Knight/Trimark Group has acquired options market maker and asset management firm Arbitrade Holdings in an effort to expand into the options market. The new options market-making business will be called Knight Financial Products and will be headed by Arbitrade's CEO, Peter Hajas. The deal, which is expected to close in the first quarter of 2000, will also leverage Arbitrade's asset management business, which has $350 million under management.
Instinet, the electronic brokerage subsidiary of Reuters, has agreed to purchase Lynch Jones & Ryan, a provider of commission recapture programs for pension plan sponsors. Lynch Jones & Ryan will operate as a wholly owned subsidiary of Instinet Corp with its executive team continuing to run daily operations. Once the deal has closed, Instinet will acquire the stock of Lynch Jones & Ryan, Patriot Financial Planning Inc. and a portion of LJR's NYSE floor broker unit, which will become a separate entity. Instinet plans to expand its services in the plan sponsor community through the LJR acquisition.
Tibco Finance Technology and Javelin Technologies have built an integrated platform for FIX messaging and customer workflow. Javelin's Coppelia FIX messaging solution and Tibco's TIB/Rendezvous messaging middleware have been combined to provide an integrated product for transactions processing and content distribution via standard message formats. The solution will facilitate straight-through processing through the integration of applications such as order routing and portfolio management with Tibco's TIB/Active Enterprise, which connects applications, Web sites, databases and other content sources.
McNamara Trading Company and the Philadelphia Stock Exchange recently teamed up to raised more than $100,000 during the fourth annual St. Jude Children's Research Hospital fund-raising campaign. Donations for the pediatric cancer research center in Memphis, TN came from commissions generated during trading on November 11. Trading volume that day on the PHLX was more than three times the exchange's daily average, with over 18 million shares traded. The hospital provides treatment to almost 180 patients each day, regardless of whether or not the family can pay for the services.
In a deal valued at more than $800 million, Data Broadcasting Corp, a provider of real-time financial market data, is merging with the specialist asset valuation business (FTAM) of the Financial Times group. In exchange for a 60% stake in the combined business, the Financial Times Group will transfer ownership of FTAM to Data Broadcasting.