Trading Technologies has completed the acquisition of START, a broker-neutral trade optimization platform, from Abel Noser Holdings. This acquisition marks the culmination of a two-stage process to acquire Abel Noser Solutions, a renowned company focusing on transaction cost analysis (TCA).

A Two-Stage Process

The acquisition journey began on August 31, 2023, when TT acquired Abel Noser Solutions, a key provider of transaction cost analysis services for investment managers, brokers, asset owners, and consultants. The latest step is the first stage in the broader acquisition strategy and allows Trading Technologies to integrate crucial services into its technology platform, the company announced in a statement today (Monday).

The completion of the second stage, which involved the acquisition of the START platform, reportedly represents a significant milestone for TT. The platform, known for its broker-neutral trade optimization capabilities, promises to enhance TT's service offerings, providing its clients with tools for trade execution and cost analysis.

By integrating these services, TT aims to offer more comprehensive solutions to its clients, strengthening its services in the space of technology platforms.

David Solo, a member of TT's Board of Directors, reportedly played a pivotal role in the acquisition process, leading the negotiations on behalf of the company. The transactions were also supported by Foley & Lardner LLP, which acted as legal advisor to TT, and Ardea Partners LP, which served as financial advisor.

Expansion and Integration

With the acquisition now complete, the integration of the START platform is expected to provide TT's clients with the tools for optimizing trade execution and managing transaction costs. Seward & Kissel LLP acted as legal advisor to Abel Noser Holdings, ensuring that the acquisition process was smooth and efficient for all parties involved.

Early this year, Trading Technologies finalized the acquisition of ATEO SAS, a provider of post-trade solutions for listed derivatives. The agreement allowed ATEO to operate as a global managed service hosted in Trading Technologies' data centers, enabling TT's clients to access ATEO's post-trade services. ATEO's services include a global order management system for brokerage firms.

This platform enables trade matching and clearing across global clearing houses, as well as standardized clearing APIs for creating in-house solutions.