London Stock Exchange Group confirms sale of Proquote

London Stock Exchange Group confirms sale of Proquote

The FINANCIAL -- London Stock Exchange Group on September 15 confirms the sale of Proquote, a market data vendor and retail trading provider in the United Kingdom, to IRESS, an ASX listed company that is a leading supplier of technology for financial markets, wealth management and the mortgage industry in the UK and Australia.

The Group identified Proquote as not central to its strategy going forward for the enlarged Information Services Division and in IRESS identified the right partner for the business going forward. The terms of the transaction have not been released.

As a result of the sale, IRESS will acquire Proquote which operates a significant trading connectivity hub, known as the RSP (Retail Service Provider) network that offers retail trading in the United Kingdom. Its clients include retail stockbrokers, market makers, wealth managers, institutional buy sides, and private investors. The acquisition also includes LSEHub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers, according to London Stock Exchange.

The deal is expected to be completed in Q4 2015.