Iress acquires retail trading business from London Stock Exchange
The London Stock Exchange has sold its Proquote market data and retail trading services business to Australian financial technology specialist Iress, which is expanding its capital markets and funds operations in the UK.
Iress has also acquired Pulse Software Systems, which develops portfolio management software for private asset managers.
The LSE said that Proquote is “not central to its strategy going forward”. The acquisition also includes the LSE Hub, a FIX order routing system that connects institutional investors and brokers.
Proquote provides a multi-venue trading system, market data terminals, risk management and best execution services. Its request for quote trading connectivity network for retail service providers, known as the Proquote RSP network, represents a significant portion of UK retail trading. Clients include retail brokers, market makers, wealth managers, institutional buy sides, and private investors.
The staff and management of Proquote and Pulse – 55 people – are expected to join Iress,. including David Tibbetts, managing director of Proquote, and Mike Nicholls, managing director and founder of Pulse.
Simon New, most recently a director in the financial services practice at Ernst & Young in London, has been hired as group executive, strategy, reporting directly to Iress chief executive Andrew Walsh. New’s initial focus will include overseeing the integration of the two businesses.
Walsh said that the acquisitions contribute to the company’s strategy of “delivering broad functionality, integrated solutions across inter-connected and converging sectors within the UK”. They “build significant market share in the areas of retail trading and discretionary funds management, order routing and connectivity”.
