The New York Stock Exchange (Nyse) has acquired MatchPoint Trading, a company specialising in call market trading and technology. Financial terms of the deal were not disclosed.
MatchPoint provides a proprietary electronic equity crossing system that matches aggregated orders at predetermined and distinct times, at prices that are derived from the primary market for securities.
The technology can operate multiple matches each with a unique benchmark pricing model and can also process internal crosses for single participants and seamlessly enables residuals to participate in scheduled crossing sessions.
Mike Cormack, EVP, Nyse Group says: "This acquisition gives the Nyse Group and its clients a strong platform for technological growth in benchmark trading."
The exchange says MatchPoint's trading technology will enhance the suite of crossing services it intends to provide in the first quarter of 2007.
Jim Ross, founder and CEO of MatchPoint Trading, who will join the Nyse as vice president of crossing technology, says: "By bringing our innovative, point-in-time benchmark crossing services to the Nyse Group we can now offer the advantages of the MatchPoint engine to investors, issuers and market professionals around the world."