A French trading technology firm that "phoenix'ed" from the carcass of a failed hedge fund has been sold to McGraw-Hill. After two years of development, FIMAT (now known as Newedge following its merger with Calyon on 2 January, 2008) invested in the tech.Turnover is thought to be near 20 million euros. Clients are hi-frequency market makers and other low-latency junkies. FIXNETIX is a competitor.
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