Nyfix, developer of FIX-based trading and order routing technology for equities and derivatives, is buying Renaissance Trading Technologies, which builds workstations for the Nasdaq market.

Nyfix previously owned 18% of Renaissance. It will finance the transaction by exercising its option to convert a $1.5m (€1.3m) promissory note for 32% of Renaissance's equity, and will buy the remaining 50% for $6m with Nyfix common stock and cash. The transaction is expected to close later this month.