Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Report on Business

Streetwise

News and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

Omega lands a backer Add to ...

Alternative trading system Omega attracted solid backers last month, as financial services advisory firm Tactico Inc. picked up a 24 per cent stake in the Canadian stock trading network.

Omega, a relatively small ATS that was spun out of Perimeter last year, now has a Montreal-based backer in Tactico that is familiar with the plumbing of markets. (A tip of the hat to Reuters for first reporting this news. Terms of the deal were not released.)

Tactico's partners include veterans of Penson Financial, a company that provides back office services for financial players. Omega will be able to draw on the skills of former Penson chief technology officer Mo Hirani and CEO Rick Ness.

Reuters quoted Omega president Mario Josipovic as saying Tactico is "acquiring initially a 24 per cent stake and will be making further investments into Omega. They will be a very active minority partner."

The dominant ATS in Canada is Alpha, which is owned by a number of large investment dealers and the CPP Investment Board. Founded a year ago, Alpha now accounts for more than 20 per cent of trading in Canadian stocks. Omega's market share is typically in the low single digit range.

Follow us on Twitter: @GlobeBusiness

 

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular