Intercontinental Exchange (ICE) the transatlantic exchange and clearing house operator, which operates the New York Stock exchange, has acquired SuperDerivatives, the Israeli company which developed an options and derivative trading platform that is used by banks and financial institutions around the world, for $350 million in cash.
Based in Tel Aviv, SuperDerivatives was founded in 2000 by its CEO David Gershon. The company calls itself the global leader in cloud based market data, derivatives trading technology and analytics. It has expertise across all asset classes and has pioneered multi-asset product structuring and pre-trade analysis systems to support the world’s derivatives traders.
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It was the first company to deliver professional financial systems entirely over the internet. In 2004 SuperDerivatives established a market data division publishing implied data from the OTC markets utilizing its expertise in market observations and analytics to provide clean, smooth volatility surfaces based on market activity. This was followed by an independent valuation service capable of pricing anything in the markets.
In 2011 SuperDerivatives launched the world’s first anonymous, multi-bank trading system for FX options in partnership with FXCM Pro and this was followed in 2012 by the launch of a market data platform, DGX.
While the company is incorporated in the U.S., most of its 300 employees work at the Azrieli Center in Tel Aviv.
Jeffrey C. Sprecher, ICE Chairman and CEO, said “SuperDerivatives is an innovative developer of valuable derivatives data and technology, and will play a key role in extending our financial market clearing and data capabilities. We already work with SuperDerivatives in our existing businesses and we look forward to extending that work with the global SuperDerivatives team as we grow our risk management services across our global exchanges and clearing houses.”
David Gershon, SuperDerivatives Chairman and CEO added: “Over the past few years ICE has taken the lead in shaping the evolution of the financial markets. We strongly believe that with the data, technology and the broad suite of products SuperDerivatives offers there are great benefits we can deliver to the market including efficiency, transparency and innovation. We believe that joining with ICE opens a tremendous opportunity for us to deliver our innovative products and services across the globe.”