CBOE Livevol, a subsidiary of CBOE Holdings, Inc. (NASDAQ: CBOE), has sold off its trading execution platform, Livevol X, to Sterling Trading Tech (STT), helping the group expand its complex orders and algos capabilities.
STT is a US provider of technology solutions for the equities, options and futures markets. Its acquisition of Livevol X represents a bid by the group to strengthen its US equities and options functionality – terms of the deal were not disclosed.
The Livevol X platform currently supports complex orders and algos, as well as advanced risk analysis for portfolios. The acquisition is important as it helps build on STT’s existing product suite, while also serving as a future project to invest in as it looks to build on its equities focus for advanced traders.
Per the acquisition, Livevol X will be known as Sterling VolTrader. While STT will effectively able to on-board new clients for Sterling VolTrader, CBOE Livevol will continue to host the Livevol X platform during a transition period.
According to Farid Naib, CEO of STT, in a statement on the acquisition: “While we have a number of trading platforms that offer option capability, Livevol X represents a more powerful, analytics based, option trading system that considerably broadens our offerings for advanced option traders.”
“Sterling VolTrader users will enjoy STT’s market leading support team and framework. STT will invest in the platform with additional development planned. Our intent is to continue to develop and evolve the platform to better serve existing and future clients,” added Jim Nevotti, President of STT.