Trading Technologies International, Inc. (TT) today announced the launch of two new business lines, TT Compliance and TT Quantitative Trading Solutions (QTS), to further support the company’s growth into new asset classes.
The two exclusive business lines build on TT’s previous offerings in trade monitoring and algorithmic/quantitative trading solutions enhanced by TT’s acquisition of Abel Noser Solutions – the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers , asset owners and advisors – in August 2023 and RCM-X – technology provider of algorithmic execution strategies and quantitative trading products – in March 2022.
TT Compliance will leverage both the company’s long-standing TT Score trade monitoring offering originally created for exchange-traded derivatives and Abel Noser’s complementary Compliance+ solution that is heavily used for US equities. In addition, TT is partnering with KRM22 plc (AIM: KRM), which focuses on risk management and capital markets, to expand the capabilities of TT Score and Compliance+ by creating a new multi-asset class monitoring platform that is scheduled to be delivered in second quarter of 2024. The new TT Compliance business line will be led by Ted Morgan, who has served as Chief Operating Officer (COO) of Abel Noser and will assume the role of EVP Compliance on January 1.
Since TT’s acquisition of RCM-X, the firm has significantly enhanced its quantitative trading solutions capabilities, including last year’s introduction of TT Premium Order Types, a suite of sophisticated algorithmic execution strategies based on the popular RCM-X technology. The newly-branded TT QTS led by Joe Signorelli – who has served as CEO – RCM-X and prior to the acquisition as CEO of RCM-X – will include a broader multi-asset algorithmic trading offering, including not only TT Premium Order Types and the firm’s TT Strategy Studio as well as a new suite of quantitative solutions for fixed income trading, starting with US Treasuries.
TT also previously announced the impending acquisition of START, a broker-neutral trading optimization platform, from Abel Noser LLC in a second transaction expected to close in the first quarter of 2024. This technology, which is used by some of the largest investment management companies in the US, especially for equities, will be integrated into the TT platform as part of the new TT QTS business line.
The two new business units are part of a reorganization of the company into six distinct business areas that will work in concert to support clients’ multi-asset needs. New business areas include:
- TT Futures & Options – led by Alun Green.
- TT Fixed Income – led by Christopher Heffernan.
- TT FX – led by Tomo Tokuyama.
- TT Data & TCA (transaction cost analysis) – led by Abel Noser Solutions CEO Peter Weiler – who will become EVP Data & TCA on January 1st.
- TT Compliance – led by Morgan.
- TT QTS – led by Signorelli.
All business line leaders will report to Justin Llewellyn-Jones, who, as announced last week, will join TT as COO on 1 January.
With the restructuring of TT’s offerings into these new lines of business, Nick Garrow, who currently serves as EVP Multi-Asset & Buy-Side, will assume the role of Chief Revenue Officer (CRO) on January 1st. He will be responsible for driving revenue growth across business units and geographies, with specialists for each business unit and teams dedicated to buy-side and sell-side clients in three primary regions – the Americas. Europe, Middle East and Africa (EMEA); and Asia Pacific (APAC).