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What’s Behind Trading Technologies’ Agreement to Acquire ATEO?

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In a significant move that will augment its post-trade services, Trading Technologies International, Inc. (TT), the global capital markets technology platform provider, recently agreed to acquire ATEO SAS, specialists in post-trade solutions for listed derivatives. The acquisition marks a pivotal step for TT in extending its capabilities into clearing and other essential middle-office technologies and services.

This is the latest in a string of acquisitions by TT over the last two years, including RCM-X, a provider of algorithmic execution strategies and quantitative trading products, fixed income solutions provider AxeTrading, and transaction cost analysis (TCA) specialists Abel Noser Solutions.

The collaboration between TT and ATEO began in late 2022 through a strategic partnership aimed at delivering an integrated post-trade allocation service tailored for sell-side banks, brokers, and futures commission merchants (FCMs). The acquisition is seen as a natural progression of the partnership, incorporating ATEO’s comprehensive suite of middle-office solutions into TT’s infrastructure, thereby solidifying TT’s position in the market, explains Keith Todd, TT’s CEO, in conversation with TradingTech Insight.

“Since 7RIDGE acquired TT more than two years ago, our first priority was to consolidate our position in exchange-traded derivatives,” he says. “Initially, this involved improving the Order Management System (OMS) functionality. However, I have always had my eyes on the clearing space. This is because it offers valuable information to brokers and traders, which becomes apparent only during the final stages of allocation and clearing. Incorporating this has been part of our strategy from the outset. It is a natural addition to our business and expands our addressable market by over $100 million.”

ATEO will continue its operations as a global managed service within TT’s data centre network. Its post-trade allocation engine, which has been fully integrated into the TT OMS, offers TT’s clients seamless access to its features, aiming to enhance the efficiency and reliability of post-trade processes, says Todd. “Our OMS is currently integrated with ATEO’s allocation engine, which supports a wide range of allocations that can happen at any point in the trade cycle. Following the acquisition, this same engine will handle allocations regardless of whether a firm processes them via the OMS or through the clearing connection.”

Key products from ATEO include the TEO Derivatives, a specialised OMS for brokerage environments, utilised by inter-dealer and executing brokers worldwide, particularly in London. Additionally, the LISA Clearing Engine provides a comprehensive trade matching and clearing solution, facilitating global business processing across all clearinghouses. The UGO platform, comprising gateways and standardised clearing APIs, enables firms to develop or integrate in-house solutions, ensuring scalable trade feed standardisation and high throughput for all clearing activities.

“The two companies have worked together in partnership for 15 months, and the cultural fit is good,” says Todd. “And it’s been very, very encouraging to hear the positive reaction from customers and the wider market.”

Laurent Courbin, Founder & Chief Executive Officer of ATEO, commented: “Since 2000, ATEO has provided premier middle-office solutions to our clients, with functionally rich and reliable software. While we have already attracted some of the leading firms in the industry, we now have the ability to scale significantly as part of the TT team and infrastructure, supporting more clients of every size, regardless of the scope of their needs.”

David Romeo, Managing Director of ATEO, added: “This will also bring our existing clients and those in our pipeline easy access to the TT platform and the full range of services the firm provides. Giving our clients the ability to manage their trading activities from pre-trade risk to post-trade allocation and clearing through TT’s multi-asset platform will provide a meaningful competitive advantage.”

Financial details of the agreement, set to be finalised on February 29th, have not been disclosed.

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