ICAP has sold a stake in technology unit Traiana to seven top banks in the latest example of the world's largest broker partnering with clients on key projects in a bid to retain their long-term support. ICAP said on Monday it had sold 12 percent of Traiana, which sells systems to streamline traders' back offices, to the banks for about $35 million.The banks are Bank of America Merrill Lynch, Barclays, Citigroup, Deutsche Bank, JP Morgan, Nomura and Royal Bank of Scotland ."Traiana's market leading technology assisted the foreign exchange industry in lowering the cost of processing transactions, which helped us make the $4 trillion of daily volumes that you see today a reality," said Troy Rohrbaugh, global head of foreign exchange and rates trading at JP Morgan.The banks also struck a deal with ICAP whereby they can purchase in the future an additional 20 percent of Traiana for $82.5 million, they said.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 1.89% or $-0.2201/share to $11.41. In the past year, the shares have traded as low as $6.44 and as high as $12.20. On average, 164576000 shares of BAC exchange hands on a given day and today's volume is recorded at 30290956.
Source
