(Bloomberg) — Don Wilsons DRW Trading Group agreed to buy the assets of Chopper Trading LLC, joining two of the most prominent Chicago-based computerized trading firms.
Bringing our two organizations together will allow us to more efficiently provide liquidity to the financial markets, Wilson said in an e-mailed statement. We are excited to join forces and look forward to working together. The price and other details of the acquisition werent released.
Both companies are known for the speed at which they trade futures and other products with advanced computer algorithms, earning them the designation of high-frequency traders. All HFT firms have faced more regulatory and public scrutiny over the past year. Chopper was among a group of firms subpoenaed last year by New York Attorney General Eric Schneiderman as he seeks more information on how they operate in global markets. Chopper hasnt been accused of wrongdoing.
Wilson founded DRW in 1992 and now employs more than 500 people in Chicago, New York, London and Montreal. DRW trades futures, options, bonds, commodities and currencies, according to the e-mailed statement. Chopper, founded in 2002 by Raj Fernando, trades in futures and cash fixed income markets. It has more than 200 employees, according to its website.
Combining our two firms is the perfect fit, Fernando said in the statement.
