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Bank of America acquires trading firm

Bank of America has announced the acquisition of Financial Labs, a Massachusetts-based trading firm, as part of its growth plan for its foreign exchange platform.

Financial Labs specialises in algorithm-driven pricing and trading and the acquisition includes its team of mathematicians and astrophysicists.

"This acquisition is another important step in achieving the overall growth plan we have set out for Bank of America's foreign exchange platform," said Christiane Mandell, global head of Foreign Exchange for Bank of America.

"The team of physicists and astrophysicists that are the core of Financial Labs have established themselves as leaders in high frequency trading. Their expertise meaningfully enhances our ability to provide automated, efficient pricing to our clients and continually deliver world class market making," she added.

Mark Werner, head of Global Markets, said the Financial Labs acquisition "accelerates our already strong momentum in FX electronic trading, and positions us to extend our expertise into other markets".

Financial Labs was founded in 2003 and has evolved to become a significant participant in the rapidly-growing alternative trading systems industry.