IMC acquires Cardinal Capital Management, LLC, expanding its presence in the options market

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Sep 05, 2023, 12:42 ET

CHICAGO, Sept. 5, 2023 /PRNewswire/ -- IMC, a leading market maker that provides liquidity on trading venues around the globe, today announced it has acquired Cardinal Capital Management, LLC (Cardinal).

Cardinal is a proprietary trading firm based in Chicago. A US-registered broker-dealer, Cardinal has a strong history of providing liquidity in the equity derivatives markets. Following the acquisition, the firm will be renamed IMC Securities.

"We look forward to welcoming the Cardinal team to IMC and working together to meet IMC's strategic growth objectives," said Michiel Knoers, IMC's Global Head of Trading. "Together with our existing operations, including IMC Chicago, a leading market maker in US listed options, ETFs and equities, and IMC Execution Services, which facilitates executions for institutional clients, IMC Securities will offer additional meaningful liquidity in the US equity derivatives markets, to the benefit of retail and institutional participants."

Pat Kernan, founder of Cardinal Capital Management, said: "Cardinal is honored to be joining the IMC family. We are excited to build on IMC's cutting-edge technology, strong capital base, and collaborative culture."

The financial terms of the acquisition were not disclosed.

About IMC
IMC is a leading global market maker. With more than three decades' experience, IMC employs more than 1,400 talented individuals across offices in Amsterdam, Chicago, Sydney, Hong Kong, Seoul, New York, Zug, and Mumbai. IMC's core business is to provide liquidity in financial assets on trading venues, and to deliver the best outcome in value and risk to investors. IMC employs state-of-the-art algorithms, statistical techniques, and innovative low latency technologies to execute its strategies. IMC engages in trading activities on its own account and closely complies with regulatory requirements set by (supra-)national authorities.

About Cardinal Capital Management, LLC
Cardinal Capital Management is a proprietary trading firm with a strong history of providing liquidity in the equity derivatives markets. Founded in 2003, the firm has grown from a small group trading in the open-outcry markets to a strong competitor in the full complex of equity index options.

SOURCE IMC