BGC acquires European interdealer broker RP Martin

BGC Partners has acquired the UK assets and subsidiaries of interdealer broker rival RP Martin, which specialises in European interest rate and foreign exchange trading.

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BGC Partners has acquired the UK assets and subsidiaries of interdealer broker rival RP Martin, which specialises in European interest rate and foreign exchange trading.

The announcement comes as BGC continues to pursue a takeover of GFI, another major players in the interdealer broker world.

Regulatory changes are squeezing the interdealer broker space, with reforms aimed at reducing risk in the market affecting the profitability of their businesses.

RP Martin has around 170 brokers and offices in the UK, the Netherlands and Sweden. BGC said it expects to further acquire the businesses and assets of RP Martin in Sweden and the Netherlands in 2015, subject to regulatory approvals and certain closing conditions.

"We are pleased to announce this agreement with RP Martin, one of the oldest money brokers in the UK,” said Shaun Lynn, president of BGC Partners. “We expect it to bolster our European business by taking us into new geographies and complementing and strengthening our existing rates and foreign exchange platforms in the UK and Europe."

"This agreement demonstrates our commitment to making accretive acquisitions which can immediately be leveraged on our infrastructure, strengthening our financial services business."

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