New York-based Investment Technology Group (ITG) has bought Radical Corporation, a provider of direct access trading systems for institutional brokers and hedge funds.
ITG acquired a 25% interest in Radical in June 2003 and entered into an exclusive licensing agreement for the Radical Windows-based front end system.
The Radical system provides direct access to major markets and automatically routes orders to listed and OTC liquidity pools in accordance with pre-defined trading strategies.
ITG says its investment in Radical significantly reduced its time to market with a product for active traders. Robert Russel, ITG president and CEO, adds: "Increasing market share with traders in this segment is an important component of our business strategy for growth in the client-site trading products business line."