ION

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ION
Logo ion trading.gif
Founded 1999
Headquarters Dublin, Ireland
Key People Andrea Pignataro, Chief Executive Officer
Employees 1000+
Products Automation software for financial institutions, central banks and corporations
Website iongroup.com

ION is a privately held, global provider of software for financial institutions[1], central banks[2], and corporations[3], helping them to digitize and automate their most business critical processes. Its software helps improve decision-making, increase efficiency, simplify complex processes and empower people.

Headquartered in Dublin, ION has offices in many parts of the world, including London, New York, Tokyo, Frankfurt, Madrid, Toronto, Chicago, Singapore, Sydney, Berlin, Delhi, Pisa, Italy, India and Australia.[4]

History

CEO Andrea Pignataro founded ION in 1999. ION is backed by TA Associates, an investment company that bought 30 percent for €35 million ($44 million) in 2004. In 2016, TA Associates owned 10 percent in ION while the CEO is assumed to own the majority of the company. Carlyle Group, made a $400 million investment in ION Investment Group in 2016 for a minority stake. [5] [6][7]

In January 2014, UBS decided to outsourced its fixed income trading platform. ION Trading has chosen to provide gateways to electronic exchanges and pricing tools. [8]

Acquisitions

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.[9]

In July 2011, ION completed the purchase of Wall Street Systems, a vendor in the forex market and short-term interest rate markets. No terms were disclosed. 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.[10][11][12]

In November 2011, ION approached Patsystems with a 14p per share offer, a value of £29 million ($32 million).[13] The acquisition was completed in February 2012.

In January 2013, ION acquired Financial Software Systems, a U.S. based firm which serves banks, broker-dealers and fund managers around the world. Financial terms and deals were not disclosed about this acquisition. The founders of Financial Software Systems, Gerald Thurston, president and Vincent Small, executive vice president and chief technology officer, will work to integrate Financial Software Systems with the ION Group. [14] [15]

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 already held a 25.1 percent stake in FFastFill. [16]

In July 2013, ION acquired Triple Point Technology, a U.S. software company which enable 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 maintain its headquarters in Westport, Connecticut.[17]

The firm has made other acquisitions including Iris Trading Systems, an Irish bond market trading system and Caplin Systems, a single-dealer portal platform acquired in 2015 for an undisclosed amount.

In October, 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.[18]

Products and Services

  • Trading
  • Pricing
  • Position Keeping and Risk Management
  • Technology

ION offers Multi-Market Interface, a trading 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. [19]

The firm also features a multi-market desktop application called ION.NET, which allows traders to connect in dealer-to-dealer and dealer-to-customer markets.

ION Pricing Engine provides interface with coverage of bond types, futures, options and mortgages. The pricing models include basis spread, yield spread, asset swaps, etc. The supported products include government bonds, strips, corporate bonds, emerging markets, floaters, inflation-linked bonds, futures, bond options, futures options, swaptions, caps and floor. The pricing engine is supported on Solaris, Linux, and Windows platforms. [20]

ION provides consultancy services in both advisory and implementation services through the trade lifecycle, covering electronic trading, position management, pricing, risk management and downstream processing.

ION also provides training services to users that enable them to use ION software. [21]

Key People

References

  1. Financial Institutions. ION.
  2. Governments. ION.
  3. Corporations. ION.
  4. Contact. ION.
  5. Welsh, Carson, Expected to Fundraise Later this Year, Finds Buyer for Triple Point. PE Hub.
  6. TA Associates puts ION Trading stake up for sale: UPDATED. Buyouts.
  7. Andrew Delaney: A Glimpse into the Mysterious World of ION Trading - See more at: http://intelligenttradingtechnology.com/pre-trade-risk/blog/talking-intelligent-trading-andrew-delaney-glimpse-mysterious-world-ion-trading#sthash.CrYj5c5J.dpuf. IntelligentTradingTechnology.
  8. UBS to outsource fixed income trading platform. Financial Times.
  9. Rolfe & Nolan Quiet On Takeover Reports For £50m. Futures & Options Intelligence.
  10. ION Trading Acquires WallStreet Systems: It’s Only the Beginning. Aite.
  11. wall street sign Ion Trading to acquire Wall Street Systems. FX Week.
  12. Wall Street Systems acquisition by ION Trading completes. Wall Street Systems press release.
  13. Patsystems gets approach from Ion Trading. Financial Times.
  14. ION buys Financial Software Systems. Finextra.
  15. Press Release. Financial software system.
  16. ION Group agrees FFastFill acquisition. FinExtra.
  17. Westport’s Triple Point Technology Sold for $900M. Westport Now.
  18. ION Enters Definitive Agreement to Acquire Reval. Press Release.
  19. ION Trading. LinkedIn.
  20. Pricing overview. ION.
  21. Services. ION.