ITG (NYSE:ITG), a leading independent broker and financial technology provider, today announced that it has signed a definitive agreement with Option Technology Solutions LLC (OpTech) to form Matrix Holding Group, a newly established derivatives execution and technology business.
The venture is expected to launch in Q1 2018, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
Led by industry pioneer, LiquidPoint founder and former CEO, Tony Saliba, Matrix will offer derivatives trading technology and execution services to broker dealers, professional traders and select hedge funds. ITG will hold a minority stake in the partnership and will contribute the ITG Derivatives LLC broker-dealer (to be renamed Matrix Executions LLC) and industry-leading, derivatives-focused software and technology to create the Matrix Pro EMS/OMS. Matrix will have a dedicated client service team, operations, and technology staff. OpTech will contribute the management team to provide leadership for the venture, a next-generation, retail-focused trading and analytics platform (to be named Matrix Elite) and capital to expand and grow the business. The management staff will include derivatives industry veterans Michael McNamara, former COO of LiquidPoint, and Jordan Naylor, former CTO of LiquidPoint and Vice President at CBOE.
ITG will continue to service its buy-side customers with multi-asset options and futures capabilities through the Triton EMS and ITG’s trading desk.
Tony Saliba, CEO of OpTech, said, “There continues to be a clear need in the marketplace for a comprehensive, cost-effective technology and execution offering for the professional and retail derivatives trading community. By leveraging the combined expertise and technology of OpTech and ITG, I am confident that Matrix will be able to meet this need and help our clients improve their investment performance. I am excited to be working with ITG again.”
Also commenting on the joint venture, ITG CEO and President, Frank Troise, said, “By partnering with Tony and the OpTech team we will have the industry expertise and technological innovation to establish Matrix as a leading offering for derivatives trading, allowing ITG to further sharpen our focus on serving institutional clients across asset classes while simultaneously increasing operating efficiency.”
The Matrix partnership will be based in Chicago.
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