Nasdaq OMX Group has purchased 25% stake in Dutch cash equity and equity derivatives trading center The Order Machine (TOM), to expand its derivatives capabilities across the European market.
Under terms of the deal, the acquirer has also been offered an option to purchase an additional 25.1% of the remaining shares to secure a majority stake in TOM.
On completion of the deal, the current owners will continue as the shareholders, and co-owners BinckBanck will deliver order flow while Optiver and IMC will cater liquidity in the Dutch market.
The fourth co-owner ABN AMRO will also join TOM, according to the purchaser.
The acquirer will appoint a member in the supervisory board, which is subject to regulatory approval, while TOM will also hire one person from Nasdaq OMX to the management board.
Commenting on the deal, Nasdaq OMX global data products and transaction services Nordics executive vice president Hans-Ole Jochumsen said the agreement lays the foundation of a strong combination of technology, market expertise, and geographic opportunity.
Both firms have also entered into an eight year contract, wherein Nasdaq OMX will act as market operator for TOM and will offer a Genium Inet based trading platform in London.