Trading Technologies International
|Trading Technologies International, Inc. (TT)|
|Headquarters|| Chicago (Global HQ), 222 South Riverside Plaza, Suite 1100, Chicago, IL 60606, USA |
London (EMEA HQ), Capital House, 85 King William Street, London EC4N 7BL, United Kingdom
Singapore (APAC HQ), 12 Marina View, #20-01 Asia Square Tower 2, Singapore 018961
|Key People||Rick Lane, CEO|
Trading Technologies International, Inc. (TT), is an independent software vendor that develops high-performance trading software, infrastructure and data solutions for professionals. Customers include international banks, brokers, hedge funds, proprietary traders and other trading institutions.
The company is headquartered in Chicago and has offices in New York, Stamford, Houston, São Paulo, London, Geneva, Frankfurt, Singapore, Hong Kong, Tokyo, Sydney and Ahmedabad and Pune, India.
- 1 Products and Services
- 2 History
- 3 Technology Patent Litigation
- 4 Partnerships
- 5 TT Education Efforts
- 6 Awards
- 7 Key People
- 8 Office Locations
- 9 References
Products and Services
TT has two order entry platforms: X_TRADER, which was the company’s flagship platform for its first 20 years, and a software-as-a-service platform simply called "TT," introduced in March 2015. Both platforms connect traders with all the major global derivatives exchanges, incorporate single-click trade execution and high-speed connections and offer real-time fill and position details. The X_TRADER platform will be targeted to sunset for all users in Q2 2020.
The TT platform offers the features of the X_TRADER platform and is faster and more scalable. Unique to the new platform is a hybrid-cloud architecture that utilizes co-located execution facilities for exchange connectivity and real-time market information, and a private cloud for storage of user configurations, workspaces, audit trail data and other non-latency-sensitive components. The TT platform also provides its core service optimized for mobile devices and allows end users to strategically shift which FCM clears an order. 
TT introduced its order management system, TT OMS, in October 2018. TT OMS is deployed via software-as-a-service (SaaS) through TT’s global, high-speed network, and it services every product and instrument accessible on the TT platform.
TT launched its Infrastructure-as-a-Service (IaaS) offering in 2019. The offering, available whether or not a client uses the TT platform, utilizes TT’s global infrastructure to enable clients to connect to markets across the globe at microsecond-level speeds. It also leverages TT’s global operations and support staff, which procures, hosts, manages and monitors clients’ infrastructure.
TT’s IaaS offering is broken down into three services: hosting services, network services and exchange services.
After acquiring artificial intelligence startup Neurensic in 2017, TT utilized Neurensic’s technology to launch TT Score. TT Score leverages machine learning to detect potential high-risk trading activity, providing transparency into a firm’s compliance risk.
In September 2018, TT Score was named “Best New Product: Market Surveillance” at the FOW and Global Investor Asia Capital Market Awards.
In 2019, TT announced a complete redesign of TT Score, designed to make the product faster and more powerful. New features from the redesign included Cluster Scorecard, Ladder Replay, Macro View and Investigations.
In May 2020, Trading Technologies announced it was rolling out a new platform called Echo Chamber, which allows individual firms and groups of firms to see aggregated and anonymized order data in real time from more than 55 exchanges. Echo Chamber combines futures contracts traded on different exchanges to provide a single view of each, no matter where the contract is traded.
Both platforms offer tools for automated trading, charting & analytics, user setup and administration and APIs, as well as TT's patented MD Trader, a vertical market depth display that allows immediate interaction to market ebb and flow.
The TT platform features new APIs that provide normalized interfaces for interacting with all of the TT-connected exchanges, designed to allow customers to focus on building strategies and trading tools instead of dealing with exchange-specific nuances.
The TT platform is also available via the TT Mobile app, released for Android and iOS devices. TT Mobile sits on the same network infrastructure as the desktop application, which means all orders route through the same high-performance co-location facilities to deliver low-latency execution.
TT introduced its TT Desktop front-end application in April of 2017. The application does not require a browser and can be used on as many monitors as the computer can support.
The Early Years
Trading Technologies was established in 1994 in Frankfurt, Germany and founded by Gary Kemp, who served as TT's first chief executive officer. Kemp stepped down from TT in August of 2002. He was replaced by former Apple engineer Chris Derossi. After Derossi held the spot for only five months, Harris Brumfield took over the position.
