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ICE agrees $350m SuperDerivatives acquisition

05 September 2014  |  11065 views  |  0 ICE web logo

IntercontinentalExchange (ICE) has agreed a $350 million cash deal to acquire SuperDerivatives, a provider of risk management analytics, financial market data and valuation services.

Founded in 2000, SuperDerivatives has more than 300 employees, providing risk management analytics and systems across asset classes to banks, asset managers, corporations, central banks, auditors and brokers.

Jeffrey Sprecher, CEO, ICE, says: "SuperDerivatives is an innovative developer of valuable derivatives data and technology, and will play a key role in extending our financial market clearing and data capabilities."

The firm's DGX front-end data system delivers real-time analytics, data, news and multi-participant chat with video. According to the Financial Times, the chat capability has proved a key attraction for ICE as the exchange operator seeks to enter the messaging arena dominated by Bloomberg.

ICE is not the only one looking to move into chat, though. A collection of Wall street banks, led by Goldman Sachs, are now preparing to break free of their reliance on Bloomberg by setting up their own service. Several have also signed up for a new open messaging network being set up by Markit and backed by Thomson Reuters.

SuperDerivatives is understood to have attracted interest from CME Group, Nasdaq and Markit but the company's board and shareholders have now backed the ICE deal, which is slated to close in the fourth quarter, subject to regulatory approval.

ICE has been busy buying and selling since its acquisition of Nyse Euronext last November. The group has been offloading Nyse Technologies assets, including Nyfix and Wombat Financial but has also bought Algo technologies.

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