Wedbush Inc. on Monday said that it has acquired Lime Brokerage LLC, considered one of the nation’s largest providers of services to high-frequency trading firms.
Los Angeles-based Wedbush said Waltham, Mass.-based Lime will enable it to offer a wider array of services ahead of new regulatory rules, which take effect in July, which put stricter risk controls on electronic traders.
“This acquisition is a major advancement in our mission to deliver to our buy-side clients the highest-speed, lowest-cost (direct market access) and algorithmic trading services in the industry,” Gary Wedbush, head of capital markets for the company’s Wedbush Securities, said in a statement.
Founded in 2001, Lime will operate as a wholly-owned subsidiary of Wedbush. Jeff Bell becomes Lime’s chief executive in addition to his current duties as head of Wedbush's division of securities clearing and technology. Eric Wedbush and Gary Wedbush will join Lime’s board. Lime’s employees will continue to be located at offices in the Technology Center in Waltham, New York City, and a data center in Jersey City, NJ.
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