The TRADE 61 - Q3 2019 | Page 75

[ M A R K E T R E V I E W | M E R G E R S & A C Q U I S I T I O N S ] Notable mentions W hile there was hardly much of a sustained spending spree by any one firm throughout the trading or FinTech markets, Liquidnet did complete a couple of interesting deals this year. First it acquired institutional research marketplace and aggregator RSRCHXchange in May, ex- panding its platform to provide its significant client base with access to global market research, an area that has been shaken up since the introduction of research unbundling under MiFID II in Europe, even in the American and Asian regions. Liquidnet followed that deal with the acquisition of natural language processing (NLP) specialist, Prattle, a month later. Having acquired NLP vendor OTAS Technologies in 2017, Liquidnet clearly views that factor of artificial intelligence technol- ogy as a lucrative growth area for its clients, and alongside its deal for RSRCHXchange, is targeting some of the most important mar- ket changes among the buy-side through its acquisitions. Refinitiv has been in the thick of the M&A space in Q3 this year but also completed an acquisition of its own in June, adding a valu- able link to its buy-side offering through the purchase of order management specialist (OMS), Alphadesk. Terms of the deal were not made public, but the missing element of Refinitiv’s portfolio of tools for buy-side traders was filled by the addition of multi-asset and multi-currency OMS capabilities. As well as slotting neatly in with Refinitiv’s cloud-based approach, the OMS will be integrated with its existing REDI execution platform and flagship Eikon desktop, to form what Refinitiv calls its end-to-end offering. Not to be left out of the exchange M&A merry-go-round this year, Deutsche Börse closed its acqui- sition of analytics firm Axioma in mid-September, to form the interestingly named new busi- ness division, Qontigo. The new intelligence division incorporates Axioma’s portfolio construction and risk analytics tools with the ex- change operator’s indices STOXX and DAX, and aims to address what the German exchange operator views as key issues for the industry, covering the rise of passive invest- ing and smart beta, new technology infrastructure for scale, and the shift towards customisation of services. Issue 61 // TheTradeNews.com // 75