23 October 2017
visit www.avoka.com

First New York Securities acquires Spartan Technologies assets

17 November 2008  |  3519 views  |  0 Source: First New York Securities

First New York Securities, the preeminent multi-strategy proprietary trading firm, today announced the acquisition of all the assets of Spartan Technologies.

Financial terms of the deal were not disclosed. The transaction includes source codes, personnel and existing clients.

"This is a well timed and strategic acquisition for two key reasons," said Donald Motschwiller, managing member of First New York Securities. "First, it allows us to quickly consolidate our technology platforms. Second, we now have the flexibility to develop customized applications and features required by our traders to enable them to be more competitive and efficient. Spartan's HydraTrade platform is a proven and high producing buy-side and sell-side platform."

"Since our inception, we've been focused on delivering best-of-breed, customized solutions," said Brandt Mandia, co-founder of Spartan Technologies. "Our customers know what they want, and our job is to deliver the power of our performance. We're proud to join the First New York Securities team, and are excited to roll out HydraTrade."

HydraTrade is an industry leading, broker-dealer-neutral execution management system. It provides best execution and order routing for buy- and sell-side traders that include many forms of trader-friendly functionality. Connectivity includes major US exchanges and electronic communication networks, including all order management systems providers, and dark pools.

"We targeted Brandt and his team at Spartan because their platform is robust and their culture and understanding of the business enable a quick and seamless vertical integration with the First New York Securities team," Motschwiller said. "FNY is committed to innovation and providing the best platform for traders seeking discretionary capital."

Expected financial benefits of the deal include price and size improvements on executions, and aggregated order flow. Operationally, First New York Securities expects better management of order flow, ability to create a more robust middle office, a platform with multiple asset classes, optimized order routing and reduced operational risk.

While the Hydra platform currently supports domestic equities, First New York Securities intends to add more capabilities over the next 24 months, including equity derivatives (options), international equities and futures.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
18768 views comments | 25 tweets | 36 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14998 views comments | 23 tweets | 31 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10881 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
8917 views comments | 14 tweets | 28 linkedin

Featured job

Find your next job