CHICAGO, Oct. 31, 2021 /PRNewswire/ -- Cboe Global
Markets, Inc. (Cboe: CBOE), a leading provider of global market
infrastructure and tradable products, announced it has entered into
an agreement as a limited partner to invest in the planned
acquisition of Trading Technologies International, Inc. (TT), a
global provider of next-generation professional trading software,
connectivity and data solutions.
Trading Technologies is planned to be acquired by 7RIDGE, a
specialized growth equity firm invested in transformative
technologies, while Cboe is among the limited partners of the fund
managed by 7RIDGE, supporting 7RIDGE's and Trading
Technologies' commitment to further grow the business worldwide.
Cboe is strategically aligned with Trading Technologies' vision of
delivering a leading trading, connectivity and data network to the
global trading community. Trading Technologies will remain
independent and focused on delivering innovative enterprise-wide
solutions for institutional and professional trading.
As owner and operator, 7RIDGE plans to fuel Trading
Technologies' organic growth and enable the firm to make targeted
strategic acquisitions in the future. Through the combination of
7RIDGE's operating experience and Trading Technologies' highly
regarded technology and extensive global customer network, Trading
Technologies is expected to be in a strong position to accelerate
the expansion of its industry leading cloud-based
Software-as-a-Service (SaaS) technology platform. Trading
Technologies plans to continue to work closely with international
exchanges, liquidity venues and market participants as a key
provider of listed derivatives trading, connectivity services and
data.
Trading Technologies has an expansive and highly engaged
customer base with thousands of users, including the top futures
commission merchants (FCM) and brokers globally, as well as many of
the world's leading buy-side institutions. Trading Technologies'
cloud-based SaaS technology architecture is built to be flexible
and open to functional plug-ins. Additional products and
capabilities can be added through in-house build, partnership or
acquisition and rolled out quickly to the Trading Technologies
network of users.
Cboe plans to fund its investment with a combination of cash on
hand and increased debt in the fourth quarter of 2021, subject to
certain regulatory approvals and other customary closing conditions
associated with the acquisition of Trading Technologies. Terms of
the deal were not disclosed, however the company noted that its
investment in the transaction is not material from Cboe's financial
perspective.
Trading Technologies, headquartered in Chicago with 14 offices across the globe,
creates professional trading software, infrastructure and data
solutions for a wide variety of users, including proprietary
traders, brokers, money managers, CTAs, hedge funds, commercial
hedgers and risk managers. In addition to providing access to the
world's major international exchanges and liquidity venues via its
TT® trading platform, Trading Technologies offers domain-specific
technology for cryptocurrency trading and machine-learning tools
for trade surveillance.
Additional information on the transaction is available in the
Trading Technologies press release.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market
infrastructure and tradable products, delivers cutting-edge
trading, clearing and investment solutions to market participants
around the world. The company is committed to operating a trusted,
inclusive global marketplace, providing leading products,
technology and data solutions that enable participants to define a
sustainable financial future. Cboe provides trading solutions and
products in multiple asset classes, including equities, derivatives
and FX, across North America,
Europe and Asia Pacific. To learn more, visit
www.cboe.com.
Cboe Media
Contact
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Cboe Analyst
Contact
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Angela
Tu
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Tim
Cave
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Kenneth Hill,
CFA
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+1-646-856-8734
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++44 (0)
7593-506-719
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+1-312-786-7559
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atu@cboe.com
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tcave@cboe.com
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khill@cboe.com
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CBOE-C
Cboe® and Cboe Global Markets® are registered trademarks of
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property of their respective owners.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve a number of risks and uncertainties. You can identify
these statements by forward-looking words such as "may," "might,"
"should," "expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," and the negative of these
terms and other comparable terminology. All statements that reflect
our expectations, assumptions or projections about the future other
than statements of historical fact are forward-looking statements.
These forward-looking statements, which are subject to known and
unknown risks, uncertainties and assumptions about us, may include
projections of our future financial performance based on our growth
strategies and anticipated trends in our business. These statements
are only predictions based on our current expectations and
projections about future events. There are important factors that
could cause our actual results, level of activity, performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements.
We operate in a very competitive and rapidly changing
environment. New risks and uncertainties emerge from time to time,
and it is not possible to predict all risks and uncertainties, nor
can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements.
Some factors that could cause actual results to differ include:
the satisfaction of the conditions precedent to the consummation of
the proposed transaction, including, without limitation, the
receipt of regulatory approvals on the terms desired or
anticipated; the impact of the novel coronavirus ("COVID-19")
pandemic, including changes to trading behavior broadly in the
market; the loss of our right to exclusively list and trade certain
index options and futures products; economic, political and market
conditions; compliance with legal and regulatory obligations; price
competition and consolidation in our industry; decreases in trading
or clearing volumes, market data fees or a shift in the mix of
products traded on our exchanges; legislative or regulatory
changes; our ability to protect our systems and communication
networks from security risks, cybersecurity risks, insider threats
and unauthorized disclosure of confidential information; increasing
competition by foreign and domestic entities; our dependence on and
exposure to risk from third parties; fluctuations to currency
exchange rates; our index providers' ability to maintain the
quality and integrity of their indices and to perform under our
agreements; our ability to operate our business without violating
the intellectual property rights of others and the costs associated
with protecting our intellectual property rights; our ability to
attract and retain skilled management and other personnel; our
ability to minimize the risks, including our credit and default
risks, associated with operating a European clearinghouse; our
ability to accommodate trading and clearing volume and transaction
traffic, including significant increases, without failure or
degradation of performance of our systems; misconduct by those who
use our markets or our products or for whom we clear transactions;
challenges to our use of open source software code; our ability to
meet our compliance obligations, including managing potential
conflicts between our regulatory responsibilities and our
for-profit status; our ability to maintain BIDS Trading as an
independently managed and operated trading venue, separate from and
not integrated with our registered national securities exchanges;
damage to our reputation; the ability of our compliance and risk
management methods to effectively monitor and manage our risks; our
ability to manage our growth and strategic acquisitions or
alliances effectively; restrictions imposed by our debt obligations
and our ability to make payments on or refinance our debt
obligations; our ability to maintain an investment grade credit
rating; impairment of our goodwill, long-lived assets, investments
or intangible assets; and the accuracy of our estimates and
expectations. More detailed information about factors that may
affect our actual results to differ may be found in our filings
with the SEC, including in our Annual Report on Form 10-K for the
year ended December 31, 2020 and
other filings made from time to time with the SEC.
We do not undertake, and we expressly disclaim, any duty to
update any forward-looking statement whether as a result of new
information, future events or otherwise, except as required by law.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
hereof.
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SOURCE Cboe Global Markets, Inc.