Barclays beefs up NYSE market making ops

14th Jan 2010 07:39

UK banking giant Barclays is to acquire the New York Stock Exchange (NYSE) designated market maker assignments of New York based LaBranche.Barclays is paying $25m cash in a deal that it said will enhance Barclays Capital’s position ‘as the leading DMM [designated market maker] at the New York Stock Exchange.’LaBranche covers around 700 securities listed on the NYSE while Barclays Capital (BarCap) covers around 900 stocks. Barclays said it will have to reallocate some of its assignments following the acquisition to maintain diversification among DMM firms and NYSE-listed companies.The transaction is expected to complete in the first quarter of 2010 and follows on from the March 2009 acquisition of the DMM rights of Bear Wagner Specialists LLC.