COEX cut a deal with Tullett Prebon and Sunrise has reached agreement to sell itself to acquisitive BGC Partners
COEX’s decision to partner
with Tullett Prebon and BGC Partners’ acquisition
of Sunrise Brokers could herald a new trend that sees growing
futures brokers working with their larger inter-dealer
Independent futures and options brokers
have historically gone one of two ways.
Some firms, particularly those with a
commodities bias, have stayed independent and retained the
preferential regulatory capital requirements of being a
non-bank, such as ADM Investor Services, ED&F Man, INTL FC
Stone and RJ O’Brien.
Financial brokers have tended to ally
themselves to banks however with Cube Financial’s
sale to Societe Generale’s Fimat in 2006 and
Nomura’s acquisition of electronic broker Instinet
the same year being two examples.
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