Dash Financial announced that Dash and Convergex have signed a definitive agreement to merge Dash and LiquidPoint (Convergex’s Options Trading and Technology business), creating a financial technology company in the options and equities markets.
Dash Financial is an institutional trading technology, execution and analytics provider.
LiquidPoint is specialized in advanced options technology and routing services with deep penetration into the sell-side and exchange communities.
Private equity firm GTCR, which owns a controlling interest in brokerage firm Convergex, will be contributing LiquidPoint from Convergex to merge it with Dash.
The combined entity will operate as Dash Financial Technologies and be majority owned by GTCR. The independent company will be led by Peter Maragos as CEO and Ben Londergan as President.
Our core mission is to deliver highly transparent trading technology and pure agency execution solutions to the institutional community,” said Peter Maragos, CEO of Dash. “Together we are uniquely positioned to offer the widest range of solutions to help the buy side, sell side and exchanges navigate the ever-evolving market structure and regulatory environment.
Ben Londergan, Executive Managing Director and Head of Options Trading and Technology, Convergex/LiquidPoint, concluded:
We are very excited to be joining forces with Dash. The increase in human, technology and financial assets that we will share through this merger will help keep our products and services ahead of the rapidly evolving market microstructure and the demands of our clients.
The transaction is expected to close in Q1 2017 subject to customary closing conditions including regulatory approvals.