By Jim Kharouf
Trading Technologies (TT) cut about 100 engineers from its staff today.
TT issued a statement this afternoon stating “As we’ve become more focused and efficient over the past few years, we made a difficult but necessary decision to lay off about 100 employees.”
TT had no further comment on the move today but sources close to the firm said that the cuts had been in the works for some time now and are uniformly distributed across TT’s offices worldwide. The firm now numbers just under 500 employees, 75 percent of which are in the software engineering and technology space at the firm.
Sources also said the staff cuts are not a result of poor financial performance, nor the recent collapse of MF Global, a large TT customer. TT is a privately held firm and does not disclose financial figures.
The firm has had some big news in recent weeks including the announcement of Rick Lane as executive vice president and chief technology officer on April 2. And on March 14, TT officially launched its X_Trader Version 7.11, which included the much anticipated ADL (Algo Design Lab), which allows customers to design, test and launch trading programs via a new drag and drop algo building block-type of system.
TT is not expected to change anything in terms of its newest software enhancement projects and will continue to focus on areas such as: proximity-based server offerings, ADL enhancements which include new analytical tools and a multi-broker technology environment.