Intercontinental Exchange, a leading operator of global regulated futures exchanges, clearing houses and over-the-counter (OTC) markets, announced that it has acquired WhenTech, a market leading technology, software and information provider for option market participants. WhenTech’s solutions include options valuation, analytics and risk management platforms.
ICE’s YellowJacket (YJ) subsidiary began working with WhenTech in May of 2010 to provide WhenTech customers instant pricing on option quotes flowing over YJ’s instant messaging platform, which is now known as ICE Chat. This relationship expanded to utilize the integrated ICE and ICE Chat platforms to scan the market for trading opportunities, respond to instant message quotes, including request for quote and request for cross transactions, and then immediately execute and fill orders. As liquidity for ICE’s electronic options markets increased, the relationship expanded to offer many of these capabilities for thousands of WebICE users.
“By closely integrating WhenTech’s market leading pricing and risk management features into the ICE options trading workflow, our customers will be able to quickly identify trading opportunities and execute options orders in a highly efficient and effective manner,” said ICE Futures U.S. President and COO Ben Jackson.
“This acquisition is the result of a long-standing and productive working relationship that has enabled our customers to benefit from our combined resources and expertise. We look forward to working together in continuing to bring options market participants leading edge technology solutions to meet their evolving needs,” said WhenTech founder Dave Wender.
The ICE exchange recently closed down its traditional open out cry trading floor, all ICE listed options are to be traded on electronic platforms from October 22nd 2012.