ITG has confirmed plans to launch a new derivatives execution and technology business in partnership with Option Technology Solutions.
Matrix Holding Group will provide derivatives trading technology and services to broker-dealers, traders and select hedge funds.
ITG will hold a minority stake in the partnership, contributing its current derivatives broker-dealer business - which will be renamed Matrix Executions - and its derivatives-focused software to create Matrix Pro EMS/OMS.
Option Technology will contribute its management team to provide leadership of the Matrix service, as well as its trading and analytics platform.
ITG said it will continue to service its buy-side customers with multi-asset options and futures capabilities via the Triton EMS and trading desk.
The new firm will launch in the first quarter next year and will be led by founder and former CEO at LiquidPoint, Tony Saliba.
Saliba explained there continues to be a need in the marketplace for comprehensive, cost-effective technology and execution within the derivatives trading community.
“By leveraging the combined expertise and technology of Option Technology and ITG, I am confident that Matrix will be able to meet this need and help our clients improve their investment performance. I am excited to be working with ITG again,” he said.
Frank Troise, ITG CEO and president, added the partnership will allow ITG to “further sharpen our focus on serving institutional clients across asset classes while simultaneously increasing operating efficiency”.