The two dedicated lines of business build on TT’s past offerings in trade surveillance and algorithmic/quantitative trading solutions that were strengthened by TT’s acquisitions of Abel Noser Solutions - the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants - in August 2023 and RCM-X - a technology provider of algorithmic execution strategies and quantitative trading products - in March 2022.

TT Compliance

TT Compliance will leverage both the firm’s long-standing TT Score trade surveillance offering built originally for exchange-traded derivatives as well as Abel Noser’s complementary Compliance+ solution largely used for U.S. equities. In addition, TT is working with KRM22 plc (AIM: KRM), which focuses on risk management and capital markets, to extend the capabilities of TT Score and Compliance+ by building a new multi-asset class surveillance platform scheduled for delivery in the second quarter of 2024. The new TT Compliance business line will be run by Ted Morgan, who has served as Chief Operating Officer (COO) of Abel Noser and will assume the role of EVP Compliance on Jan. 1.

TT CEO Keith Todd said: "Sound compliance and robust trade surveillance are must-haves and only growing in importance across asset classes as regulators around the globe are imposing significant fines and holding firms accountable for the actions of their people. We see a tremendous opportunity to both capture new business and provide a second line of defense for clients who already rely on our technology for their trading-related needs."

TT QTS

Since TT’s acquisition of RCM-X, the firm has significantly bolstered its capabilities in quantitative trading solutions, including the introduction last year of TT Premium Order Types, a suite of sophisticated algorithmic execution strategies based on popular RCM-X technology. The newly branded TT QTS led by Joe Signorelli - who has been serving as Managing Director - RCM-X and prior to the acquisition as CEO of RCM-X - will encompass a broader multi-asset algorithmic trading offering, including not only TT Premium Order Types and the firm’s TT Strategy Studio but also a new suite of quantitative solutions for fixed income trading, beginning with U.S. Treasuries. TT also previously announced the forthcoming acquisition of START, a broker-neutral trade optimization platform, from Abel Noser LLC in a second transaction expected to close in the first quarter of 2024. That technology, which is used by some of the largest U.S. investment management firms, particularly for equities, will be integrated into the TT platform as part of the new TT QTS business line.

Todd said: "We are calling the new business line QTS to underscore that our team is not just developers building algos. These professionals are experts in data science and analytics, along with trading and risk management in multiple asset classes, on top of their coding and development skills. We’re excited to further expand into new asset classes and bring our award-winning tools to a broader user base as we continue to grow our multi-asset offering."

In July, TT won the 2023 Waters Rankings Award for Best Algorithmic Trading Provider, based on votes from thousands of sell-side and buy-side market participants.

Reorganization into Six Business Lines

The two new business units are part of a reorganization of the firm into six distinct lines of business that will work in concert to support clients’ multi-asset needs. The new lines of business include:

• TT Futures & Options - led by Alun Green, as announced last week

• TT Fixed Income - led by Christopher Heffernan, also announced last week

• TT FX - led by Tomo Tokuyama, as announced in June

• TT Data & TCA (transaction cost analysis) - led by Abel Noser Solutions CEO Peter Weiler - who will become EVP Data & TCA on Jan. 1

• TT Compliance - led by Morgan

• TT QTS - led by Signorelli

All business line leaders will report to Justin Llewellyn-Jones who, as announced last week, will join TT as COO on Jan. 1.

With the restructuring of TT’s offerings into these new lines of business, Nick Garrow, who currently serves as EVP Multi-Asset & Buy-Side, will assume the role of Chief Revenue Officer (CRO) on Jan. 1. He will be responsible for driving revenue growth across business units and geographies, with specialists for each business unit and teams devoted to buy-side and sell-side clients throughout three primary regions - the Americas; Europe, the Middle East and Africa (EMEA); and Asia-Pacific (APAC).