UNX LLC has raised a new round of funding from strategic investors, enabling it to accelerate the build-out of its Catalyst execution management system and portal, and expansion into multiasset class trading.
New investors Broadhaven Capital Partners and Matthew Pritzker Company are joining existing investors Goldman Sachs, UBS investment Bank and Vernon & Park Capital, to lead the funding, according to today’s announcement.
“We are eager to build out multiasset classes in the Catalyst portal and offer access to global markets,” said Thomas Kim, CEO of UNIX, in an interview with Advanced Trading last week. Kim said he’s use the funding, in part, to develop electronic trading functionality for options and futures and extend its order routing and trading network into Europe.
UNX had raised a previous round of financing about eight months ago, which Vernon & Park Capital and Goldman were part of. “We did another one to cope with the growth that we’ve been facing and the need to accelerate on some of the build outs that we’ve been doing like multiasset class,” explained Kim.
The news of securing the funding falls on the heels of UNX announcing recent enhancements to the portfolio and single-stock trading capabilities of its Catalyst EMS, and integration of broker algorithms, portfolio trading and other electronic trading services into the Catalyst Portal and EMS.
Kim, who joined the company eight months ago, said he’s taken stock of what the company has previously built. An agency broker founded in 1999, UNX has always made available an EMS through Metabook or a web-based portfolio trading tools, with smart order routing tools. “The market doesn’t need another EMS provider,” said Kim, who previously built out EMSs at Townsend Analytics with RealTick and at TradingScreen. “I think the market is looking for open solutions that they can have the flexibility to build into their own solutions and needs,” said Kim, who insisted, "The existing model is broken.” When a hedge fund or traditional asset manager looks to find a technology solution, they often put their faith in a single vendor, even though the solution only meets 70 percent of their needs, relates Kim. The vendor, in turn, uses that as a bargaining chip to force clients to do thing they want to do, claimed Kim.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio