REDI Global Technologies
 | |
| Industry | Trading Technology |
|---|---|
| Headquarters | 80 Pine Street, 27th Floor, New York, NY 10005 |
Key people |
Rishi Nangalia, CEO Mark Etherington, CTO Michael Rude, CRO Greg Stockett, CFO/COO Cade Hamner, Corporate Counsel |
| Website | http://www.redi.com |
REDI Global Technologies is an independent, consortium-owned financial technology firm. Its flagship product is REDIPlus, a global, multi-broker, multi-asset OEMS (order/execution management system). Through it, users can access more than 150 execution brokers to route Equities, Futures or Options orders globally, as well as over 20 prime and clearing brokers.[1] REDI also allows its broker and vendor partners to integrate their applications within REDIPlus. According to the company, there are over 5,000 active users of REDIPlus worldwide.
Early history
REDI is one of the most enduring brands in the electronic trading space, tracing its roots to 1992 when it was launched by market maker and New York Stock Exchange (NYSE) specialist Spear, Leeds & Kellogg. The platform, which stood for “Rapid Execution Dot Interface,” was one of the industry’s first electronic order entry systems.
Goldman Acquisition
REDI became a Goldman Sachs platform in 2000 following the firm’s $6.5B acquisition of SLK.[2] Under Goldman, functionality was steadily added to the platform, including options and futures trading capabilities in 2000, fix-based OMS integration in 2001, portfolio and spread trading capabilities in 2003 and full global connectivity in 2005.[3] By 2013, it was the most widely used EMS by hedge funds and #3 by asset managers, according to the Tabb Group.[4]
Spinoff
In early 2012, Goldman announced its plans to spin off the REDI business as an independent company in order to make it a true multi-broker platform.[5] On July 17, 2013, Goldman announced it had completed the sale of a majority stake in the independent REDI to a consortium of investors including Bank of America Merrill Lynch, Barclays, BNP Paribas, Citadel and Lightyear Capital.[6] The next day, Bank of America Merrill Lynch announced that it would transfer its own proprietary EMS, InstaQuote, to REDI as part of its investment.[7]
References
- ↑ "Executing Broker Network". REDI. Retrieved 2015-05-26.
- ↑ Gasparino, Charles (September 11, 2000). "Goldman Sachs Agrees to Acquire Market Maker Spear Leeds & Kellogg". Wall Street Journal.
- ↑ "Our History". REDI. Retrieved 2014-09-21.
- ↑ "Buyside OMS & EMS: A Market Snapshot". Tabb Group. January 28, 2013.
- ↑ Schmerken, Ivy (February 8, 2012). "Goldman Sachs to Spin Off REDI Tech Group". Wall Street & Technology.
- ↑ "Goldman Sachs Completes Sale of Majority Equity Stake in REDI". Goldman Sachs. July 17, 2013.
- ↑ "Bank of America Merrill Lynch Transfers InstaQuote to REDI". Bank of America Merrill Lych. July 18, 2013.