M&A

The move will see banks including JP Morgan, Deutsche Bank, BNP Paribas and Crédit Agricole hold a 30% stake in the new business.  

UBS’ sale of O’Connor to Cantor Fitzgerald is expected to close in Q4 2025. 

The move is expected to drive global expansion of the ETF and derivative RFQ platform and will see MarketAxess hold an approximate 90% controlling stake.  

The deal is valued at an all-cash price of $1.8 billion and will see the Japanese firm expanding its global capabilities across equities, fixed income and multi-asset strategies. 

The deal is expected to provide the first cloud-native front-to-back platform for the investment management industry.  

The move will expand StoneX’s client base and provide greater access to liquidity across fixed income markets, said the firm. 

Deal is expected to close in H2 2025; current co-CEOs Guy Rowcliffe and John Stewart will remain at OSTTRA and continue to lead the company.

Acquisition marks one of the largest in the digital asset world with Ripple set to “inject billions of dollars of capital” as it looks to scale the business.

Cash consideration values the entire issued and to be issued ordinary share capital of TISE at an estimated £70.4 million.

Move is set to enhance equity research and investment banking; acquisition subject to regulatory approval.