The acquisition marks a significant broadening of TT’s multi-asset capabilities with an expansion into full coverage of corporate, government, municipal and emerging market bonds as well as over-the-counter (OTC) interest rate swaps, strengthening TT’s leading position in fixed income derivatives and U.S. Treasuries. Terms of the transaction were not disclosed.

For more than a decade, AxeTrading has serviced a wide range of global customers with its award-winning platform. In addition to providing connectivity to all major fixed income trading venues, AxeTrading also offers a highly sophisticated, customizable pricing and quote management engine, and automated workflow management tools, delivering substantial benefits to market participants faced with the complexity of pricing, quoting and trading fixed income products across multiple venues and protocols.

Keith Todd, CEO of TT, said: "The fixed income market represents a major opportunity for TT given its size, considerable growth and ongoing adoption of electronic trading. This acquisition is a key element of our strategy to expand beyond listed derivatives and cryptocurrencies, giving us an extensive offering in the fixed income space. AxeTrading and Trading Technologies are both recognized as technology leaders in our respective markets. We are excited to welcome the talented AxeTrading team to TT and to implement our shared vision for the delivery of core fixed income functionality via the industry’s leading Software-as-a-Service (SaaS) platform."

AxeTrading CEO Greville Lucking said: "This acquisition represents a significant game changer. The combination of AxeTrading’s leading expertise in fixed income markets technology, together with TT’s already established position in listed derivatives and U.S. Treasuries, will provide a comprehensive offering to customers globally. Leveraging the TT SaaS platform to deliver and distribute a true multi-asset offering is exactly what our customers are seeking. We have been extremely impressed with the ambition of the TT team in the fixed income market space, and we are confident that our aligned vision and culture will drive a highly successful future for our customers, partners and employees."

During 2022, TT acquired RCM-X, a technology provider of algorithmic execution strategies and quantitative trading products, and entered into strategic partnerships with KRM22 plc to expand its risk management product portfolio, Talos to broaden its cryptocurrency offering, ATEO Finance to deliver post-trade allocation services and Bantix Technologies to provide the QuikStrike options analysis software application through the TT platform. TT will further expand its product portfolio and asset class coverage through new strategic initiatives in 2023.