Trading systems vendor REDI Global Technologies will boost its staff roster by about 30 as it completes its acquisition of BofA Merrill Lynch’s InstaQuote business, says Goutam Nadella, chief product officer of REDI. Finishing the acquisition will also bring the technology and clients to REDI.
“By integrating the InstaQuote and REDI teams, we can leverage our in-depth knowledge of electronic trading technology to deliver top-quality client services,” says Clayton Meadows, the former head of InstaQuote business and current head of business development — Americas at REDI, in a prepared statement. “We truly appreciate our clients’ patience through this transition. We have spent the past year integrating the technology to create a seamless experience for clients, and now we can offer an even larger team of experts and resources with decades of collective expertise.”
Annexing InstaQuote is REDI’s first acquisition as an independent financial technology company, officials say. In 1992, the firm Spear, Leeds & Kellogg built the trading platform REDI, which was sold to Goldman Sachs in 2000. Goldman developers revamped REDI so that it encompasses foreign exchange and interest rate transactions.
REDI functioned as a business unit within Goldman until July 2013 when it was sold to a consortium of Wall Street firms that consists of BofA Merrill Lynch, Barclays, BNP Paribas, hedge fund Citadel, and Lightyear Capital.
REDI has migrated InstaQuote clients to its REDIPlus execution management system (EMS), which now offers a suite of middle-office solutions, including integration with clearing and prime brokers and expanded risk management capabilities, officials say.
“Our product strategy is centered on how we can make trading better and serve clients across the trade lifecycle — the integration of the InstaQuote technology reflects this commitment,” Nadella says.
The middle-office functionality serves “client demands for simplified and integrated workflows,” Nadella adds. “The integration also brings 30 former InstaQuote employees to the REDI team, who are all based at a new REDI client service center in Dallas, Texas. These employees bring with them years of experience within the electronic trading space.”
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