Strike Technologies Services LLC, a subsidiary of Global Trading Systems (GTS), has entered into a definitive agreement to sell StrikeNet, its ultra-low-latency microwave network, to TMX Group (TSX:X) in Toronto for an undisclosed price.
The microwave network will be managed by TMX Atrium, TMX Group's global marketplace infrastructure provider.
StrikeNet uses microwave towers to connect North American exchange datacenters through key Chicago and New Jersey hubs, providing customers with the ability to transmit data at record speeds.
"Microwave technology is an efficient and innovative method of delivering critical market data near the speed of light, and at the same time, brings fairness, reliability, and ease-of-use to the increasingly complex modern marketplace," said Ari Rubenstein, co-founder and Chief Executive Officer of Global Trading Systems.
GTS operates through its subsidiary, GTS Securities LLC, an automated market maker in thousands of securities, including U.S. equities, ETFs, commodities, financial futures and U.S. cash Treasuries/rates products.
"We think this agreement with TMX will further facilitate the use of microwave technology as an industry standard practice, and we're pleased to continue to be an on-going customer of TMX Atrium," Mr. Rubenstein said.
Through its Strike Technologies unit, Global Trading Systems is a solutions provider and technology R&D company focused on innovations that drive the backbone of financial markets. Its commercial solutions include the StrikeRisk pre- and post-trade risk management system. Strike's customer base includes the world's largest securities/derivative exchanges, investment banks, and trading firms.