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Getco acquires Bank of America's NYSE operation

A deal has been agreed that will see Getco take ownership of Bank of America's NYSE operation.

01 December 2011

Electronic market maker Getco his tied up a deal to take over Bank of America's operations at the New York Stock Exchange (NYSE).

Terms have not been disclosed, but extensive sales negotiations may have taken place to seal the agreement.

Daniel Coleman, global head of equities and client services for Getco - which has a history stretching back to 1999 - noted the "hi-tech, high-touch model" used at the NYSE fits in perfectly with his company's market.

"We are pleased to expand the services we offer to a wider range of investors and issuers," Mr Coleman remarked.

As well as this, the specialist observed the position of his firm offers organisations "increased liquidity, better pricing and unique market insights".

Getco will be the designated market manager for around 650 companies once the transaction has been completed.

Earlier this year, the firm acquired 100 per cent ownership of proprietary trading firm Automat.

Posted by David Gleck

Source: Getco press release, November 30th

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