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Subsequent Event
9 Months Ended
Sep. 30, 2012
Subsequent Event [Abstract]  
Subsequent Event

14. Subsequent Event

On October 26, 2012, the Company entered into an agreement to acquire all of the outstanding shares of Xtrakter Limited (“Xtrakter”). Xtrakter is a U.K. based provider of regulatory transaction reporting, financial market data and trade matching services to the European securities markets. The pending acquisition of Xtrakter will provide the Company with an expanded set of technology solutions ahead of incoming regulatory mandates from MiFID II in Europe.

The aggregate purchase price is £26.0 million (approximately $42.0 million) in cash, plus transaction costs, and is subject to an adjustment based on the amount of closing date working capital. The purchase price will be funded from available cash on hand. Closing of the transaction is subject to satisfaction of FSA regulatory approval and other customary conditions. The Company currently expects to complete the acquisition of Xtrakter in the first quarter of 2013.