Barclays Bank PLC (NYSE: BCY) announced Tuesday the bank has acquired the assignments of LaBranche & Co. Ltd. in a move to expand its market maker activity on the New York Stock Exchange, according to Associated Press.
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Barclays said it has agreed to pay $25 million cash for approximately 700 assignments held by LaBranche, the third-largest designated market maker on the exchange.
The transaction is expected to be completed in the first quarter of this year.
The British bank became the biggest designated market maker on the NYSE last year when it bought the portfolio of Bear Wagner Specialists LLC from JPMorgan Chase & Co. (NYSE: JPM).
Barclays Capital is currently the designated market maker for about 900 NYSE-listed stocks.
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