Sucden Moves into STIR Markets with Atlantic Acquisition

Sucden Financial has bought the trading, IT and IP assets of Atlantic Trading London, a proprietary market-making derivatives trading house that acted as a liquidity provider and market maker on interest rate and bond options, covering all European and select US interest rate markets.

Sucden says Atlantic’s team of quantitative strategic traders utilised trading analysis and visual tools, providing market insight to develop trading opportunities. Four staff members will join Sucden as part of the agreement: Fraser Dodwell, who has worked on the market making team for eight years; Amik Sokhey, who was director of options trading and had worked at Atlantic for more than 13 years; Douglas Porter, a junior interest rate options trader; and Bastien Saltel, who was chief technology officer of Atlantic.

Sucden Financial will officially request market maker status on ICE Futures Europe, with the intention of making markets on STIR contracts from September 2022, the firm says. Terms of the deal were not disclosed.