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Matrix Announces Venture with ITG Derivatives - Matrix Executions
Traders Magazine Online News, March 7, 2018
Matrix Holding Group, LLC ("Matrix") announced the launch of Matrix Executions— a joint venture with Investment Technology Group (ITG), as the minority stakeholder. Matrix is partnering with ITG to create a newly established separate derivatives execution and technology business. ITG has been a leader and innovator in equities execution and technology to the global institutional trading community for over three decades.
Matrix, acting as an agency-broker dealer, with offices in Chicago and New York, will serve the needs of both the buy and sell-side institutional trading communities, retail investors, exchanges and market makers via industry-leading front-end EMS capabilities, advanced algorithms, and low-latency routing technology.
"The ability for Matrix to quickly adapt to the ever-evolving derivatives trading landscape is based on our deep industry experience, our extraordinary staff, and our entrepreneurial spirit," says Tony Saliba, CEO of Matrix Holding Group.
The team is made up of industry veterans from Saliba's LiquidPoint days, including Michael McNamara and Jordan Naylor. The principals in the new venture average 18 years of listed derivatives product experience.
Saliba added, “Our plan at Matrix is to deliver best-in-class execution services and customized solutions to the derivatives trading community through the combination of our close client partnerships, market-leading technology, and talented team."
The multi-asset, open architecture front-end trading technology, developed by Matrix Execution Technologies, is easily deployable and scalable for the needs of the entire listed derivatives and equities trading community.
Jordan Naylor, President and Chief Technology Officer for Matrix Execution Technologies, commented, “Matrix, in addition to delivering a listed derivatives execution stack, is closely collaborating with ITG for equities routing to ensure seamless end-to-end execution quality. Matt Otto, the original architect for the back-end trading platform and ITG veteran, has joined our team to continue to build market-leading solutions for Matrix clients.”
Both the desktop and mobile platforms of the Matrix front end offer access to every US exchange and numerous international exchanges, plus the ability to plug in to Triton, ITG's execution management system. Matrix routing and algorithms are also available on the major EMS and OMS platforms.
Matrix has appointed institutional trading veteran Jay Fraser as Chief Strategy Officer for its broker-dealer subsidiary, Matrix Executions.
Saliba had this to say: “I'm incredibly excited to have Jay on our team. I look forward to working with him and leveraging his expertise in institutional equity and listed derivatives trading, as well as his experience in the exchange and listings space."
Fraser joins from IEX (the Investors Exchange) where he was an early employee of the US stock exchange. Fraser ran electronic equity trading while at Deutsche Bank and held managerial, sales and trading roles with Citadel Securities and ITG.
"There is a unique opportunity to launch a new entrant for the trading of listed options, futures, and equities," Fraser said. "I am a firm believer and advocate of the transparent agency execution model, and I'm excited to work with this team to build a best-in-class trading and analytics platform."’
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