M&A

Deal, first revealed by The TRADE in February and expected to close by end-2023, will bump State Street into the ranks of outsourced trading giants such as Northern Trust and UBS.

Acquisition of Broadway Technology will allow Bloomberg to provide a low latency execution management offering optimised for rates trading and deliver improved innovations in multi-asset software.

Acquisition of the digital asset manager falls in line with Coinbase’s strategy to increase opportunities for institutions to participate in the crypto-economy.

The acquisition adds new capabilities in US equities to TD’s remit; Cowen client base is expected to benefit from TD’s balance sheet and capital markets business.

Euronext says it has withdrawn the offer; Allfunds claims the terms of the proposal were “inadequate”.  

The group could withdraw its offer rather than enter into a bidding war, sources close to the deal tell The TRADE. 

Upon completion Morgan Stanley IM’s stake in Morgan Stanley Huxian Funds will go from 49% to 100%; move marks a ‘strategic advancement’ in its China footprint.

Counting down the second batch of The TRADE’s most read news stories over the past year, featuring Virtu Financial, Barclays and LSEG’s TORA.