BNY Mellon has purchased the agency securities finance software and associated intellectual property of Trading Apps.
According to BNY Mellon, the transaction will deliver benefits to its agency securities lending business and its clients.
These benefits will include enhanced price discovery and reporting and analytics through the integration of securities finance market data and automated algorithmic execution.
Trading Apps will continue to operate as an independent entity, primarily servicing the securities finance community beyond agent lenders, including broker-dealers and borrowers.
Matthew Harrison and Jeff Lloyd and eight other Trading Apps staff members will be joining BNY Mellon, all of whom will be based in the UK.
Laura Allen has taken over from Harrison as CEO of Trading Apps. Harrison will now serve as a non-executive director of Trading Apps.
James Slater, global head of securities finance and collateral management at BNY Mellon, said: “This acquisition represents a compelling strategic opportunity for BNY Mellon.”
He added: “The combination of Trading Apps’ world-class technology and specialists with our unrivalled agency lending franchise will deliver our clients unprecedented speed, automation and trading efficiencies in this highly competitive marketplace.”
Matthew Harrison, CEO of Trading Apps, commented: “Having worked extremely closely with BNY Mellon for the past six years, we are very excited to become a part of one of the world’s preeminent lending agents. We can’t wait to further integrate our technology into the programme and begin working with the firm’s incredible client franchise.”
