Ion trading patsystems

ION Trading is a privately held, global financial software firm that provides technology for trading and execution, risk management and position calculation, connectivity to exchanges and markets, and solutions for middle and back office processes. The firm offers trading solutions across most asset classes and works with trading and brokerage firms, multi-national corporations, governments and central banks. [1] [2] [3] [4]
Headquartered in Dublin, the company has offices in London, New York, Tokyo, Frankfurt, Madrid, Toronto, Chicago, Singapore, Sydney, Berlin, Delhi, Pisa, Italy, India and Australia. It is one of the largest financial software firms in the world with technology that covers everything from trade execution through the settlement process with clearing member firms on derivatives, forex, OTC and fixed income markets. [5]
History.
CEO Andrea Pignataro founded ION in 1999. The company is backed by several large stakeholders. Its parent company is known as Ion Investment Group, or IIG.
ION was backed by TA Associates, an investment company that bought 30 percent of the company for €35 million ($44 million) in 2004. In May 2016, IIG completed a recapitalization plan and TA Associates sold off its investment in the company. Meanwhile, Carlyle Group made a $400 million investment in ION Investment Group in May 2016, taking a minority stake. At the time, Carlyle revealed that ION had more than $300 million in earnings before interest, tax, depreciation and amortization, which is a measure of a company's operating performance. Two of Carlyle's executives, Renee James and Cam Dyer joined ION's board of directors. [6] [7] [8] [9] [10]
Acquisitions.
ION has grown steadily in size through a series of acquisitions, including those listed below:
ION purchased back-office software firm Rolfe & Nolan in July 2008, giving the firm real-time back office technologies as well as hosting and facilities management. [11]
In July 2011, ION completed the purchase of Wall Street Systems, a vendor in the forex and short-term interest rate markets. The deal provided ION with features such as deal capture and post-trade functionality, including debt management for high-end companies and central banks, as well as treasury solutions for smaller corporations. [12] [13] [14]
ION acquired Patsystems in February 2012 in a £29 million ($32 million) transaction. [15]
In January 2013, ION acquired Financial Software Systems, a U. S. based firm which serves banks, broker-dealers and fund managers around the world. [16] [17]
In February 2013, ION announced the acquisition of FFastFill, a designer and developer of front-, middle - and back-office services to the global electronic trading community, for $165 million. Before the tender offer, ION had already held a 25.1 percent stake in FFastFill. [18]
In July 2013, ION acquired Triple Point Technology, a U. S. software company which enables its customers to manage the price volatility of raw materials and commodities. The deal was closed for approximately $900 million in cash. ION operates Triple Point as a stand-alone business and maintains its headquarters in Westport, Connecticut. [19]
ION has made other acquisitions including Iris Trading Systems, an Irish bond market trading system.
It acquired Caplin Systems, a single-dealer portal platform, in 2015 for an undisclosed amount. [20]
In October 2016, the firm acquired Reval, a cloud-based firm focused on treasury and risk management sectors. The firm aimed to help clients manage cash, liquidity and financial risk, as well as manage complex financial instruments and hedging activities. [21]
Products and Services.
Trading Pricing Position Keeping and Risk Management Technology.
ION offers Multi-Market Interface, an interface that allows traders to operate in multiple dealer-to-dealer and dealer-to-customer electronic markets.
The company’s Multi-Market Interface also supports automated tools, such as The Auto-Hedger, a tool that submits hedges to a specified market on receipt of a trade notification from any cash or derivatives market; The Multi-Market Spread Trading Tool, which allows traders to create strategies that trade with risk management profiles; and Market-Making tools to manage market pricing obligations. [22]
The firm also features a multi-market desktop application called ION, which allows traders to connect in dealer-to-dealer and dealer-to-customer markets.
ION pricing solutions support global trading desks operating around-the-clock in fixed income and foreign exchange markets. They enable pricing of thousands of securities sub-types for government, emerging markets, high-grade, high-yield and money market bonds; calculate real-time prices for FX spot, forwards, NDFs and swaps; and price associated futures and options. [23]
ION multi-asset fixed income and foreign exchange portal for salespeople and their end-customers offers real-time pricing, trade execution and customer trade analytics.
ION trade execution solutions enable trading of listed derivatives and equities on more than 100 venues worldwide, 24 hours per day.
Starting in 2015, ION began rolling out its XTP clearing solution, a near real-time system, an upgrade to its Rolfe & Nolan system. It took ION four years to build the system, creating it on top of ION’s core trading technology. The system is fully integrated with ION's front - and middle-office technology. [24] XTP runs continuously and can process large trade volumes at high STP rates. [25]
ION's Anvil supports repo and securities lending businesses by automating front and middle-office activities. Anvil provides access to all repo interdealer broker markets and to new securities finance markets.

