Electronic marketplace operator eSpeed has acquired TreasuryConnect, a trade communication and execution platform for OTC derivatives.
TreasuryConnect's trading platform enables end-users to obtain simultaneous price quotes from multiple dealers in real time, and then execute a transaction online. The technology also offers direct back-office links for straight-through processing, documentation solutions, historical data, research and analytic tools to facilitate trading.
The purchase will enable eSpeed to offer increased functionality for the trading of illiquid and derivative products, such as interest rate and currency swaps, says Frederick Varacchi, president of eSpeed. "TreasuryConnect's specialised technical expertise and experience with trading derivatives is a perfect complement to eSpeed's software solutions for commodity markets," he says.