US interdealer broker BGC Partners is to acquire Sunrise Brokers, a London-based equity derivatives broker.
The deal, for an undisclosed sum, is among the first in the financial services industry since Britain’s vote to leave the EU.
"This transaction enables us to further expand our equity derivatives offering and complements our existing financial services business," said Shaun Lynn, president, BGC Partners.
Sunrise Brokers, which also specialises in exotic products, FX, and credit derivatives, recorded revenues of around $90 million last year.
The acquisition is the latest aggressive move from BGC as it looks to dominate the interdealer broker space.
Earlier this year, BGC Partners completed the $780 million takeover of GFI Group, a trading technology and brokerage house for OTC and listed derivatives.
Prior to that, it had also acquired smaller brokers including London-based RP Martin and Sterling International Brokers, as well as Mexico’s Remate Lince.
However, its position could be significantly challenged following the expected competition following the merger between Tullett Prebon and ICAP’s voice brokering business for £1.1 billion.