Toronto-based trading software vendor Belzberg Technologies has signed a deal to acquire the business and assets of Nandra Group, an independent direct access service provider on the floor of the Nyse, for $1 million.
Belzberg's electronic brokerage systems subsidiary has entered into an agreement to acquire the Nandra business in a cash and stock deal.
The transaction consists of $300,000 payable in cash and $700,000 in common shares of Belzberg Technologies.
Belzberg says following the acquisition, which is subject to regulatory approval, it will launch a combined direct access service which will utilise it's recently released Chat Trader product.
The combined direct access service will enable institutions to use any standard instant messaging service from AOL, Google, Yahoo, or MSN to communicate and send orders directly to Nyse floor traders or execute orders directly to the DOT or the Nyse hybrid trading systems.