NEW YORK--(BUSINESS WIRE)--July 13, 2006--Lightspeed Holdings, LLC, a leading independent provider of brokerage services for institutional and professional traders, today announced it has completed the acquisition of E*TRADE Professional Trading, LLC and ETP Technologies, LLC from E*TRADE FINANCIAL Corporation. The transaction is pending approval from the NASD. Financial terms of the transaction were not disclosed. "This acquisition positions Lightspeed Holdings as a leading provider of direct market access trading and brokerage services for hedge funds and the active professional trader," said Stephen Ehrlich, Chief Executive Officer of Lightspeed Holdings, LLC. "Lightspeed has the power, practice and real-time risk management to provide high-volume traders with the ability to execute effectively and efficiently on their strategies. In a consolidating industry with fewer choices, Lightspeed will function as an independent, unencumbered trading solution for hedge funds and professional traders."
Lightspeed Holdings will operate through its two primary wholly-owned subsidiaries:
Lightspeed Technologies, LLC, formerly ETP Technologies, LLC, will serve as the Company's financial technology development subsidiary. Lightspeed Technologies will develop and operate the Lightspeed Direct Market Access trading software application, the Lightsource real-time risk management application and the Middle Office Technology suite. Utilizing a number of proprietary technologies Lightspeed offers real-time market data platforms and direct-access trading systems to NASD member broker-dealers, institutional entities and professional traders.
Upon NASD approval, Lightspeed Professional Trading, LLC, formerly E*TRADE Professional Trading, LLC, will operate as a fully disclosed introducing broker-dealer and NASD and NFA member executing approximately 35,000 trades per day. Lightspeed Professional Trading offers securities and direct access brokerage, trading and advanced order routing services to its customers utilizing Lightspeed's software products.
Lightspeed Holdings is headquartered in New York City. For more information about Lightspeed Holdings and Lightspeed products, please visit www.lightspeedtrading.com or call Investor Relations at 646-393-4800.