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Barclays buys New York market maker LaBrance in a $25m deal
BARCLAYS is buying New York Stock Exchange market maker LaBranche for $25m (£15.3m).
The move means the bank can strengthen its position as the biggest market maker on the index. The deal will also reduce the number of designated market makers (DMM) on the NYSE to just four with electronic systems becoming more widely used. LaBranche is responsible for about 700 securities, making it the third-largest designated market maker by number of securities traded. Market makers help improve liquidity by maintaining buy and sell quotes on companies.
William White, head of Barclays Capital Market Makers, said: “This transaction underscores our commitment to our DMM business and to promoting competitive and transparent public markets.”