ITG teams up with OpTech to create new derivatives execution and technology company
Option Technology Solutions, the latest vehicle of LiquidPoint founder Tony Saliba, has joined forces with ITG, a securities broker and financial technology company, to form the Matrix Holding Group, a firm that will focus on derivatives execution and technology.
The new company, which will be based in Chicago and led by Saliba, will offer derivatives trading technology and execution services to broker-dealers, professional traders and select hedge funds. ITG will hold a minority stake in the partnership and will contribute its derivatives broker-dealer division and its derivatives-focused software and technology. OpTech will contribute the management team and capital to expand and grow the business. The management staff will include derivatives industry veterans Michael McNamara, former COO of LiquidPoint, and Jordan Naylor, former CTO of LiquidPoint and vice president at CBOE.
"There continues to be a clear need in the marketplace for a comprehensive, cost-effective technology and execution offering for the professional and retail derivatives trading community," said Saliba. "By leveraging the combined expertise and technology of OpTech and ITG, I am confident that Matrix will be able to meet this need and help our clients improve their investment performance."
Saliba, who started his career in the options industry in 1979 as a clerk at the CBOE, has a long history of involvement with trading technology. He founded Liquidpoint, an options technology company that was bought by Convergex in 2004, and founded OpTech after leaving ConvergEx in 2014.
