NEW YORK, May 19, 2020 (GLOBE NEWSWIRE) -- Virtu Financial, Inc. (NASDAQ:VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, announced today it has entered into a definitive agreement to sell MATCHNow to Cboe Global Markets.
MATCHNow, an alternative trading system, is the premier provider of dark liquidity in the Canadian equities market. MATCHNow has consistently excelled in service and performance for its core client base, the Canadian dealer community, driven by a best-in-class team and a commitment to understanding the Canadian trader.
Ian Williams, Chief Executive Officer of Virtu Canada, remarked, "The management team of MATCHNow has done an extraordinary job over the years creating the leading ATS in Canada. After a thorough analysis, we concluded that MATCHNow is a valuable asset that could offer more to market participants if it was powered by the scale of a global exchange operator.”
Mr. Williams continued, “Following a competitive process, Cboe’s experience and technology resources stood out as uniquely capable of strengthening competition in the Canadian marketplace and as the best home for MATCHNow, its customers, and its employees.”
Bryan Blake, Chief Executive Officer of MATCHNow, commented, "MATCHNow has a strong track record of success, based on deep customer connections and a history of innovation in the Canadian equities market. Cboe’s success as an operator of global exchanges makes it the perfect partner to propel MATCHNow’s next phase of growth."
The transaction is expected to be completed in the third quarter of 2020, and the closing is subject to customary closing conditions, including the satisfaction of applicable regulatory reviews and approvals. The net after-tax proceeds of the transaction will be used to repay a portion of Virtu’s outstanding term loan.
RBC Capital Markets was the financial advisor and Borden Ladner Gervais LLP was Canadian legal counsel for Virtu.