Brumfield, a former bond trader on the floor of the Chicago Board Of Trade, switched to trading on the screen in 1997, and helped pioneer electronic trading at TT first as a customer, then as its largest shareholder, and eventually as its CEO.
Under Brumfield's leadership, TT increased its exchange connections, expanded its international presence with new offices in North America, South America, Europe, Australia and Asia, added significant engineering resources and leadership to enhance its technological leadership, forged many new global customer partnerships and increased its visibility on a national and international scale.
The ability to grow revenues on a record basis while consistently increasing profitability earned TT a spot five times on the annual Deloitte & Touche Fast 50, which ranked the fastest-growing Chicago area technology firms. TT was honored by the listing most recently in 2004 when TT posted 5-year growth of 318 percent. Deloitte has not published a new list since 2004.
Growth & Patent Battles
TT's growth was spurred by a period of massive expansion and adoption of electronic trading around the world. From the early 2000s through 2011, the industry saw unprecedented growth in derivatives trading. Global volumes for futures trading in 2004 hit 8.9 billion contracts and continued soaring to 24.9 billion contracts in 2011, according to data from the Futures Industry Association.  
It was also during that period that TT became a major player in patent litigation in the futures industry. TT was granted a patent on MD Trader in 2000 and soon after began to defend it.
Many other firms in the futures industry offered the same or similar elements as MD Trader, and were sued for patent infringement by TT. Its first major patent case was against eSpeed in 2004, a case which TT eventually won in court in 2007, and for which TT was awarded $3.5 million. (See the full list of patent cases below).
That suit and others outraged many, who were unaccustomed to patent infringement cases in the futures industry and claimed the patent suits were unfair and would raise the cost of trading. The issue became so contentious that Brumfield took out full-page ads in the Financial Times in December 2004, offering to drop all of TT's patent protections and allow full access to the industry, in return for a permanent fee of 2.5 cents per trade from the top four futures exchanges in the world. At the time, TT claimed that about 50 percent of the volume running through those large markets went through TT's software. The idea was largely rejected by critics and exchange leaders alike.  
As such, TT pushed ahead with an aggressive strategy to defend its patents, filing suit against numerous firms and ISVs around the world. TT has won tens of millions of dollars in damages in settlements and court cases since then, and has not lost a patent case to date.
Acquisitions & Evolution
As Trading Technologies looked ahead, the firm sought to purchase new technology that would help it expand and introduce new functionality to its platform. In June 2010, it purchased TickIt Trading Systems for an undisclosed amount. TickIt's software allowed traders to build trading strategies quickly and easily without having to write their own source code.
The acquisition was a key move for TT in two ways. It ushered in new technology that TT could offer its customers, but it also brought TickIt's co-founders Rick Lane and Michael Unetich to TT.  That software was rebranded as TT's Algo Design Lab, or ADL, and serves as a software offering that TT customers can use to design new trading strategies.
Lane went on to serve as TT's executive vice president and chief technology officer before taking on the role of CEO in February 2014. Brumfield stepped down, moving to a role as chairman. Under Lane's direction as CTO and CEO, the firm embarked on building a trading system in 2012 with brand-new software architecture based on the HTML 5 markup language, as well as cloud technology.  The new TT system, released in 2015 as a software-as-a-service model, was considered a technological shift in the way that ISVs would design and implement trading software in the financial industry. Not only was the architecture new, but TT customers would no longer be required to implement new software themselves. Instead, they could access TT's software using web-based tools. 
In September 2014, Trading Technologies and the European Energy Exchange announced a deal that would make the new TT platform the new default front-end trading screen for the exchange. The new TT software was offered to EEX members in early 2015, and was marked by the software firm as a major success for the new platform. 
In October 2017, Trading Technologies announced the purchase of Neurensic, an artificial intelligence-based software firm focused on regulatory compliance. TT integrated Neurensic's technology into its TT platform, renaming it "TT Score." The new integration allowed customers to run compliance testing and opened the door to utilize the core AI technology for trading opportunities. 
