19 January 2018
visit www.ebaday.com

Bank of America readies for algorithmic FX trading with Financial Labs acquisition

31 January 2006  |  13801 views  |  0 Bank of America HO Night

Bank of America has acquired Financial Labs, a Cambridge, Massachusetts-based trading firm specialising in algorithm-driven pricing and trading in foreign exchange, for an undisclosed sum.

The acquisition, which includes Financial Labs' team of mathematicians and astrophysicists, was structured as a purchase of selected assets.

Mark Werner, head of global markets, Bank of America, says: "Building on our success in electronic trading in equities, the Financial Labs acquisition accelerates our already strong momentum in FX electronic trading, and positions us to extend our expertise into other markets."

The US west coast bank has already built a strong franchise in algorithmic trading for large cap equities and is fine-tuning models for mid-cap stocks. The Financial Labs acquisition effectively propels the bank into new asset classes.

Founded in 2003, Financial Labs was one of the first proprietary trading firms to be permitted to operate on EBS and Reuters. It also functions as a market-maker on these platforms.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Instinet launches Cobra 'stealth' algorithm

Instinet launches Cobra 'stealth' algorithm

24 January 2006  |  7059 views  |  0 comments
Bank of America selects SunGard's BancWare for Basel II

Bank of America selects SunGard's BancWare for Basel II

17 January 2006  |  10248 views  |  0 comments
Progress extends Apama algorithmic black box for cross-asset trading

Progress extends Apama algorithmic black box for cross-asset trading

06 December 2005  |  8346 views  |  0 comments
JPMorgan rolls out TAO algorithmic tool for portfolio trading

JPMorgan rolls out TAO algorithmic tool for portfolio trading

02 November 2005  |  7361 views  |  0 comments
Progress extends Apama algorithmic trading to FX market

Progress extends Apama algorithmic trading to FX market

13 September 2005  |  7908 views  |  0 comments
Reuters steps up algorithmic trading support

Reuters steps up algorithmic trading support

16 June 2005  |  8676 views  |  0 comments
Algorithmic trading set to accelerate

Algorithmic trading set to accelerate

27 May 2005  |  11612 views  |  0 comments
Algorithmic trading cuts costs, but performance levels vary widely

Algorithmic trading cuts costs, but performance levels vary widely

05 May 2005  |  8847 views  |  0 comments
Bank of America joins Cable & Wireless RTN platform

Bank of America joins Cable & Wireless RTN platform

01 April 2005  |  5882 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.thomsonreuters.infovisit www.fivedegrees.nl

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11213 views comments | 32 tweets | 38 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
10329 views comments | 17 tweets | 18 linkedin
Wells Fargo to close 900 branchesWells Fargo to close 900 branches
9934 views comments | 14 tweets | 16 linkedin
KFC introduces Bitcoin BucketKFC introduces Bitcoin Bucket
9395 views comments | 18 tweets | 16 linkedin
FinTech Scotland appoints new CEOFinTech Scotland appoints new CEO
8479 views comments | 8 tweets | 6 linkedin

Featured job

Competitive base + commission
New York City, NY - USA

Find your next job