Patsystems Lays Out Mixit Integration Plans
Earlier this week, derivatives trading platform vendor Patsystems finalized its acquisition of equities order management system (OMS) provider Mixit, which was first announced in late July.
According to David Webber, CEO of Patsystems, the merger will yield cross-asset trading capabilities for both vendors’ trading platforms.
"Mixit was developing a simple futures interface prior to the acquisition," says Webber. "This allows us to accelerate plans we both had in place."
Mixit’s 160 clients will be the first to notice the increased capabilities, as future trades made on Mixit will be routed over existing Patsystems market connections via FIX messaging. Patsystems may also include its post-trade risk module.
Webber expects this part of the platform integration to be completed by the end of the year. The process of integrating Mixit technology into the Patsystems' Pro-Mark and J-Trader trading front ends will continue into 2012.
He rules out the development of a single-screen trading platform that merges the platforms.
"We currently offer Pro-Mark for sophisticated high-end traders, and J-Trader, which can be all things to all people by being cross-asset," he says. "I would be surprised if eventually the Mixit platform came in two flavors—one for high-end traders and one for regular traders.
As part of the acquisition, Patsystems plans to shutter its 10-person Beijing development office and move the positions to Mixit's 70-person Karachi development center.
Meanwhile, Patsystems has opened a London co-location facility that houses an existing Patsystems client as well as a new client, according to vendor officials.
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