Capital markets technology platform provider Trading Technologies has launched two business lines – TT Compliance and TT Quantitative Trading Solutions (QTS).
The two dedicated lines of business build on TT’s past offerings in trade surveillance and algorithmic/quantitative trading solutions that were strengthened by TT’s acquisitions of Abel Noser Solutions – a provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants – in August 2023 and RCM-X – a technology provider of algorithmic execution strategies and quantitative trading products – in March 2022.
TT Compliance will leverage both the firm’s long-standing TT Score trade surveillance offering built originally for exchange-traded derivatives as well as Abel Noser’s complementary Compliance+ solution largely used for US equities. In addition, TT is working with KRM22, which focuses on risk management and capital markets, to extend the capabilities of TT Score and Compliance+ by building a new multi-asset class surveillance platform scheduled for delivery in the second quarter of 2024. The new TT Compliance business line will be run by Ted Morgan, who has served as chief operating officer (COO) of Abel Noser and will assume the role of EVP Compliance on 1 January 2024.
TT CEO Keith Todd said: “Sound compliance and robust trade surveillance are must-haves and only growing in importance across asset classes as regulators around the globe are imposing significant fines and holding firms accountable for the actions of their people. We see a tremendous opportunity to both capture new business and provide a second line of defence for clients who already rely on our technology for their trading-related needs.”
Since TT’s acquisition of RCM-X, the firm has bolstered its capabilities in quantitative trading solutions, including the introduction last year of TT Premium Order Types, a suite of sophisticated algorithmic execution strategies based on popular RCM-X technology. The newly branded TT QTS led by Joe Signorelli – who has been serving as managing director – RCM-X and prior to the acquisition as CEO of RCM-X – will encompass a broader multi-asset algorithmic trading offering, including not only TT Premium Order Types and the firm’s TT Strategy Studio but also a new suite of quantitative solutions for fixed income trading, beginning with US Treasuries.
TT also previously announced the forthcoming acquisition of START, a broker-neutral trade optimization platform, from Abel Noser LLC in a second transaction expected to close in the first quarter of 2024. That technology, which is used by some of the largest US investment management firms, particularly for equities, will be integrated into the TT platform as part of the new TT QTS business line.
Todd said: “We are calling the new business line QTS to underscore that our team is not just developers building algos. These professionals are experts in data science and analytics, along with trading and risk management in multiple asset classes, on top of their coding and development skills. We’re excited to further expand into new asset classes and bring our award-winning tools to a broader user base as we continue to grow our multi-asset offering.”
The two new business units are part of a reorganisation of the firm into six distinct lines of business that will work in concert to support clients’ multi-asset needs. The new lines of business include: TT Futures & Options – led by Alun Green; TT Fixed Income – led by Christopher Heffernan; TT FX – led by Tomo Tokuyama; TT Data & TCA (transaction cost analysis) – led by Abel Noser Solutions CEO Peter Weiler; TT Compliance – led by Morgan; and TT QTS – led by Signorelli.
All business line leaders will report to Justin Llewellyn-Jones who will join TT as COO on 1 January 2024. With the restructuring of TT’s offerings into these new lines of business, Nick Garrow, who currently serves as EVP multi-asset and buy-side, will assume the role of chief revenue officer (CRO) on 1 January 2024. He will be responsible for driving revenue growth across business units and geographies, with specialists for each business unit and teams devoted to buy-side and sell-side clients throughout three primary regions – the Americas; Europe, the Middle East and Africa (EMEA); and Asia-Pacific (APAC).
© Markets Media Europe 2023
