Canadian exchange operator TMX Group has sold off its wireless and extranet infrastructure services business, TMX Atrium to Intercontinental Exchange (ICE) (NYSE: ICE), part of the group’s ongoing strategy to help retain profitability, according to a group statement.
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The sale will also see TMX Atrium become integrated with ICE Data Services, the group’s global provider of market data solutions. ICE is also one of the largest operators of global exchanges and clearing houses – its acquisition of TMX Atrium will help ICE Data Services assimilate its latency connectivity capabilities, which extends to over 30 trading venues worldwide.
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More specifically, TMX Atrium’s framework and functionality will also integrated within the Secure Financial Transaction Infrastructure (SFTI), offered alongside SFTI Wireless. This will aim to help streamline connectivity between ICE’s Mahwah data center and other co-location facilities in Carteret and Secaucus, New Jersey.
The terms of the sale of TMX Atrium were not presently disclosed, though the transaction is expected to close within 90 days, pending the requisite regulatory approvals.
According to Eric Sinclair, President, TMX Market Insights and Group Head of Information Services, in a recent statement on the sale: “The sale of the TMX Atrium business is the result of a shift in our strategic focus from infrastructure services to providing intellectual property-based analytics solutions that drive client investment decisions.”
“Going forward, Atrium clients stand to benefit from the expanded global reach of the combined Atrium and Secure Financial Transactions Infrastructure (SFTI) network,” he added.