Interactive Data acquires 7Ticks; creates new real-time trading unit

Interactive Data acquires 7Ticks; creates new real-time trading unit

Interactive Data is to acquire low latency trading specialist 7Ticks and create a new real-time market data and electronic trading group to capitalise on emerging opportunities in wealth management and auto-trading.

Privately-owned 7Ticks provides direct exchange access, proximity hosting, and support services for low latency electronic trading of North American derivatives, options and commodities securities.

The 42-person company is based in Chicago and operates hosting facilities in Chicago, the New York area, London and Frankfurt.

The transaction is expected to close in Q1 2010. Financial terms were not disclosed.

The company will be housed in a newly-created Interactive Data business unit focussing on real-time market data and electronic trading. Other assets bundled into the group include Interactive Data's eSignals, Managed Solutions and Real-Time Services operations.

Ray D'Arcy, Interactive Data's president and chief executive officer, states: "During the past year, we have seen that Interactive Data's real-time value proposition is more compelling when we approach customers with a suite of integrated, real-time offerings that can include global real-time market data delivered via low-latency digital data feed services, a wealth management workstation, or a customised, hosted web solution."

He says the new unit will enable the company to realise the benefits of its acquisition strategy and approach this growing market with a more coherent, integrated offering.

Jeffrey Banker, most recently Interactive Data's managing director of strategic market development, will lead the new group as executive vice president.

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