ESpeed pays £14 million for London's ITSEcco Holdings

ESpeed pays £14 million for London's ITSEcco Holdings

Fixed income trading network eSpeed has acquired UK-based electronic financial markets specialist ITSEcco Holdings Limited for £14 million.

ESpeed says it will benefit from Ecco's established front-end software and routing solutions to worldwide exchanges, as well as software and intellectual property for credit and risk monitoring.

Jonathan Cowan, senior vice president of eSpeed and co-founder and former director of business development for Ecco, comments: "eSpeed's expansion in areas such as FX and equities creates virtually limitless opportunities for spread trading which many traders are using to create value in today's competitive financial markets."

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