01 August 2015

ICE buys Algo Technologies for Nyse overhaul - Bloomberg

23 April 2014  |  6150 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.

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