OAKLAND, Calif., GENEVA and PARIS, Sept. 1, 2016 /PRNewswire/ -- McKay Brothers, a market leader in low latency networks, today announces an agreement with IMC, the technology-driven trading firm, that will support the continued growth of McKay's successful network business.
Under the terms of the agreement IMC will take a minority stake in McKay, providing capital for the further improvement of McKay's networks serving the latency sensitive trading community. Financial terms of the agreement were not disclosed.
Key elements are:
- IMC makes a capital investment and acquires an equity stake
- McKay maintains its independence under co-founders Stéphane Tyč and Bob Meade
- McKay commits further investment to reduce latency to the physical limit in its key long haul routes
- McKay continues to operate under its core business principles which include offering a level playing field and equal access to the lowest latency service for subscribers
Stéphane Tyč, McKay co-founder, said, "This agreement not only further strengthens our financial position, which will keep us ahead in terms of network speed and reach, and data coverage and quality, but, as importantly, maintains our autonomy. That's great news for all of the trading firms that use our networks and for the industry as a whole."
Bob Meade, McKay co-founder, added, "Our ability to attract financial backing from a firm with the industry standing and vision of IMC underscores our value to market participants. The agreement will facilitate further innovation and improvements to our networks."
Arno de Quaasteniet, Global Head of Technology at IMC, said, "IMC supports McKay as it continues to innovate to remain at the forefront of the industry. As a strong, independent supplier, McKay plays a crucial role in ensuring equal and fair market access to liquidity providers. These are principles IMC shares."
McKay – through McKay Brothers, LLC, Quincy Data, LLC and other controlled affiliates – designs, builds and operates telecom networks and market data services for latency sensitive traders and risk managers of banks, funds and trading firms. Since upending the market for low latency connectivity between Chicago and NY in 2012, McKay has provided fair and equal access to its lowest latency services in the US, Europe and Asia. It has main offices in Oakland, CA and Paris, France. See www.mckay-brothers.com.
IMC is technology-driven trading firm, active on over 100 trading venues around the world. Founded in Amsterdam in 1989, IMC was among the first to value the importance of technology and innovation in the evolution of market making. See www.imc.nl
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SOURCE McKay Brothers