In July 2018, TT introduced options trading to its offerings, citing both long-term demand from users and increased global interest in the asset class. As part of the initiative, the company added several new features to the TT platform, including options analytics and various widgets. In October 2018, TT partnered with TradeStation to bring options-on-futures technology to the latter company’s customers, and in July 2019 TradeStation unveiled TradeStation FuturesPlus, its new TT-powered platform.
In October 2020, Barron's reported TT was up for sale, with Broadhaven Capital Partners advising on the auction. The company was expected to sell for about $500 million, according to Barron's sources. 
Talk about a possible sale continued the following month, in November 2020, when FOW reported Goldman Sachs was negotiating to buy TT for an estimated $500 million, quoting unnamed sources. 
Technology Patent Litigation
Trading Technologies has defended its technology in several patent infringement lawsuits. Below is a list of patent cases TT has been involved in that have stretched more than a decade, primarily dealing with the MD Trader patent. This software allows market participants to see the so-called “depth of market” by displaying a range of prices including the best price for a futures or options contract in the market at a given moment.” 
The first such lawsuit it brought was in August 2004 against eSpeed, alleging infringement of two patents relating to TT's MD Trader software developed the same year. In October 2007, a jury ruled that eSpeed infringed on its patents and awarded TT $3.5 million in damages.  In 2005, FFastFill, a London-based derivatives application provider, agreed to settle the case less than two weeks after TT filed a complaint against it in U.S. District Court for the Northern District of Illinois for violating two patents on its MD Trader technology, embedded in the X-Trader software.
Following the eSpeed case which concluded in October 2007, a group of other firms sued by TT continued on with their cases. The firms included GL Trade, Rosenthal Collins Group, CQG and Futurespath.
In January of 2011, Cunningham Trading Systems LLC of Chicago agreed to pay $2 million in annual royalty fees and $4 million in damages.
In March of 2015, a U.S. court awarded Trading Technologies $15.88 million after ruling in favor of the firm in a long-running patent infringement battle with CQG. The Illinois District Court upheld TT's infringement claims against CQG on two of TT's patents, but ruled against TT in its claims that CQG had induced others to infringe on its patents and that CQG’s own infringement had been willful.
Also in March 2015, a federal judge issued an order staying seven of TT's lawsuits against infringers while the U.S. Patent and Trademark Office reviewed the patent claims. The seven lawsuits were first filed in 2010 and consolidated the following year in a case before Judge Virginia Kendall in U.S. District Court for Northern Illinois. The defendants in the case, who filed the motion seeking a stay, included TD Ameritrade, Interactive Brokers and TradeStation.
On November 6, 2013, Trading Technologies announced a partnership to integrate Ullink's order management system with TT's execution management system software and application programming interface.
On March 4, 2014, Trading Technologies and The NASDAQ OMX Group announced the release of Trading Technologies’ connection to NASDAQ OMX eSpeed. The connection to eSpeed gave all Trading Technologies customers direct access to eSpeed’s liquidity pool to trade across U.S. Treasury securities and U.S. Treasury futures products. 
On May 6, 2014, Trading Technologies and VeloxPro announced a partnership to integrate VeloxPro’s BookMap order-book visualization solution with TT's execution management system (EMS) software. 
On June 9, 2015, Trading Technologies said it would connect to Nasdaq's German power and Nordic benchmark power market contracts, among other European operations, through a new platform with mobile capabilities. The launch would expand accessibility to Nasdaq's energy benchmarks in Europe.
In March 2017, Trading Technologies linked the TT platform up to the Interxion data center, one of the main London data centers, which provides trading access to the London Metal Exchange, ICE Futures Europe, Euronext and the Dubai Gold and Commodities Exchange.
In January 2018, Trading Technologies announced a deal with the Global Digital Asset Exchange (GDAX), a subsidiary of Coinbase and one of the largest cryptocurrency exchanges, to offer spot and futures trading of cryptocurrencies side by side on the TT platform. The deal is potentially huge in the development for the newest asset class, cryptocurrencies, as it represents another major player in the derivatives space expanding the infrastructure for crypto. Trading Technologies began offering the service to GDAX in March 2018.
In April 2019, Trading Technologies partnered with HDR Global Trading, the owner of BitMEX, the world’s largest bitcoin-based trading platform by volume, to offer its trading tools to cryptocurrency derivatives traders via the TT platform.
In May 2019, Trading Technologies announced that connectivity to CoinFLEX, the first physically delivered bitcoin futures exchange, was available to eligible professional and retail traders outside the U.S. through the TT platform.
