The deal is expected to close on 31 August. Further terms were not disclosed.

As part of the acquisition of Abel Noser Solutions, Trading Technologies clients will gain access to TCA and regulatory services.. Abel Noser’s analytics will be integrated into the TT platform later down the line.

Also as part of the agreement, Trading Technologies will acquire broker-neutral trade optimisation platform, START, from Abel Noser in a second transaction expected to close by the first quarter of next year.

The transaction builds on Trading Technologies’ continued multi-asset data and analytics expansion. While the firm has an extensive existing offering in derivatives, it moved to establish a new FX business line in June and entered the fixed income market for the first time in March with its acquisition of AxeTrading.

Read more – Trading Technologies establishes new FX business unit

“This acquisition enhances our appeal to the buy-side with an offering that spans multiple asset classes which we can fortify with the wealth of anonymised data harnessed through our platform,” said Trading Technologies chief executive officer Keith Todd.

“We intend to introduce the tools into the listed derivatives space through our vast client base, build on Abel Noser’s FX TCA capabilities as we roll out our new TT FX initiative and offer the firm’s clients the full breadth of TT services available.”

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US agency broker Abel Noser has completed its acquisition of New York-based equities transaction cost analysis (TCA) platform provider Trade Informatics.

The deal expands Abel Noser’s data and brokerage services, adding the TAP Trade Analysis and START Systematic Trading systems from Trade Informatics to its TCA platform Trade Zoom. 

Trade Informatics CEO, Matthew Celebuski, has been appointed global head of the electronic products group at Abel Noser and as senior managing director of the newly combined group. 

“[Trade Informatics] brings with it not just years of analytical experience in managing and controlling equity trading and execution services, but also a group of employees who share our unwavering commitment to reducing the cost of trading for the institutional investment community,” said Peter Weiler, co-chief executive of Abel Noser.

The transaction was originally confirmed in May and expected to close in the second quarter. Further terms of the deal were not disclosed. 

It follows Abel Noser’s recent partnership with investment bank JP Morgan to provide TCA services to its securities services business. Under the agreement, Abel Noser’s analytics was integrated into JP Morgan’s open platform, providing asset owner and asset manager clients with the multi-asset post-trade TCA solution.

“Our consolidation will establish the largest trade data universe of its kind with unparalleled peer group comparisons while leveraging a centralised industry-leading software platform with enhanced scope, functionality, performance and report customisation,” added Steve Glass, co-chief executive of Abel Noser.

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JP Morgan has partnered with Abel Noser Solutions to provide an end-to-end solution transaction cost analysis (TCA) solution to its securities services clients. 

Abel Noser’s analytics will be integrated into JP Morgan’s open platform, providing asset owner and asset manager clients with the multi-asset post-trade TCA solution.  

This move forms part of JP Morgan’s strategy to address the needs of its asset management clients by providing integrated solutions across the investment lifecycle through an open platform.

It’s the third announcement in as many months on the trading and data side of the business for JP Morgan after partnering with Confluence to integrate the vendor’s risk and performance measurement data and TradingHub to include its Transaction Efficiency and Accuracy Monitor (TEAM) solution to institutional clients through an open data and analytics platform.  

“Our clients’ trading analytics needs are broad, ranging from ever-increasing transparency into trading dynamics to satisfying their regulatory obligations,” said Richard Crozier, head of product for data and analytics at JP Morgan’s securities services division. 

“Partnering with an established provider like Abel Noser ensures we are able to offer an innovative suite of trade cost and regulatory analytics to our asset manager and asset owner clients globally.”  

Earlier this week the bank announced it would create a new data solutions business within its securities services division, adding Bloomberg’s former head of enterprise solutions to head up the new unit. 

The division brings together a number of JP Morgan’s units including its Asset Manager data platform – which the collaboration with Abel Noser will bolster. 

