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In its announcement on Nov 1, SGX states that with 7RIDGE as its new strategic partner, TT will be in a “strong position to accelerate the expansion of its industry-leading technology platform”.
“Together with other independent software vendors, Trading Technologies has been a long-term partner of SGX, serving our global derivatives customers with its front-end workflow and connectivity solutions. We look forward to continued collaboration with TT as it builds upon its strong position in the derivatives market, to deliver even more innovative and efficient solutions for the benefit of our ecosystem,” says Loh Boon Chye, CEO of SGX.
The investment, which is expected to close before the end of the year, will be funded with a mix of cash and borrowings and is not expected to materially impact SGX’s near-term earnings.
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As at 9.23am, shares in SGX are up 7 cents or 0.72% higher at $9.75.
Photo: Bloomberg
