EUROPE - Technology-based equity trading services group ITG Europe is negotiating on the acquisition of rival E-Crossnet (EXN).
The firm announced today it has entered into “exclusive negotiations” over the acquisition, which it says would offer professional investors in Europe an integrated equities crossing system with access to “a greatly expanded liquidity pool”.
EXN is a crossing network for European equities aimed at large institutional fund managers and ITG’s rival business. As part of the acquisition, all EXN’s 13 shareholders would sell their stakes, the sale creating a single crossing network.
“ITG Europe pioneered the intraday equities crossing business in Europe and we have made it a success in the last six years,” said Alasdair Haynes (pictured), CEO of ITG Europe.
“Crossing is now an integral part of the trading landscape and forms a key component of the Best Execution process. In seeking to add EXN to POSIT we will be able to give all clients a single and enhanced liquidity pool and access to ITG Europe’s professional trading desk and other tools and services.”
Raymond Killian, president and CEO of ITG said: “A deal with EXN will give ITG Europe access to new client relationships. We believe this transaction will be beneficial to all our clients and is a very exciting development for the European marketplace.”
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