KKR to expand into post-trade fintech with OSTTRA acquisition from CME, S&P Global

Why is KKR acquiring OSTTRA from S&P Global and CME Group?

KKR has signed a definitive agreement to acquire OSTTRA, a major post-trade infrastructure provider jointly owned by S&P Global and CME Group, in a deal valued at $3.1 billion. The announcement, made on April 15, 2025, signals a strategic shift in financial infrastructure ownership, with the private equity firm acquiring full control through funds under its North American private equity strategy. S&P Global and CME Group will equally split the proceeds from the sale, consistent with the 50:50 joint venture structure under which OSTTRA was formed in 2021.

The transaction is expected to close in the second half of 2025, pending regulatory approvals and customary closing conditions. It underscores the rising appeal of mission-critical fintech infrastructure for long-term private equity investment, especially in sectors requiring scale, regulatory resilience, and automation.

What is OSTTRA and what role does it play in global markets?

OSTTRA provides a full suite of post-trade solutions across interest rates, foreign exchange, credit, and equities. It offers end-to-end workflow tools to global financial institutions, enabling trade capture, lifecycle management, reconciliation, clearing, settlement, and portfolio optimisation. The company serves banks, asset managers, broker-dealers, and clearinghouses, making it an essential utility in capital markets infrastructure.

OSTTRA is built on the integration of four key market services—MarkitServ, Traiana, TriOptima, and Reset—each with over two decades of heritage in financial technology. These platforms have supported some of the largest players in global derivatives markets, contributing to regulatory compliance, operational efficiency, and risk mitigation.

With nearly 1,500 employees across eight locations, OSTTRA connects thousands of counterparties, facilitating post-trade services at a scale few competitors can match. Its infrastructure is increasingly vital as regulatory regimes tighten and the complexity of multi-asset global trading grows.

What does KKR plan to do with OSTTRA?

KKR intends to preserve OSTTRA’s leadership structure, with co-CEOs Guy Rowcliffe and John Stewart continuing in their roles. More significantly, the firm will roll out a broad-based equity ownership program across OSTTRA’s entire workforce. Nearly 1,500 employees will have the opportunity to benefit from value creation through equity participation—a model KKR has applied successfully across over 60 portfolio companies since 2011, awarding equity worth billions to more than 150,000 non-senior employees.

The acquisition will also be accompanied by increased investment in innovation and technology to strengthen OSTTRA’s position as a post-trade solutions leader. KKR’s backing is expected to help OSTTRA scale its API-based services, real-time data capabilities, and interoperability frameworks, critical to addressing rising demand in collateral management and clearing.

How does the deal impact S&P Global and CME Group?

For S&P Global, the move is part of a broader portfolio recalibration that began following its $44 billion merger with IHS Markit in 2022. That deal expanded its capabilities in data analytics, indices, and ESG solutions. Selling its interest in OSTTRA allows S&P Global to focus more narrowly on core competencies like credit ratings, benchmarks, and financial intelligence services.

CME Group, the world’s largest derivatives marketplace, is also refocusing its capital deployment. Over the past year, it has expanded offerings in cryptocurrency futures, interest rate derivatives, and market data solutions. The OSTTRA divestiture gives CME Group flexibility to redeploy capital toward these priorities or return value to shareholders.

Both S&P Global and CME Group remain committed to supporting post-trade infrastructure in other areas, but the sale of OSTTRA indicates a strategic preference for lighter ownership models over operational control in infrastructure-intensive businesses.

What does the deal mean for the private equity landscape?

The OSTTRA acquisition reinforces a trend in which private equity firms target foundational fintech infrastructure, especially platforms embedded in regulatory frameworks and multi-party workflows. These assets offer stable recurring revenue, defensible competitive positions, and a high degree of customer stickiness. For KKR, OSTTRA fits a long-term thesis around scaling financial market utilities and enabling digital transformation within capital markets.

It also reflects growing confidence in employee ownership as a lever for operational alignment and value generation. The equity participation model promoted by KKR is increasingly becoming a hallmark of modern PE stewardship, especially in regulated industries requiring strong compliance cultures and service continuity.

What’s the current market sentiment toward S&P Global, CME Group, and KKR?

The announcement has triggered measured optimism across equity markets, with investors viewing the sale as a constructive move for all three companies. Here’s a snapshot of current sentiment and stock performance:

S&P Global Inc. (NYSE: SPGI)

As of April 15, 2025, S&P Global’s stock was trading at $473.52, up 0.41% for the day. Despite a mild dip of around 4.6% over the past month, the stock is up over 15% year-over-year. Analysts project continued strength, with forecasts suggesting a rise to $500.92 in the short term and as high as $593.45 by year-end. S&P Global’s strategic focus on high-margin analytics and data services has led many to maintain a buy recommendation.

CME Group Inc. (NASDAQ: CME)

CME Group’s shares closed at $263.69, showing a 0.82% daily gain. Year-to-date, the stock has risen approximately 14.11%, reflecting solid investor confidence. While short-term outlook remains stable, some long-term projections suggest more conservative growth, with average 2025 targets around $204.70. Analysts hold neutral to moderate buy ratings, pointing to steady earnings but limited upside.

KKR & Co. Inc. (NYSE: KKR)

KKR’s stock rose 2.57% to $105.79, despite a 10.85% dip over the past month. Year-over-year, the stock remains up by 7.61%. Analyst sentiment is bullish, with price targets reaching up to $145.46 by late 2025—a projected 38.2% gain. The firm’s active expansion into infrastructure, fintech, and employee ownership models has earned it a strong buy outlook among long-term investors.

How does OSTTRA’s future reflect broader trends in post-trade and fintech?

The acquisition comes amid growing global focus on the reliability and efficiency of post-trade systems. As financial institutions face increasing cost pressures and compliance demands, platforms like OSTTRA offer essential tools for workflow automation, collateral optimisation, and regulatory reporting. The adoption of AI, cloud-native architectures, and blockchain-based smart contract systems is further raising the bar for technological performance.

OSTTRA is likely to be at the centre of this evolution, benefiting from both operational heritage and new capital to expand its services. Its role as a neutral utility, rather than a vertically integrated exchange operator, gives it a unique position in facilitating interoperability between competing platforms and fragmented liquidity pools.

With the support of a growth-oriented investor like KKR, OSTTRA could evolve into a digital infrastructure backbone that supports not just derivatives post-trade, but also ESG data aggregation, tokenised asset settlement, and real-time risk analytics—offering new revenue streams and deeper integration with next-gen trading systems.

The $3.1 billion sale of OSTTRA to KKR represents a significant pivot in the financial infrastructure landscape, with ripple effects across capital markets, private equity, and employee ownership. As S&P Global and CME Group step back to sharpen strategic focus, KKR is doubling down on long-term infrastructure value, signaling strong conviction in the future of fintech platforms that underpin the global trading ecosystem.