Interactive Brokers, an electronic broker, has announced the execution of a definitive agreement to acquire FutureTrade Technologies and its wholly-owned subsidiary, FutureTrade Securities for an undisclosed amount of cash.
Murray Finebaum, president & CEO of FutureTrade, said: I am excited about joining Interactive Brokers and bringing the capabilities of FutureTrade and its team to servicing the hedge fund and institutional market. Combining the worldwide reach and financial capabilities of Interactive Brokers with our track record of serving hedge fund and institutional investors will be a compelling offering in the market.
Thomas Peterffy, chairman of Interactive Brokers, said: This acquisition increases our ability to expand our services for the hedge fund and institutional community more rapidly. We were specifically attracted to FutureTrade by its customer base of over 200 institutions, their 40 software developers and the technology they have developed over the past five years. We are building a full service organization for hedge funds including execution and prime brokerage services.