Company Completes Acquisition of Miletus Trading
NEW YORK, April 18 /CNW/ -- Liquidnet, the #1 electronic global
marketplace for block trading, announced its first quarter 2007 results today,
posting record performance in the United States, Europe and Canada. The
company also announced the completion of its acquisition of Miletus Trading, a
leading agency-only brokerage firm that provides advanced, quantitative
execution strategies and analytics to institutional investors.
"Our strategy of building a single global institutional marketplace is
working, and we are well positioned to continue to benefit from the greater
global emphasis on achieving best execution," said Seth Merrin, CEO of
Liquidnet. "Our acquisition of Miletus Trading will enable us to continue to
enhance our offerings and deliver even more liquidity to our Membership
Miletus Trading Acquisition
During the first quarter, 2007, Liquidnet completed its acquisition of
Miletus Trading. Work has already begun on the first integrated product that
will combine Liquidnet's 3 billion share liquidity pool with Miletus' leading
quantitative analysis and execution strategies. The two entities will continue
to operate as distinct companies in the near term.
"Liquidnet's acquisition of Miletus Trading will enable us to quickly
deliver unsurpassed performance to our Members while expanding strategically,"
said Alfred Eskandar, CEO of Miletus Trading and Director of Liquidnet's
Corporate Strategy Group. "We are excited about what the new functionality
will mean to our Members. The completion of the acquisition is the first step
in a comprehensive integration plan, which we will unveil in phases during the
During the first quarter, 2007, Liquidnet made significant achievements
in each of its three major markets: United States, Europe and Canada (see
below for select highlights).
Liquidnet's average daily volume during the first quarter, 2007, was 56.8
million shares, a 6 percent increase over the fourth quarter 2006 and a 28
percent increase over the same quarter the previous year. The number of
Members trading U.S. equities in Liquidnet reached 380, and they brought with
them nearly 2 billion shares of natural liquidity in U.S. equities every day.
During the quarter, Liquidnet climbed to become the seventh and ninth largest
institutional broker for NASDAQ- and NYSE-listed securities, respectively.(1)
Liquidnet H2O, one of the industry's fastest growing liquidity pools,
enables Members to interact with additional liquidity from Streaming Liquidity
Partners (SLPs). By the close of the first quarter, Liquidnet H2O had 14 live
SLPs that brought approximately 855 million shares of liquidity to Liquidnet
every day on average; a 16 percent increase in liquidity over fourth quarter,
(1) Source: Plexus report, January 2007.
Liquidnet Europe Members traded A#6.8 billion during the first quarter,
2007, a 31 percent increase over the fourth quarter, 2006. Growth in
continental-European principal traded increased more than 150 percent from
first quarter, 2006. Liquidnet Europe now supports trading in 20 European
markets, with additional markets targeted to launch during the second quarter.
"I am very pleased at the continued growth in principal traded our
Members are achieving in Liquidnet," said John Barker, Managing Director of
Liquidnet Europe. "This increase is due to our growing pan-European liquidity
pool providing more opportunities to trade with Liquidnet Members around the
globe, as well as greater overall use by our expanding Member base. Our goal
is to support trading in all of the core markets our Members trade in."
During the first quarter, 2007, Liquidnet Members globally traded more
than 25 million shares of Canadian equities. At the close of first quarter,
2007, there were 177 Liquidnet Member firms contributing to the pool of
Canadian liquidity, which averaged nearly 88 million shares per day.
"At nearly 88 million shares per day, Liquidnet Members have consolidated
their Canadian liquidity into a single, accessible, safe venue, which is
increasingly leading to outstanding executions in hard-to-trade Canadian
stocks," said Robert Young, Liquidnet COO and President of Liquidnet Canada.
"In a few short months, Liquidnet's model has attracted more Canadian block
liquidity from customers than reported by any one of the traditional TSX
dealers. Access to this liquidity means larger executions at better prices for
investors in Canadian stocks."
Liquidnet is the #1 electronic marketplace for block trading. Liquidnet
allows money management institutions to trade large blocks of equities
directly and anonymously with significant price improvement and little-to-no
market impact. Liquidnet launched in 2001, and the company now enables its
Members to trade in 22 equity markets globally. Liquidnet is headquartered in
New York with offices in London, Toronto, Tokyo, Hong Kong and Sydney.
Additional company information is available online at www.liquidnet.com.
Liquidnet, Inc. is a member of the NASD/SIPC. Miletus Trading, LLC is a
member of NASD/SIPC. Liquidnet Europe Limited is regulated by the U.K.
Financial Services Authority and is a member of the London Stock Exchange.
Liquidnet Canada Inc. is regulated by the Ontario Securities Commission and is
a member of IDA/CIPF. Liquidnet Asia Limited is in the process of applying to
the Hong Kong Securities and Futures Commission for the relevant license /
authorization to conduct regulated activities in Hong Kong. Liquidnet Asia
Limited is not currently licensed, regulated or otherwise authorized by the
Monetary Authority of Singapore, and is not currently holding itself out as
operating a market in Singapore. Liquidnet Japan Inc. is regulated by the
Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet
Australia Pty Ltd. is applying to the Australian Securities and Investments
Commission for the relevant license/authorization to conduct regulated
activities in Australia.
For further information:
For further information: Nicole Olson of Liquidnet Corporate
Communications, +1-646-674-2149, email@example.com Web Site: