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FIS also acquired a majority stake in credit-based alternatives fund solutions provider Virtus Partners in 2020. The deal will further bolster FIS’ capital markets technology offering, having acquired SunGard in a major deal back in 2015. The firm has also made waves through a number of other bolt-on acquisitions and landmark mandates.
A SPAC is a publicly traded shell company with no underlying operating business that seeks to merge with a target operating company. According to Nasdaq , in 2015, SPACs made up approximately 12% of the IPO market, but by 2020, that number had risen to approximately 53%.
According to 606 reports gathered by the SEC, Citadel Securities forked out $2.6 billion in 2020 and 2021 on PFOF, most of it on options, followed by Susquehanna (G1X global execution brokers), which spent a $1.5 billion and Virtu which spent $654 million in the same period.
Chief among the catalysts for its growth was the Covid-19 pandemic which began in 2020 and subsequently saw many traditional sell-side institutions reduce their balance sheet and withdraw from the market. Tradeweb launched its all-to-all corporate bond trading functionality in 2017. Portfolio trading Next up is portfolio trading.
Its impact on the financial market has been wide-ranging, altering banks’ trading strategies, market liquidity, and overall financial market structure.
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