London Stock Exchange Group confirms sale of Proquote
London Stock Exchange Group today confirms the sale of Proquote, a market data vendor and retail trading provider in the United Kingdom, to IRESS, an ASX listed company that is a leading supplier of technology for financial markets, wealth management and the mortgage industry in the UK and Australia. The Group identified Proquote as not central to its strategy going forward for the enlarged Information Services Division and in IRESS identified the right partner for the business going forward. The terms of the transaction have not been released.
As a result of the sale, IRESS will acquire Proquote which operates a significant trading connectivity hub, known as the RSP (Retail Service Provider) network that offers retail trading in the United Kingdom. Its clients include retail stockbrokers, market makers, wealth managers, institutional buy sides, and private investors. The acquisition also includes LSEHub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers.
The deal is expected to be completed in Q4 2015.
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Notes to editors:
About FIX: The Financial Information exchange (FIX) protocol is an electronic communications protocol for real-time exchange of information related to securities transactions and markets.
About London Stock Exchange Group:
London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.
The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors unrivalled access to Europe's capital markets.
Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.
The Group is a global leader in indexing and analytic solutions. FTSE Russell offer thousands of indexes that measure and benchmark markets around the world. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, Proquote and RNS.
Following the acquisition of Russell Investments, LSEG conducted a comprehensive review of the investment management business to analyse its strategic fit with the Group. This was concluded in February 2015, and LSEG is now exploring a sale of the business in its entirety.
London Stock Exchange Group is a leading developer of high performance trading platforms and capital markets software for customers around the world. In addition to the Group’s own markets, over 35 other organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology.
Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.
Further information on London Stock Exchange Group can be found at www.lseg.com.