In June 2019, Trading Technologies teamed up with CN First, a futures broker based in Hong Kong, to expand access to Chinese derivatives markets to investors based outside of China. CN First is the first broker to offer Chinese market access via the TT platform. CN clients based outside of China can access the Chinese international products listed on the Shanghai International Energy Exchange (INE), Dalian Commodities Exchange (DCE) and Zhengzhou Commodities Exchange (ZCE). Trading Technologies said the partnership will support the ongoing listing of additional international products as they are launched in China. 
In July 2019, Trading Technologies announced a deal to provide a new product to TradeStation Group Inc. called TradeStation FuturesPlus, which runs on technology from Trading Technologies. The new trading platform offers options-on-futures tools, visualization and analysis.
TT Education Efforts
TT has invested in higher education since 2006, seeking to establish connections with universities around the world with the TT CampusConnect program. TT CampusConnect, a rebranding of TT's university program, was launched in May 2015 to offer free TT software to any college worldwide.
TT CampusConnect provides TT software to more than 100 universities in departments such as engineering, math and computer science and business schools around the world. The program also collaborates with educators on curriculum development, guest lectures and trading design and development events.  
In 2004, the company was ranked as the top software company to work for in the Chicago area by Chicago Magazine and ranked the #3 best company to work for overall.
TT has also received multiple awards over the years for its technology.
In 2006, TT received the Lighthouse Award from the Illinois Technology Association (ITA) as the leading technology company in Illinois.
In 2007, Trading Technologies’ X_TRADER, designed to support trading of energy and agricultural derivatives, won the best commodities trading platform award from Buy-Side Technology. It also won this award in 2008, 2010 and 2011.
In June 2008, TT was named "Technology Provider of the Year" by FOW Magazine.
TickIt Trading Systems, which TT acquired in June 2010, was a finalist in Red Herring's North America initiative to honor cutting-edge companies and technologies and had won a number of awards in the past, including the Illinois Technology Association’s 2010 Newcomer Award and FOW Magazine's "Innovation of the Year." TickIt is now integrated into TT's X_TRADER software and rebranded as the Algo Design Lab, or ADL.
In November 2011, X_TRADER was named "Best Buy-Side Commodities Trading Platform" in the Buy-Side Technology Awards 2011 hosted by Waters Technology.
In September 2012, TT was named "Professional Traders ISV of the Year" in the FOW Awards for Asia. In November 2012, X_TRADER, was named "Best Commodities Trading Platform" at the Buy-Side Technology Awards. In December 2012, X_TRADER 7.11, which incorporates TT's ADL visual algo programming application, was named "Best New Product from a Technology Firm for Trading and Execution" at the FOW International Awards in London.
In July 2013, TT launched its MultiBroker ASP platform, which allowed traders to enter orders from a single X_TRADER workstation or API and send them to any of its participating brokers through a direct market access (DMA) network. TT was awarded “Best New Technology Product - Trading and Execution” for MultiBroker at the FOW International Awards in London on December 10, 2013.
In February 2013, X_TRADER 7.11 was named "Best New Technology Product" at the Markets Media Market's Choice Awards in New York.
In September 2014, TT won Trading System of the Year, Buy-Side by FOW magazine at the FOW Asia Awards in Singapore. It was also named “Best Buy-Side Commodities Trading Platform” at Waters Technology’s Buy-Side Technology Awards that year. And in December 2014, TT won the "Prop Traders' ISV of the Year" award at the FOW International Awards.  
FOW also named TT the 2015 Trading System of the Year - Buy-side. 
TT Desktop won FOW's award for "Best New Product - Trading and Execution" in September 2017.
In 2018, TT won two awards for its in-house produced recruiting video, "Come Work With Us." The video earned the Creativity International Design Gold Award in Film/Video and the GDUSA American Inhouse Design Award.
