OpenBondX Acquires Direct Match
Alistair Brown will stay on as CEO; Jim Greco will serve as CTO, head of rates.
![alistair-brown-obx-ceo alistair-brown-obx-ceo](/sites/default/files/styles/landscape_750_463/public/import/IMG/337/359337/alistair-brown-obx-ceo-580x358.jpeg.webp?itok=Hz33UY7J)
As a result of the deal, OpenBondX hopes to introduce central limit order book (CLOB) trading for on-the-run US treasuries ─ which was created by Direct Match ─ in Q1 2017, according to a release. The platform will add functionality for corporate bonds at a later date.
According to a Bloomberg article, OpenBondX will link to the Depository Trust & Clearing Corporation (DTCC) through a clearing agreement with Wedbush Securities. As the Bloomberg article notes, Direct Match went dormant ─ and almost folded completely ─ in August after it lost its clearing agreement with State Street.
Alistair Brown will continue on as CEO of OpenBondX. Jim Greco, Direct Match's cofounder and CEO, will take over as chief technology officer and head of rates. William O'Brien, who was Direct Match's executive chairman, will take over in the same role for OpenBondX. O'Brien had previously served as CEO of Direct Edge and president of Bats Global Markets.
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