trading-technology
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LSEG TORA and the $325 Million Business of Getting Trades Done
An investment idea still has to survive the trading desk. TORA built its business around that journey, from overloaded order queues to the software LSEG bought to connect data with execution.
TS Imagine Bet $0 on a Flashy Rebrand - and Built the Control Room Wall Street Actually Needed
The 2021 merger joined a pioneering trading screen to a 30-year-old risk engine. The result is an unglamorous but useful lesson in selling software to institutions: collapse the handoffs, keep the specialists, and let one clean data set do the talking.
The Financial Terminal That Started on a Bicycle
Before FactSet became a $2.3 billion data business, its product arrived as four sheets of paper by bicycle messenger. The delivery method changed; the useful idea did not.
Cboe Global Markets
The company that gave Wall Street a fear gauge now sells the pipes, prices and products behind an increasingly global, nearly round-the-clock market. Its advantage is less a single exchange than a feedback loop: invent the contract, gather the liquidity, distribute the data, then teach the next wave of traders how to use it.
MIAX
MIAX started as a bet that exchange technology could be faster, more reliable and more attentive to customers. It has since assembled eight marketplaces across options, equities, futures and international listings - and turned the machinery behind a trade into the product.