ION Trading.
ION is the leading software provider of trading infrastructure, treasury management and trade processing solutions cross-asset class. Clients range from global financial institutions, central banks, and multi-nationals to niche financial specialists and corporate.
ION's comprehensive offering in the cleared derivatives space includes trading connectivity, order management, order routing, position and risk management, middle-office, and back-office solutions. Market participants have access to leading cleared derivatives technology from ION Trading, FFastFill, Patsystems, and Rolfe&Nolan as well as cutting edge FX, OTC, and Fixed Income solutions from across the ION Group.
ION's integrated front-to-back solutions address the requirements emerging from the new regulatory landscape, and provide opportunities for growth and improved efficiency.
If you would like to contact us to discuss our Accreditation Policy in greater detail, or how our other connectivity options can fulfil requirements, please contact us:
Tel: +44 (0) 20 7797 3211 or STX: 33211.
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Impacted by MF Global, Patsystems Receives Takeover Offer.
Ensnared in the collapse of MF Global, its largest customer, Patsystems, a software developer of trading systems for futures and options markets, said it received a takeover offer from ION Trading, another software provider.
ION Trading is Patsystem’s single largest shareholder, and has been holding 29 percent of the shares for the past two or three years, according to a spokesman for the vendor. ION has valued each share in Patsystems at 14 pence or 20 cents per share. Based on its current market cap of 29 million pounds, ION is valuing the software firm at $45 million.
ION — which earlier this year acquired Wall Street Systems — now has until Dec. 26th to either announce a firm intention to make an offer or not.
Given the impact of MF Global’s bankruptcy, Patsystems is considering the possible cash over by ION, noting that it has greater financial stability, as well as the benefits to staff, customers and product development, according to the statement.
“MF Global was the single biggest customer and with that going into administration, they’re not able to recoup the money,” comments a spokesman for Patsystems.
MF Global, the futures broker led by former Goldman Sachs investment banker Jon Corzine, who steered the firm into making heavy bets on risky European debt, owed money to Patsystems at the point of its collapse, said the vendor in its statement. The commodities broker was expected to provide revenues throughout the remainder of 2011 and beyond. This is problematic since the majority of the revenues hinge on transactions by MF Global’s own customer base, which, are awaiting the return of their funds.
The release of client funds to enable MF Global’s customers to migrate to new platform providers and resume trading is caught up in the multijurisdictional nature of the bankruptcy, notes the company. This has also delayed the process of establishing the full extent of recoverability on sums owed to Patsystems, the company said.
MF Global has 38,000 customer accounts. Most of MF Global’s customer accounts are frozen in the bankruptcy process, or they are missing. If the MF Global clients are able to migrate to other futures brokers that use Patsystems platform, the software company said, that would lessen the impact of the direct loss of MF Global’s business.
Recently, the company notes, there has been a release of some of the client funds by trustees of the North American MF Global business and a transfer of client positions to other brokers and futures commission merchants (FCMs), with a number of these broker and FCMs being Patsystems clients.
However, substantial amounts of MF Global customer funds are still frozen in broker accounts. According to media reports last week, authorities managed to locate only about 60 percent of the segregated customer funds three weeks after the parent firm's Oct. 31 bankruptcy. A trustee of the North American MF Global business doubled the estimate of missing funds from $600 million to $1.2 billion.
In addition, outside of the USA, Patsystems has seen a number of professional/institutional customers of MF Global began the transfer of their business to other customers of Patsystems.
But, with minimal release of client funds for individual traders in countries other than the U. S., this has meant there is little trading activity by those clients to date, and the company doesn’t expect this to change significantly before the end of the year. The company, which had revenues of $30 million, expects that Patsystems revenues and profits will be lower by approximately 500,000 pounds, which is equivalent to $779,000 (USD).
On top of this, the company completed a preliminary assessment of the financial impact of the collapse of MF Global. Patsystems calculated that MF Global owes it sums of 900,000 pounds or $1.4 million (USD). The company is in dialogue with trustees and administrators with respect to recouping this amount as well as the ongoing provision of systems, it said. However, the company said it “cannot be certain of the extent to which these monies will be fully recovered,”
“This is a huge frustration but it’s not the end of the world for them,” noted the spokesman. “It just means that this, in conjunction with other headwinds, is going to give a significant hit on their profits.”
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad . View Full Bio.

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