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Two Sigma Securities to acquire the U.S. options-market-making business of Interactive Brokers

First Published 10th May 2017

Two Sigma Securities to acquire the U.S. options-market-making business of Timber Hill, a subsidiary of Interactive Brokers Group.

Thomas Peterffy, Timber Hill

Thomas Peterffy, Timber Hill

Greenwich, Conn. and New York - By adding Timber Hill's options business, TSS's market-making offering will span over 7,000 U.S. equity securities and options on 1,300 underlying securities, executing over 300 million shares and one million options contracts per day.

TSS expects to integrate Timber Hill's system into its platform over the coming months, and the transaction is expected to close in September upon receiving required regulatory approvals.

Thomas Peterffy, founder of Timber Hill said, "Interactive Brokers' brokerage business has grown at a very rapid pace. This success is substantially due to our expertise in building first-rate execution technology, which we acquired over our forty years as market makers, leading the way from open outcry floor trading to today's electronic markets. As we are turning our entire attention to our brokerage business, we are gratified that under able management by Two Sigma our software modules will continue to provide liquidity in the U.S. options markets."

TSS plans to open an office in Connecticut to accommodate Timber Hill's current team. This team will operate alongside TSS's existing operations in SoHo.

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