State Street Picks Up Pulse Trading
State Street is to acquire agency brokerage firm Pulse Trading in the fourth quarter of 2011.
The deal is for Pulse's international equities business, and as a direct result, 40 employees will move to State Street from the brokerage's Boston, New York, St Louis and San Francisco offices. Pulse's electronic trading capabilities include block crossing and blotter-scraping technology.
"The acquisition of Pulse Trading is a natural extension of State Street Global Markets' neutral, agency model," says David Puth, executive vice president of State Street Global Markets. "Pulse Trading's sophisticated technology and block-trading capabilities will expand the number of execution venues and the range of electronic trading tools available to our clients and ultimately help lower their trading costs."
The terms of the deal, which is subject to regulatory approval and other closing conditions, have not been disclosed.
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