London Stock Exchange Group (LSE.L) confirmed the sale of Proquote, a market data vendor and retail trading provider in the United Kingdom, to IRESS, an ASX listed company that is a supplier of technology for financial markets, wealth management and the mortgage industry in the UK and Australia. The terms of the transaction have not been released.
The Group identified Proquote as not central to its strategy going forward for the enlarged Information Services Division and in IRESS identified the right partner for the business going forward.
As a result of the sale, IRESS will acquire Proquote which operates a significant trading connectivity hub, known as the RSP (Retail Service Provider) network that offers retail trading in the United Kingdom. Its clients include retail stockbrokers, market makers, wealth managers, institutional buy sides, and private investors. The acquisition also includes LSEHub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers.
The deal is expected to be completed in the fourth-quarter of 2015.
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