Lightspeed Financial Acquires NobleTrading
February 17, 2010
Lightspeed Financial said Wednesday it had acquired online trading firm NobleTrading, as part of an ongoing attempt to roll up firms that serve active traders.
Terms of the transaction were not disclosed.
Noble, based in New York, provides discounted trading in stocks, options, futures and foreign exchange.
This is Lightspeed's third acquisition, since its founding four years sgo. The two prior purchases involved the retail trading arm of Schonfeld & Company, LLC, and Integrity Trading, a broker-dealer providing direct market access to its customers.
“We remain committed to aggressively pursuing strategic growth opportunities to increase our footprint in the market, further position the firm as the industry consolidator of choice, and solidify Lightspeed as the only destination for sophisticated active and semi-active traders,” said Lightspeed chief executive Stephen Ehrlich, in a prepared statement.
NobleTrading also provides its nearly 1,600 clients with direct market access trading services. NobleTrading clients execute approximately 25 million shares per day. Total client assets are $62 million.
Also based in New York City, Lightspeed acts as an introducing broker-dealer, a developer of risk management, algorithmic trading and other technologies as well as educational products.
