Tradeware Systems, a provider of electronic order management systems and direct access trading technology for the North American markets, has advanced plans for international expansion with the acquisition of Delaware-registered Broker-to-Broker Networks (B2B) and its UK operating subsidiary Omiris Networks.
The Wall Street-based vendor has created a new Tradeware Global (UK) Ltd. subsidiary to market a hybrid product that combines its FIX-based OMS with Omiris Networks' DMA platform.
The Tradeware Global platform offers FIX-enabled DMA to 22 stock exchanges in 16 European securities markets for a fixed price of less than $15 per transaction.
Tradeware chairman John Marino says four-year-old Omiris Networks - which went into voluntary liquidation last year - has addressed all of the technical, regulatory and currency-related hurdles to cross-border trading.
"Using the Omiris platform, broker/dealers in, for instance, Paris or Helsinki can execute and process the same trades in, for example, Germany, in combination with local German brokers, just as if they were operating in Frankfurt," says Marino. "Tradeware Global will extend this functionality across the Atlantic using B2B's unique regulatory status, providing American investors, brokers and financial institutions with their first access to real-time trading and T+1 clearing and settlement on European securities markets."
Giuseppe Bonini, co-head of global brokerage for Milan-based Banca IMI and an Omiris user says the acquisition should broaden the scope of the company and opportunities for future development.