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