Chicago-based futures broker Advantage Futures LLC announced today they acquired all futures accounts from non-clearing Futures Commission Merchant Institutional Liquidity LLC (ILQ). The transfer of these self-directed accounts could add over $45 million of segregated funds to Advantage.
“We are honored that ILQ selected Advantage to serve their clients and our 90 dedicated employees are eager for this opportunity,” stated Joe Guinan, Chairman and Chief Executive Officer of Advantage.
ILQ will continue to focus on their existing overseas FX operations and transfer their futures business to Advantage effective close of business on April 16, 2014. An email announcement sent to ILQ customers notified them of the transfer on April 1. The announcement noted that Advantage Futures will ensure a smooth transition with minimal interruption to customers’ trading.
ILQ Chief Executive Officer Jason Tanner said, “ILQ is excited to be partnering with Advantage Futures and their exceptional management team to continue to offer futures trading to our customers. Although ILQ will no longer be offering on-exchange futures directly to our clients, we believe that Advantage will continue to provide the same great service and customer experience that our customers have grown to expect.”