GL Trade Plans to Buy Davidge Data Systems
GL Trade says it plans to acquire Davidge Data Systems, an order routing specialist in U.S. equities and options, from S1 Corp. The acquisition will give GL Trade, a Belgium-based front-end trading system, an order-routing system reaching all U.S. equities and options markets plus middle-office tools for reporting and compliance. Estimates are that Davidge software processes 10 percent of all U.S. equities volume and 40 percent of U.S. listed options volume. The software firm serves 70 broker/dealers including 40 New York Stock Exchange members and several of the 10 largest brokerage firms. The transaction is expected to close in early November.