OAKLAND, California, GENEVA and PARIS, Oct. 19, 2017 /PRNewswire/ -- McKay Brothers, a market leader in low latency networks, today announces agreements with Susquehanna International Group, LLP and XR Trading that will support the continued growth of McKay's successful private bandwidth and market data businesses.
Under the terms of the agreements, McKay's founders will continue to control the McKay companies, holding over 70% of the equity. Susquehanna and XR join IMC and Tower Research Capital as minority equity holders of McKay. Financial terms of the agreements were not disclosed.
Stéphane Tyč, McKay co-founder, said, "We believe the service vendor model adds fairness to the markets by ensuring that the lowest latency is not dominated by any single trading firm. This agreement, which maintains McKay's autonomy, is welcome news for the firms that use our networks and for the industry as a whole."
Bob Meade, McKay co-founder, added, "Financial backing from firms that are both long-standing clients and industry leaders validates McKay's model of an autonomous service provider providing critical telecom to the industry. Their investment will further our efforts to build networks distinguished by technical excellence, innovative engineering and a level playing field for all our subscribers."
McKay – through McKay Brothers, LLC, Quincy Data, LLC and other controlled affiliates – designs, builds and operates telecom networks and market data services for latency sensitive traders and risk managers of banks, funds and trading firms. Since upending the market for low latency connectivity between Chicago and NY in 2012, McKay has provided its lowest latency services in the US, Europe and Asia. McKay has offices in Oakland CA, Geneva, and Paris. See www.mckay-brothers.com.
IMC is technology-driven trading firm, active on over 100 trading venues around the world. Founded in Amsterdam in 1989, IMC was among the first to value the importance of technology and innovation in the evolution of market making. See www.imc.com
ABOUT Tower Research Capital
Tower Research Capital is a proprietary trading firm that specializes in quantitative trading and investment strategies. Founded in 1998 and headquartered in New York City, Tower, together with its affiliates, trades multiple asset classes in over 150 venues worldwide and is an innovator and a leader in the field of computerized trading. See www.tower-research.com/
ABOUT Susquehanna International Group, LLP
The Susquehanna International Group of Companies (SIG), is a global quantitative trading firm founded with an entrepreneurial mindset and a rigorous analytical approach to decision making. SIG trades virtually every major financial product with a focus on derivatives trading and options market making. Founded in 1987, SIG currently employs approximately 2,000 people in North America, Europe, Asia, and Australia. For additional information please visit www.sig.com.
ABOUT XR Trading
XR Trading is a proprietary market-making firm founded in 2002. Utilizing in-house developed cutting-edge technology and a quantitative approach, XR adds value to the markets we participate in and strives to be a vital partner to the world's capital markets. See www.xrtrading.com
SOURCE McKay Brothers