14 February 2016

ICE buys Algo Technologies for Nyse overhaul - Bloomberg

23 April 2014  |  6916 views  |  0 ICE web logo

IntercontinentalExchange has acquired Algo Technologies and will use the vendor's matching engine to boost the performance of the New York Stock Exchange, according to Bloomberg.

After buying Nyse Euronext in November, ICE decided that it needed to revamp the New York Stock Exchange's systems, says Bloomberg, citing sources.

The exchange operator has now plumped for Algo Technologies, a firm founded in 2010 by former Chi-X Europe COO Hirander Mirsa and Rami Habib and Alexei Lebedev to target the lucrative HFT market. Misra has since left.

The AlgoM2 matching engine technology will drive Nyse's US stock and options markets, says Bloomberg.

Algo Technologies claims that AlgoM2 has the lowest latency in the business at just 16 microseconds, compared to the LSE's Millennium platform's 124 microseconds and Nyse Arca's 500 microseconds.

ICE and Algo Technologies have not commented on the acquisition.

ICE is selling off Nyse Euronext's technology unit, including Nyfix, the trading systems vendor acquired by Nyse for $144 million in 2009, market data tech outfit Wombat, bought for $200 million in 2008, and the SuperFeed data dissemination business.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

20 November, 2013
31 October, 2013
28 October, 2013
22 August, 2013
20 December, 2012
19 July, 2011
25 August, 2010
15 March, 2010

Related company news

 

Top topics

Most viewed Most shared
UK sets out open banking API frameworkUK sets out open banking API framework
16993 views comments | 108 tweets | 91 linkedin
Deutsche Bank calls for co-operation with fintech firms on B2B servicesDeutsche Bank calls for co-operation with...
9469 views comments | 31 tweets | 30 linkedin
How to accelerate your fintech startupHow to accelerate your fintech startup
9170 views comments | 36 tweets | 10 linkedin
Is Paym a failure?Is Paym a failure?
7514 views 17 comments | 23 tweets | 16 linkedin
Visa issues API to offer consumer control over card transactionsVisa issues API to offer consumer control...
6793 views comments | 17 tweets | 28 linkedin

Featured job

up to £95K base, £190K OTE, benefits
London, UK

Find your next job