23 June 2018
Visit www.worldwealthreport.com/

First New York Securities acquires Spartan Technologies assets

17 November 2008  |  3551 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.worldwealthreport.comVisit https://secure.vasco.comVisit http://go.jumio.com/finextraAd

Top topics

Most viewed Most shared
GPS raises £44 million to fund international growthGPS raises £44 million to fund intern...
26368 views comments | 7 tweets | 8 linkedin
Robots save Nordea from GDPR processing nightmareRobots save Nordea from GDPR processing ni...
9205 views comments | 10 tweets | 18 linkedin
BIS: Cryptocurrencies are an environmental disaster that could break the InternetBIS: Cryptocurrencies are an environmental...
8559 views comments | 18 tweets | 23 linkedin
hands typing furiouslyArtificial Intelligence at the changing fa...
7310 views 0 | 10 tweets | 5 linkedin
Visa says 5.2m payments failed during 10 hour outageVisa says 5.2m payments failed during 10 h...
6377 views comments | 14 tweets | 10 linkedin

Featured job

to $120K base, 200K ote, benefits
New York City, NY - USA

Find your next job