Fintech giant SunGard has acquired Fox River Execution, a broker dealer provider of algorithmic trading technology and execution offerings to institutional firms focused on equities ETFs. Financial terms were not disclosed.
Fox River Execution, which is headquartered in Geneva, Illinois and was founded in 2001 by trader Joe Ritchie, will become part of SunGard's trading business. The firm's CEO Ronald Santella will continue to lead the team post-acquisition.
SunGard says the company's Trader, Blaster and Spotlight technology will help it offer clients customisable execution algorithms, ETF liquidity discovery and trade execution and post-trade analytics.
This will complement Valdi, the buyer's global suite for multi-asset class trading and the SunGard Global Network (SGN), a trade automation and connectivity network.
Raj Mahajan, president, trading business, SunGard, says: "Fox River Execution's algorithmic and ETF trading solutions will help advance SunGard's 360 degree trading strategy by expanding our ability to support every step in the trade lifecycle for global market participants."