Interactive Brokers buys FutureTrade Technologies

Interactive Brokers buys FutureTrade Technologies

Connecticut-based Interactive Brokers Group (IBG) has agreed a deal to acquire FutureTrade Technologies which provides electronic equity and option trading services. Financial terms of the cash deal were not disclosed.

FutureTrade provides electronic trading tools and services to institutional traders and hedge fund managers. Headquartered in Lake Forest, California, the company has sales staff in New York, Boston, Chicago and San Francisco.

The deal includes the acquisition of FutureTrade Technologies and its wholly-owned subsidiary, FutureTrade Securities.

IBG says the acquisition will improve its ability to expand its services for the hedge fund and institutional community more rapidly.

Thomas Peterffy, chairman of IBG, says the firm is currently building a full service organisation for hedge funds including execution and prime brokerage services.

"We were specifically attracted to FutureTrade by its customer base of over 200 institutions, their 40 software developers and the technology they have developed over the past five years," says Peterffy.

The transaction has been approved by the boards of both organisations.

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