Bank of New York acquires Sonic Financial Technologies

Bank of New York acquires Sonic Financial Technologies

The Bank of New York has acquired software and other assets of direct access electronic trading firm Sonic Financial Technologies.

The Sonic business will be assimilated into BNY Securities Group alongside clearing wing Pershing and agency broker BNY Brokerage. The bank says it will use Sonic's technology to provide broker-dealers and institutional investors with enhanced smart order routing and improved direct access trading to all major equity markets, including Nyse and other exchanges, Nasdaq, and alternative trading systems.

In particular, Sonic's system is expected to prep the bank for forthcoming SEC reforms designed to facilitate competition among the stock markets and increase trading speed.

Joseph Velli, senior executive vice president of The Bank of New York and head of BNY Securities Group, says the purchase will help the bank "to adapt to the evolving equity market structure".

He states: "This acquisition brings in-house advanced electronic trading capabilities that will greatly enhance the trading platforms of Pershing and BNY Brokerage."

Sonic will continue to operate its proprietary and day trading business, which did not form part of the BNY transaction.

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