Rick Lane - Chairman and CEO
Michael Mayhew - Chief Information Officer
Michael Kraines, President and Chief Financial Officer
Craig J. Mohan, Chief Growth Officer
Brian Mehta - Chief Marketing Officer
Kara Grygotis - EVP, Customer Success
Mike Ryan - Chief Legal Officer
Roger Mills - EVP, Finance
Bharat Mittal - SVP, Engineering and Architecture
Guy Scott - Managing Director, Sales Americas
Steve Stewart - Managing Director, Sales EMEA
Chicago (Global HQ)
222 South Riverside Plaza, Suite 1100, Chicago, IL 60606, USA
P: +1 312 476 1000
F: +1 312 476 1001
London (EMEA HQ)
Capital House, 85 King William Street, London EC4N 7BL, United Kingdom
P: +44 20 7929 6161
F: +44 20 7929 4699
Singapore (APAC HQ)
12 Marina View, #20-01 Asia Square Tower 2, Singapore 018961
115 Broadway, 5th Floor, New York, NY 10006, USA
P: +1 212 313 5300
F: +1 212 313 5324
P: +1 203 428 6276
F: +1 203 564 1402
20 East Greenway Plaza, Suite 120, Houston, TX 77046, USA
P: +1 713 568 2000
F: +1 713 568 2001
Rua Alvorada, 1289 - sala 613, CEP 04550-004 - Vila Olimpia, São Paulo - SP - Brazil
P: +55 11 3027 3700
Trading Technologies GmbH, Zeil 127, 4th Floor, 60313 Frankfurt am Main, Germany
P: +49 69 20735644
Rue de la Croix-d'Or 10, 1204 Geneva, Switzerland
P: +41 22 319 34 20
F: +41 22 310 54 17
Nyati Unitree, Nagar Road, #302-303, West (A2), Yerwada, Pune 411006, India
P: +91 (20) 6684 5100
804 Titanium One, Near Rajpath Club, SG Highway, Ahmedabad, Gujarat - 380054, India
23/F, LKF Tower, 33 Wyndham Street, Central Hong Kong
P: +852 3905 3102
GINZA SIX 13F, 6-10-1 Ginza, Chuo-ku, Tokyo 104-0061, Japan
P: +81 3 4577 8300
F: +81 3 4577 8301
50 Margaret Street, Level 9, Suite 3, Sydney NSW 2000, Australia
P: +61 2 8022 1700
- About Trading Technologies. Trading Technologies.
- CONTACT. Trading Technologies.
- The End of an Era: X_TRADER®’s Final Sunset. Trading Technologies.
- TT Platform. Trading Technologies International.
- Trading Technologies Introduces Next-Generation Trading Platform and Unveils New Brand Identity. Business Wire.
- Trading Technologies Introduces TT® OMS, a Full-Service Order Management System for FCMs and Brokers. Trading Technologies.
- Graystone Asset Management Partners with Trading Technologies to Utilize TT’s New Infrastructure-as-a-Service (IaaS) Solution for Low-Latency Connectivity to Global Exchanges. Trading Technologies.
- Infrastructure. Trading Technologies.
- Trading Technologies’ Acquisition of Neurensic Couples World-class Trade Execution Platform with Cutting-edge AI Surveillance. Trading Technologies.
- Make Surveillance Smarter and Eliminate Blind Spots With TT® Score. Trading Technologies.
- Trade Surveillance & Compliance. Trading Technologies.
- FOW and Global Investor Asia Capital Markets Awards - winners announced. FOW.
- The Next Generation of TT® Score is Here: Take Trade Surveillance and Compliance to the Next Level. Trading Technologies.
- Trading Technologies Unveils New Futures Market Data Feed. Waters Technology.
- TT Desktop: A Powerful, New Reason to Want the TT Platform. Trading Technologies.
- TT History. Trading Technologies.
- "Against The World". Trader Monthly.
- Trading Technologies Company Backgrounder. Trading Technologies.
- FIA Annual Volume Survey: The Invigorating Effects of Electronic Trading. FIA.
- Global Futures and Options Trading Climbed 11.4% in 2011. FIA.
- Global Futures and Options Trading Climbed 11.4% in 2011. FIA.
- Patents still raising questions. FOW.
- Patents and publicity. The Economist.
- Trading Technologies Acquires TickIt Trading Systems. Press Release.
- Rick Lane of Trading Technologies Talks Mobile Trading and Legacy Systems. John Lothian News.
- Investing in cloud computing. FT.
- EEX Selects Trading Technologies’ Next-Generation Trading Platform as Direct Screen Offer. EEX.
- Trading Technologies new platform now available worldwide. Automated Trader.
