Wedbush, a US-based full service investment bank, has announced the acquisition of agency brokerage and high-speed trading technology provider Lime Brokerage.
The deal will lead to the integration of Lime's technology services with the Advanced Clearing Services division of Wedbush Securities, Wedbush's brokerage subsidiary, which will offer clients low-latency execution, market data and risk control solutions.
In addition, Los Angeles-based Wedbush Securities plans use Lime's technology platform to develop global multi-asset brokerage services professional and individual clients.
Jeff Bell, currently head of Wedbush Securities' clearing and technology group, will assume the position of CEO at Lime Brokerage, while Wedbush executives Gary and Eric Wedbush will join Lime's board of directors. Lime employees will remain at their current locations in New York and New Jersey, and the firm will continue to manage its existing co-location sites at US trading venues.
“This acquisition is a major advancement in our mission to deliver to our buy-side clients the highest-speed, lowest-cost DMA and algorithmic trading services in the industry,” said Gary Wedbush, executive vice president and head of capital markets for Wedbush Securities.
“Our clients and prospects will see tremendous value from the tight integration with Wedbush's clearing, execution and broader range of service offerings,” said Alistair Brown, co-founder of Lime Brokerage.
Lime Brokerage, which was founded in 2001, last year built up its services for high-frequency options trading, including the development of its Citrius low-latency data distribution platform. Brown replaced Jeff Wecker as CEO of Lime Brokerage last year, retaking the role he had held before Wecker's appointment in November 2008.