Since the SEC settlement, the firm has seen the departure of senior management, recruited Jay Biancamano as Executive Chairman to provide new leadership, discontinued the operations of its affiliate Milstream Securities, completed work on a new version of its flagship product Alpha Pro, updated its Algorithm Switching Engine and reorganized its internal structure. It is now launching the name Aritas.

"Of all that we've done here in the past three months, the most important thing is to dedicate ourselves to doing business with the utmost integrity," said Aritas Executive Chairman Jay Biancamano. "Pipeline created great, game-changing technology, and clients continue to see the value in that technology. With a fresh commitment to serving our customers transparently, Aritas will offer them a new opportunity to take advantage of our unique offerings. The popularity of Alpha Pro was growing rapidly prior to Pipeline's SEC agreement. We believe we can regain that momentum and build on it in 2012."

Aritas has completed a new version of Alpha Pro, a product which recommends trade execution strategies upon order arrival based on real-time analysis of comparable past orders and outcomes and provides traders with the major factors that drive the strategy recommendations. Traders can now use Alpha Pro to adopt strategies optimized to the benchmark of their choice. Aritas has also refreshed its Algorithm Switching Engine, a product which protects against adverse selection by predictive switching between algorithms, and continues to operate its ATS, with its innovative alternative to blotter-scraping as a source of liquidity.

In the EU, Aritas Financial Ltd succeeds Pipeline Financial Group Ltd. Aritas Financial will also offer the updated versions of Alpha Pro and the Algorithm Switching Engine, as well as offering a Multilateral Trading Facility block liquidity resource (not related to the ATS in the US).