The NASDAQ OMX Group is to acquire FTEN, a provider of real-time risk management (RTRM) solutions for the financial securities market.
Financial terms of the deal were not disclosed.
FTEN is well positioned to grow as the industry is becoming more focused on solutions for effectively managing risk, NASDAQ said in a release.
Market participants are seeking tools that provide real-time, low latency enterprise-wide risk management, market awareness and control.
FTEN's technology provides broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance, the release added.
This acquisition is expected to add a significant product resource to NASDAQ OMX, allowing it to offer an industry-leading service to its clients. NASDAQ OMX will offer FTEN solutions to its global base of broker-dealers and the international exchange community.
Eric Noll, Executive Vice President of Transaction Services at NASDAQ OMX, said: "FTEN's customer base is comprised of some of the leading broker dealers in the global market and its offerings are the most comprehensive in terms of functionality, asset class and market spread.
As part of NASDAQ OMX, FTEN will be able to increase its penetration globally, greatly broadening its distribution network beyond the U.S. to a worldwide solution, while expanding its U.S. customer base."
Ted Myerson, CEO of FTEN, said: "We recognized early on that demand for pre-trade risk management tools would dramatically increase as the regulatory environment evolved and the need for comprehensive risk controls moved from niche to mainstream. We are proud to have developed a solution that has given us a strong market position.
The transaction with NASDAQ OMX gives us the ability to broaden the scope of customers we can reach in the U.S. and tap into its international network of exchange partners." Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio