In line with its technological consolidation strategy, the Rosario-based futures exchange announces the acquisition of Primary, leader in technology for stock exchange and financial transactions in Latin America, thus incorporating one of the most advanced electronic trading platforms, integration via FIX, direct market access (DMA) and retail distribution, as well as processing operations of exchange and off-exchange transactions that cover all kinds of assets traded in Argentina, which have recently reached daily volumes of up to 1.5 billion dollars.
"Technology is the main instrument for success in the current business of exchanges and markets worldwide, accounting for up to 70% of operating costs and investments in leading entities", expressed Luis Ossola, ROFEX´s chairman. "The technological independence achieved by incorporating Primary, give us immense strategic flexibility to develop alliances and other projects in which we are working at local and regional level", he stated.
In turn, Alfredo Conde, one of Primary´s founders, emphasized that "we are proud that this agreement has been successfully achieved. After nearly 14 years of working with ROFEX, this is almost a natural step and, certainly, the best alternative for Primary´s future".
Deloitte & Touche Corporate Finance was ROFEX´s financial advisor in the transaction while South Investment Partners, now part of Euro-Latin Capital, carried out Primary´s shareholders´assistance. Although the transaction's financial terms were not revealed, the agreement involves the exchange of the companies´shares and the continuity of Primary´s management.
Thus, Alfredo Conte and Ignacio Plaza, who founded the company in 1998, will remain at Primary´s Board of Directors and ROFEX´s current directors, Pablo Torti and Leandro Salvatierra, will join in together with Diego Fernandez, the Exchange's General Manager.