Sucden Financial Causes a STIR with Atlantic Trading Acquisition

The deal "will add a new interest rates and bonds capability and complement our existing LME and FX options coverage".

London-based Sucden Financial has purchased the trading, IT and IP assets of Atlantic Trading London Limited for an undisclosed sum.

Atlantic Trading is a proprietary market-making derivatives trading house. It was founded in 2015, with offices in London (hence the name), Sydney and Chicago.

Atlantic Trading acted as a liquidity provider and market maker on interest rate and bond options, covering all European and select US interest rate markets for 19 years.

Four staff members will join Sucden Financial as part of the agreement: Fraser Dodwell, Amik Sokhey, Douglas Porter and Bastien Saltel.

Marc Bailey, CEO of Sucden Financial, adds: “They will add a new interest rates and bonds capability and complement our existing LME and FX options coverage.”

Sucden Financial, an asset execution, clearing and liquidity provider, says it will officially request market maker status on ICE Futures Europe, with the intention of making markets on short-term interest rate (STIR) contracts from September 2022.

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Sucden Financial was founded in ye olde 1973. Its solutions are targeted at financial institutions, corporates and brokers.

In terms of tech, it does build its own front-end trading platforms and proprietary post-trade systems. This is complemented by using specialist third-party applications. It offers connectivity to over 20 FX platforms (GUIs and APIs) including semi-disclosed pricing through ECN central limit order books.

The fintech firm is doing quite well.

In May it released its 2021 financial results.

Total net assets were £142.6 million, against £125.3 million in 2020. Net revenues stood at £69.8 million, compared to £53.9 million in 2020. While profit before taxation was £18 million, a marked increase on the sum of £1.6 million in 2020.

Sucden Financial also has offices in Moscow and subsidiaries in Hong Kong and New York.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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