INTL FCStone Secures US SEC Approval for its GMP Securities Acquisition

fcstoneINTL FCStone, a financial services company also in the list of Fortune 500  has secured the necessary regulatory approval from US regulator SEC in connection to the acquisition of GMP Securities LLC.

The acquisition will benefit INTL FCStone to gain over 2,400 institutional clients who will also benefit from its broader product offering that includes commodities, derivatives, FX and global payments. The deal will allow INTL to expand its current fixed income product portfolio.

GMP Securities was established in 1999 and is formerly known as Miller Tabak Roberts Securities. It operates as a division of GMP International Holdings Corp, the wholly-owned subsidiary of Canada-based GMP Capital Inc which acquired the company in 2011. GMP Securities has over 40 employees on its roll across New York, Fort Lauderdale, Stamford, and Plano.

INTL FCStone which provides risk management, execution, market services, market intelligence, and clearing services has over 700 commercial and institutional customers throughout Europe, the Middle East, and Africa.

Bloomberg Trading Facility Limited  Secures Approval for MTF from Dutch Regulator

Bloomberg Trading Facility Limited (BTF), a part of Bloomberg LP has secured regulatory approval from the Dutch Authority for the Financial Markets (AFM) to operate a multilateral trading facility (MTF).

Bloomberg’s Dutch MTF or BTFE mirrors the current regulatory permission in the UK that allows the company to provide its services throughout the EU from Amsterdam, operating under a MiFID II passport. The new MTF draws on Bloomberg’s trading venue capabilities that enables market participants to execute interest rate swaps and credit default swaps, using both requests for quote and order book functionalities.

Bloomberg and other trading companies are establishing its European bases ahead of the Brexit, and the Dutch regulator has set a deadline of July 1 for firms to seek approval if they want a guarantee of being regulated in time for Brexit.

Commenting on this, Ben Macdonald, Global Head of Enterprise Product at Bloomberg, said:

“Bloomberg is committed to helping its clients in the UK and the EU transition into the post-Brexit environment, whatever the outcome of the negotiations. We chose Amsterdam as we’ve had a presence in the city for many years and consider that its flourishing business environment, as well as the experience of the AFM, provide the best solution for Bloomberg.”

Nicholas Bean, Head of Electronic Trading Solutions at Bloomberg and CEO of BTFE, commented:

“We are pleased to announce that eligible market participants will be able to leverage our Dutch MTF to trade in compliance with EU regulatory obligations, notably MiFID II. Bloomberg’s Dutch MTF is at an advanced stage of development and will be operationally ready in early 2019 to maintain Bloomberg’s commitment to operating a venue within the EU for its clients.”