Also within the Data Solutions umbrella will be JP Morgan’s post-trade analytics offering investment information services, and extended enterprise which provides integrated workflows, data delivery and real-time updates in conjunction with client order management systems. 

“We have leveraged efficiencies and streamlined processes – from on-boarding to delivery – yielding an ideal multi-asset TCA client experience that will be wholly integrated into JP Morgan’s platform,” said Peter Weiler, Co-CEO of Abel Noser Holdings. 

“Our partnership also addresses ongoing regulatory challenges by helping clients remain compliant and competitive in today’s investment landscape.” 

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US agency broker Abel Noser has confirmed it will acquire New York-based equities transaction cost analysis (TCA) platform provider Trade Informatics to expand its data and brokerage services.

Upon closure, Abel Noser will combine the START systematic execution platform from Trade Informatics with its product suite, and the TAP trade analytics will be added to Abel Noser’s multi-asset TCA platform, Trade Zoom.

The deal is expected to close in the second quarter of this year. Terms were not disclosed.

“We are also pleased to bring aboard a firm that shares the same values we do,” commented Peter Weiler, co-chief executive officer of Abel Noser. “Together we will continue our shared tradition of providing excellent service and deep analytical expertise, as well as continuing to build on our combined legacies that will benefit our clients for many years to come.”  

Abel Noser added the combination of resources would help it establish a large trade data universe, with a centralised software platform that offers improved functionality, performance and report customisation.

“We are confident that our merged resources will yield greater value for our clients than either company could deliver separately,” said Matthew Celebuski, CEO at Trade Informatics. 

Celebuski has been appointed senior managing director of the combined group and global head of the electronic products group at Abel Noser. 

Several TCA initiatives have been launched in recent months as the market continues to pay greater attention costs and execution performance. 

In September alone, Virtu Financial launched a post-trade TCA tool for frontier algorithms, Prism Frontier, and Spanish stock exchange Bolsas y Mercados Españoles (BME) unveiled plans to launch a big data platform aimed at boosting TCA. 

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The end-to-end, multi asset global trading platform includes execution algorithms and broker neutral transaction cost analysis (TCA), with agency broker Abel Noser set to rollout the algorithms developed by BestEx Research to more than 500 fund managers globally.

“BestEx Research is a new business model that is revolutionary in its impact and approach to solving the problem of performance drag in active fund managers’ returns due to high transaction costs,” Mittal commented. “Execution algorithms offered by banks and brokers have not evolved in over a decade and are stale, opaque and conflicted with their own internal liquidity pools, leaving managers to pay as much or more than management fees in implicit costs.”

Mittal established BestEx Research almost three years ago after leading global trading for hedge fund AQR Capital Management for just under four years. Prior to AQR Capital, Mittal spent over a decade with former agency broker ITG, now part of Virtu Financial, where he oversaw algorithmic trading and POSIT trading venue globally.

The BestEx Research platform aims to significantly cut down the implicit costs of algo trading with a more systematic and quantitative approach to execution. Its TCA system is also designed to measure and reduce transaction costs by attributing them to every aspect of an order that algorithms place, including venue, timing, size, price and order type.

“We aim to decouple execution algorithms from brokers and banks so institutions have choices and complete transparency into how each execution takes place,” Mittal added. “To date, a few sophisticated buy-side firms have built a subset of these capabilities in-house, but most firms have relied on standard broker algorithms. With our pure software model, hedge funds and asset managers can significantly reduce trading costs through customised high-performance execution algorithms and have enormous flexibility in bank or broker selection.”

Mittal concluded via a blog post on social media that the platform has been live for several months prior to this official launch, describing its first client as “one of the most performance sensitive firms on the street”, which is using BestEx Research’s equities algorithms globally to replace its current stack.

Institutional investors and asset managers are invited to rate the features and capabilities of their algo providers in The TRADE’s 2020 Algorithmic Trading Survey. Now in its 13th year, The TRADE’s 2020 Algorithmic Trading Survey will be live for buy-side participation until 28 February.

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