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J.P. Morgan's DMA Push: The Neovest Deal

Traders Magazine, September 2005

Nina Mehta

Independent direct market access may have a short-lived history. Not because the business doesn't have legs but because it's been successful. For several years, Wall Street brokerages have watched DMA providers capture order flow as buyside traders sought greater control over their orders and cheap, anonymous executions. Not surprisingly, the brokerages didn't sit idly by. Those not already chasing electronic flow rushed into acquisition mode: Citigroup acquired Lava Trading, and, last year, Bank of New York bought Sonic Financial Technologies. Now it's J.P. Morgan's turn. In June the broker-dealer announced it would purchase privately held Neovest Holdings, an Orem, Utah-based DMA provider and order routing platform, from a group of investors led by CCP Equity Partners.

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