its own and route orders to MarketXT’s ECN.

In a stock deal valued at $100 million, online trading firm Tradescape.com has acquired MarketXT, an online trading systems supplier that recently received approval to act as an electronic communications network (ECN). Under the arrangement, Tradescape is expected to integrate the MarketXT trading system with its own and route orders to MarketXT’s ECN. While exact terms of the deal have not been decided, both companies will be exploring ways to take advantage of the liquidity and execution of their systems.

“We’re going to be looking at creative ways to leverage each other’s capabilities to the benefit of all our customers,” says Craig Vorselen, executive vice president of technology and operations at MarketXT. Specifically, Vorselen adds that MarketXT will be a “destination for execution” for Tradescape subscribers.

MarketXT, which currently operates from 4 p.m. until 8 p.m., is also looking to extend its hours into the regular trading day sometime this spring after completing the necessary technology upgrades to the system.

MarketXT and Tradescape are also looking to expand their customer base by appealing not only to professional traders and individual online investors, but to institutional clients as well. Vorselen points out that institutions are already trading through Instinet and therefore could be receptive to other ECN avenues such as MarketXT, given the liquidity that he hopes the Tradescape arrangement will provide in the future.

Register for Wall Street & Technology Newsletters
Video
Exclusive: Inside the GETCO Execution Services Trading Floor
Exclusive: Inside the GETCO Execution Services Trading Floor
Advanced Trading takes you on an exclusive tour of the New York trading floor of GETCO Execution Services, the solutions arm of GETCO.