Nasdaq has agreed to buy a London-based software company that uses artificial intelligence to sniff out rogue traders, as the US group seeks to acquire cutting edge technology under its new chief executive.
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Nasdaq to buy London-based regtech company Sybenetix
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The cash purchase of Sybenetix for an undisclosed sum is the first since Adena Friedman took over as Nasdaq chief in January, providing a glimpse at her likely focus. “Getting into more advanced technologies . . . is a key part of a our strategy,” Ms Friedman told the Financial Times. “The regtech [regulation technology] part of our market technology business will continue to expand.” Nasdaq has diversified beyond its traditional exchanges business as the profitability of equity trading has shrunk over the past decade with regulatory change and heightened competition.
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