Forum to Acquire Plus Markets Tech Assets
Forum Trading Solutions announced today that it has acquired Plus TS, the technology division of the beleagured Plus Markets Group.
The acquisition comes on the heels of persistent rumours that Forum co-founder, Hirander Misra, was in talks to buy the product. Plus TS develops the company's 'exchange-in-a-box' product, containing a matching and surveillance system, supporting most asset classes. The technology powers the Plus Stock Exchange, which is under offer from ICAP for purchase after Plus Markets declared that it would be wound down last month.
As part of the deal, all staff will be absorbed into the new company. Plus TS will rebrand to Forum Trading Solutions.
"We are delighted to provide managed trading services to Plus-SX, enabling its smooth operation going forward, in addition to offering our unique 'exchange-in-a-box' services to other trading venues," says Misra, who is also the non-executive chairman of Forum and a former co-founder of European multi-lateral trading facility (MTF) Chi-X. "Quite simply the age of the 0.1bps cash equities MTF model is old news given forthcoming regulatory change. Forum responds to the growing demand from market participants to segregate or create their own marketplaces with a cost effective fixed license fee model irrespective of the asset class traded. All that too enabled by exchange technology that we believe is the fastest and most resilient in the world."
UPDATE: Following contact from Forum, the company notes that, contrary to the investor note released by Plus Markets, the sale of Plus TS was completed last night.
Forum responds to the growing demand from market participants to segregate or create their own marketplaces with a cost effective fixed license fee model irrespective of the asset class traded.
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