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McKay Brothers, a market leader in low latency networks, today announces an agreement with IMC, the technology-driven trading firm, that will support the continued growth of McKay’s successful network business.
Under the terms of the agreement IMC will take a minority stake in McKay, providing capital for the further improvement of McKay’s networks serving the latency sensitive trading community. Financial terms of the agreement were not disclosed. Key elements are:
- IMC makes a capital investment and acquires an equity stake
- McKay maintains its independence under co-founders Stéphane Tyč and Bob Meade
- McKay commits further investment to reduce latency to the physical limit in its key long haul routes
- McKay continues to operate under its core business principles which include offering a level playing field and equal access to the lowest latency service for subscribers
Stéphane Tyč, McKay co-founder, said, “This agreement not only further strengthens our financial position, which will keep us ahead in terms of network speed and reach, and data coverage and quality, but, as importantly, maintains our autonomy. That’s great news for all of the trading firms that use our networks and for the industry as a whole.”
Bob Meade, McKay co-founder, added, “Our ability to attract financial backing from a firm with the industry standing and vision of IMC underscores our value to market participants. The agreement will facilitate further innovation and improvements to our networks.”
Arno de Quaasteniet, Global Head of Technology at IMC, said, “IMC supports McKay as it continues to innovate to remain at the forefront of the industry. As a strong, independent supplier, McKay plays a crucial role in ensuring equal and fair market access to liquidity providers. These are principles IMC shares.”
