First New York Securities buys Spartan Technologies
First New York Securities, LLC, the preeminent multi-strategy proprietary trading firm, has announced the acquisition of all the assets of Spartan Technologies, LLC.
The transaction includes source codes, personnel and existing clients, as per official release. However, the financial terms of the deal were not disclosed by the company.
A top company official of Spartan Technologies has stated that they feel proud to join the First New York Securities team, and they are excited to roll out HydraTrade in the market as soon as possible.
HydraTrade is an industry leading, broker-dealer-neutral execution management system, which provides best execution and order routing for buy- and sell-side traders that include many forms of trader-friendly functionality.
While the Hydra platform currently supports domestic equities, First New York Securities intends to add more capabilities over the next 24 months, including equity derivatives (options), international equities and futures. The Connectivity includes major US exchanges and electronic communication networks, including all order management systems providers, and dark pools.
The expected financial benefits of the deal include price and size improvements on executions, and aggregated order flow, as per the view of First New York Securities.
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