Barclays Bank has agreed to acquire the New York Stock Exchange (NYSE) market maker LaBranche & Co for $25 million (£15.3 million).
Barclays Bank has agreed to acquire the New York Stock Exchange (NYSE) market maker LaBranche & Co for $25 million (£15.3 million).
The deal follows Barclays’ acquisition of NYSE market maker Bear Wagner Specialists in March 2009. Barclays is currently responsible for 900 NYSE-listed securities, while LaBranche makes prices for 700 stocks.
William White, head of Barclays Capital Market Makers, says that the deal underscores its commitment to promoting competitive and transparent markets. The deal is expected to complete in the first quarter of the year.
Barclays reported an increase in revenue of 37 per cent to £16.3 billion in the six months to August 2009, while pre-tax profits were up 8 per cent to £3 billion.
