Barclays (LSE: BARC) has agreed the acquisition of LaBranche & Co’s Designated Market Maker (DMM) assignments on the New York Stock Exchange (NYSE) for US$25 million. The deal further enhances the group’s ongoing growth in its New York based market making business, and the transaction is expected to be completed in the current quarter.
"This transaction underscores our commitment to our DMM business and to promoting competitive and transparent public markets”, Barclays Capital’s William White commented. The deal follows the banking group’s acquisition of Bear Wagner’s DMM rights in March 2009.
Barclays’ current market making business covers approximately 900 NYSE-listed securities. The acquisition enhances Barclays’ position among the exchange’s DMMs. The FTSE100 constituent will now work with the NYSE to ensure a successful transfer of responsibilities, and some of LaBranche portfolio’s 700 NYSE-listed securities will be reallocated to maintain diversification among DMM firms and NYSE-listed companies. http://www.proactiveinvestors.com/companies/news/3641/barclays-acquires-labranche-cos-nyse-market-maker-assignments--3641.html
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