Icap has completed its takeover of Plus Stock Exchange, a strategic deal for the interdealer broker as it gears up to move into futures trading. The acquisition, which was opposed by a group of shareholders, was finalised on Thursday and will give Plus shareholders about £640,000. Plus exchange will be used by Icap as a platform to expand its futures and options trading business.
Icap announced the acquisition in May with Plus Markets Group saying in a statement that it had sold the business to Icap on a “cash-free, debt-free basis for a nominal amount of £1” (Squawkbox, 21 May 2012).
Rule Financial, an independent provider of business consultancy and IT services to the global investment banking community, has developed a new online e-trading platform for PYXmarkets, formerly known as CityOdds. The trading venue offers clients the ability to gain returns by trading intraday within assets such as foreign exchange and the FTSE 100, on end-of-day outcomes. Users can customise account options to create a bespoke tool to meet their trading requirements.
Calypso Technology has partnered with AcadiaSoft to integrate the Calypso system with MarginSphere, an electric messaging and workflow service for over-the-counter collateral. The partnership combines AcadiaSoft’s automation of the margin process with Calypso’s collateral management service.
Cross-asset derivatives analytics and risk management provider, Numerix, has partnered with financial services provider, Dion Global Solutions. Dion joins the Numerix Partner Programme and will offer Numerix’s Powered Analytics as a part of its valuation and risk mitigation services. Ralph Horne, global CEO and managing director at Dion, says, “Numerix affords our hosted solutions access to the most comprehensive range of independent, industry standard models and methods, bringing enormous innovation and transparency to a fairly complex domain. As a result, we’re able to deliver a modern, intuitive user experience offering extensive risk measures that work on several browsers.”
CQG has partnered with KGI Futures as it continues to focus on expanding its capabilities in Asia Pacific. Clients accessing CQG through KGI are able to route orders using CQG Integrated Client and CQG Trader to exchanges worldwide through CQG’s low-latency hosted direct market access service. CQG recently established a data centre in Singapore and direct connectivity to the Hong Kong Futures Exchange.
Online foreign exchange trading services provider Oanda has added platinum and palladium to its fxTrade trading platform. The new metals are crossed with US dollars. XTP/USD and XPD/USD are available to Oanda’s European and Asia Pacific division clients who now have access to 23 precious metal pairs on the platform via web, API and mobile trading. XPT/USD and XPD/USD will be rolled out for MT4 clients in the regions later this year.