Interdealer broker BGC Partners is now tantalizingly close to wrapping up its hostile takeover of rival GFI Group after a bid by CME Group fell apart last Friday, with only 1.7 percent of outstanding GFI shares standing between BGC and the prize it’s sought since September. BGC officials are hoping that by extending its $6.10-per-share… Read More >>
GFI Shareholders Kill CME Offer as BGC Bid Still Stands
Shareholders at interdealer broker GFI Group rejected a takeover bid by trading exchange giant CME Group on Friday, Jan. 30, a move that could clear the way for interdealer broker BGC Partners’ rival offer. However, on Monday, Feb. 2, GFI Group’s board of directors issued a statement stressing that there are alternatives to the BGC… Read More >>
Broadridge Jolts FX Wares via Acquisition
Broadridge Financial Solutions has acquired foreign exchange technology vendor TwoFour Systems and plans to integrate TwoFour’s FX solution with Broadridge’s reconciliations and matching technologies to form Broadridge FX and Liquidity Solutions (FXL). Analysts say the deal will inject new blood and technology into Broadridge, while company executives say the deal marks the first step on… Read More >>
BGC Bid for GFI Challenges CME’s Offer
Interdealer broker BGC Partners wants to acquire rival GFI Group via a direct appeal to shareholders that could undo the CME Group’s two-step bid for GFI Group, announced in July. In addition to intermediary brokerage services, GFI offers trading technology and support services for over-the-counter and listed markets. The businesses for these services are playing… Read More >>
Analysis: SS&C Buys Portia
The Portia middle-to-back office investment operations platform has found a new home with SS&C Technologies, which will soon have to decide whether or not to integrate the mature product with SS&C’s related offerings, say industry observers. One observer even suggests that Portia could become the new flagship offering of SS&C. The Windsor, Conn.-based SS&C announced… Read More >>
