Online brokerage E*Trade (EGRP) is buying Canadian electronic securities trader Versus Technologies (VSTI) for an estimated $174 million in stock, subject to approval by Versus shareholders.
E*Trade will gain access to Versus' e-trading platform and its base of retail and institutional investors, who hold 75% of listed Canadian equities.
E*Trade said it will combine Versus' trade order-routing, matching, and management software with its global, cross-border software to allow institutions and investment dealers to route orders globally through the combined networks.
In addition, the deal will give E*Trade ownership of licensee E*Trade Canada, which is owned by Versus. Versus will be renamed E-Trade Canada Ltd. and will operate as a wholly owned subsidiary of E*Trade.
E*Trade quickly created a string of global licensees, and the move to acquire Versus probably marks the beginning of a policy of global consolidation on the part of E*Trade. If E*Trade can shorten lines of communication to its licensed operations, it will be able to operate more effectively in the market-place, develop global liquidity, and move a step closer towards the e-brokers and ecn's dream of a seamless global equity market.
Another nail in the coffin of the Big Board?
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment