Dash Financial Closes on Acquisition of On Point Executions Electronic Brokerage Unit
CHICAGO, July 31, 2013 /PRNewswire/ -- Dash Financial, a member of The Dash Group of companies, announced today that they have closed on the acquisition of On Point Executions electronic brokerage unit. "This is a targeted acquisition as part of our 2013 growth strategy," remarked Scott Goldfarb, CEO of Dash Financial. "The microstructure of US equities and options markets is growing increasingly complex. John and the team at On Point recognize Dash as the optimal algorithmic brokerage platform to address the sophisticated needs of their clients." Commenting on his company's motivation for the deal, John Lapertosa – CEO of On Point Executions – said "We at On Point are determined to provide our clients with the foremost in agency execution on a cutting-edge technology platform. The acquisition of our electronic brokerage unit by Dash Financial achieves this goal in full and will give our discerning clients access to Wall Street's best and most transparent agency brokerage solution."
On Point clients will be migrated to the Dash platform within 30 days. "We, at Dash, will work together with the On Point team to ensure a seamless on-boarding and transition for On Point's clients, giving them access to Dash's industry-leading technology and transparent, agency electronic and algorithmic brokerage platform," said Mr Goldfarb. Clients of Dash Financial enjoy access to a best-of-breed suite of algorithmic execution products, white-glove concierge service, and the DASHboard – the firm's web-based, "glass box" trade execution monitoring and reporting platform which sets the standard for transparency. On Point's clients include some of the largest financial institutions in the country. The addition of On Point's clients to Dash's client base will further expand Dash's already-significant share of the US options market. The terms of the deal were not disclosed.
Dash Financial, a member of The Dash Group of companies, is the premier, next-generation electronic brokerage firm. With offices in Chicago, New York, San Francisco and Kiev, Dash provides both buy- and sell-side clients with bespoke, low latency algorithmic, trade execution and DMA connectivity in US equity and options markets. Dash's value-for-value approach to algorithmic and electronic brokerage, along with their unwavering commitment to fully transparent, independent, non-conflicted, pure agency execution, has positioned the firm as one of the largest electronic brokerage houses by market share.
About On Point
On Point is an agency only broker dealer offering execution services for complex and sophisticated options investment strategies. On Point's experienced staff is versatile at providing price discovery. On Point's commitment to institutional coverage and the implementation of market impact complex orders has been enhanced with the transition to the Dash brokerage platform.
SOURCE Dash Financial