London-based Sucden Financial announced on Thursday the acquisition of Atlantic Trading London Limited, which is a proprietary market-making derivative trading company. Though neither of the companies revealed the financial terms of the deal, Sucden detailed that it has purchased Atlantic Trading’s trading business, IT and IP assets.
“We are delighted to have completed this transaction and welcome the team of skilled traders and IT professionals to Sucden Financial,” said Marc Bailey, the Chief Executive Officer at Sucden Financial.
Atlantic Trading is headquartered in London with offices in Sydney and Chicago. The company acts as a liquidity provider and market maker on the interest rate and bond options but puts focus on trading euro interest rate products.
According to the website of the company, it even provides fixed income option liquidity to some of the latest global exchanges but did not name any.
Sucden Financial, which is a provider of multi-asset execution, clearing and liquidity, is going to complement its services with the latest acquisition. In addition, it has decided to officially request market maker status on ICE Futures Europe. With permission, the company wants to offer market-making services on STIR contracts from September 2022.
Absorbing Manpower
Under the acquisition deal, Sucden absorbed four staff members of Atlantic Trading. The four of them are Fraser Dodwell, an Interest Rate Options Market Maker; Amik Sokhey, who held the position of Director of Systematic Options Trading; Douglas Porter, a Junior Trader; and Bastien Saltel, Atlantic’s Chief Technology Officer.
Moreover, Bailey revealed that after the acquisition, Atlantic Trading’s team “will add a new interest rates and bonds capability and complement our existing LME and FX options coverage.”
Meanwhile, Sucden, which operates with an FCA license, reported a sharp 29.4 percent rise in its annual net revenue for 2021 as the figure touched £69.8 million. Furthermore, it generated a pre-tax profit of £18.0 million in the year.
