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October 10, 2023 - GTS, a leading electronic market maker, has acquired the foreign exchange (FX) trading assets of algorithmic trading firm HC Technologies (HC Tech).
This acquisition propels GTS into a top non-bank FX dealer in the Americas. HC Tech has been ranked the #1 FX liquidity provider in the region twice.
The deal builds on GTS's success trading equities, stocks, futures, options, fixed income and ETFs. Approximately 50 HC Tech employees will join GTS, bringing headcount close to 400.
GTS CEO Ari Rubenstein said: "Enhanced liquidity through sophisticated, real-time pricing across assets and geographies is a GTS hallmark. This acquisition brings our pinpoint pricing to the volatile FX marketplace – pricing that GTS excels in."
He added: "The FX market is growing rapidly and is an important global financial component. Recent turmoil has created huge FX and rate volatility, driving the need for premier FX market making and pricing. HC Tech has built a world-class FX business and combining it with GTS will immediately benefit the marketplace."
HC Tech Partner Cary Rosenwald, who will run the combined FX business, said: "We're thrilled to join the stellar GTS team – not only a top global market maker but a steward of the market with a track record of value-adding acquisitions. FX trading has grown significantly in recent years and the combined business is poised to take off."
The BIS pegs average daily FX volumes above $7 trillion. GTS delivers automated pricing across asset classes powered by expertise, technology, and data science.