- Trading Technologies’ Next-Generation Trading Platform, TT, to Provide Connectivity to FEX Global. TT.
- Trading Technologies’ Acquisition of Neurensic Couples World-class Trade Execution Platform with Cutting-edge AI Surveillance. Press Release.
- How AI Is Reshaping ISVs: TT’s Rick Lane Looks at AI for Everything from Compliance to Finding Trading Opportunities. John Lothian News.
- Another Option (Literally) for Trading with TT®: Introducing Options on TT®. Trading Technologies.
- Trading Technologies Partners with TradeStation to Offer Its Options-on-Futures Technology to TradeStation Customers. Trading Technologies.
- TradeStation Expands its Suite of Advanced Trading Offerings with FuturesPlus. PR Newswire.
- Trading Technologies Seeks a Buyer. Barron's.
- Goldman Sachs In Talks to Buy Trasing Technologies. Global Investor Group.
- Trading Technologies Sues eSpeed Over Bond Trading Technology. Law 360.
- Trading Technologies Sues eSpeed Over Bond Trading Technology. Law 360.
- Trading Technologies says wins lawsuit against eSpeed. Reuters.
- Trading Technologies Wins Another Settlement In Futures Patent Litigation. Law360.
- Trading Technologies Settles Two More Lawsuits. Law360.
- Trading Technologies Patent Cases Continue On. FOW.
- Trading Technologies wins business by winning patent cases. Crain's Chicago Business.
- TT gets $16m as court finds against CQG in patent trial. FOW.
- Why this tech firm may have to hit the reset button on its patent-suit strategy. Crain's Chicago Business.
- Trading Technologies and Ullink to Provide an Integrated Execution Management System and Order Management System (EMS/OMS) Solution. Trading Technologies.
- Trading Technologies Goes Live on NASDAQ OMX eSpeed. BusinessWire.
- NASDAQ OMX eSpeed Goes Live on Trading Technologies. Wall Street Journal.
- VeloxPro Brings Order Book Visualization to TT Connected Partner Program. Trading Technologies.
- Trading Technologies Will Connect to Nasdaq's European Commodities Market. Trading Technologies.
- TT links new platform to London data hub. FOW.
- Coinbase Expands Trading Options for Large Investors. Fortune.
- THE Infrastructure Project: Trading Technologies and Coinbase’s GDAX Partner On Deal To Connect Cryptocurrencies To Institutions. John Lothian News.
- Bitcoin’s About to Get Easier for Wall Street Pros to Trade. Bloomberg.
- Coinbase Expands Trading Options for Large Investors. Forbes.
- Trading Technologies Launches Direct Market Access to Leading Bitcoin-based Trading Venue BitMEX Through the TT® Trading Platform. Trading Technologies.
- Trading Technologies Launches Connectivity to CoinFLEX, World’s First Physically Delivered Crypto Futures Exchange. Trading Technologies.
- Trading Technologies expands access to Chinese derivatives markets. The Trade News.
- TradeStation Expands its Suite of Advanced Trading Offerings with FuturesPlus. TradeStation.
- TT CAMPUSCONNECT®. Trading Technologies.
- Bridging The Gap Between Higher Education & Industry. Building In Chicago.
- current participants. TT.
- Chicago Magazine Lists Top 25 Local Workplaces. NBC 5.
- Press Release. Trading Technologies.
- Best Buy-Side Commodities Trading Platform Trading Technologies. TT.
- Trading Technologies Launches Multi-Broker Derivatives Trading Platform. Wall Street & Technology.
- Trading Technologies' MultiBroker Wins “Best New Technology Product - Trading and Execution” at 2013 FOW International Awards. Trading Technologies.
- Proprietary traders select X_TRADER® as the most innovative and useful technology for their needs. Trading Technologies.
- Trading Technologies Wins “Best Buy-Side Commodities Trading Platform” at Buy-Side Technology Awards. Trading Technologies.
- Trading Technologies Named “Trading System of the Year, Buy-Side” at FOW Asia Awards. Trading Technologies.
- International Awards 2015 Winners. FOW.
- Investing Now and for the Future: Trading Technologies and the Asia/Pacific Region. Trading Technologies.
- Diary of a Fintech CMO: How to Capture Company Culture on Camera. Medium.