LIVE: Updates from the UBS takeover of Credit Suisse and market implications
Updates as UBS holds analyst call, central banks from around the world issue statements and details of the merger come to light.
M&A
Bloomberg enters agreement to acquire Broadway Technology
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.
Coinbase bridges crypto-institutional gap with acquisition of One River Digital AM
Acquisition of the digital asset manager falls in line with Coinbase’s strategy to increase opportunities for institutions to participate in the crypto-economy.
TD completes $1.3 billion Cowen acquisition to advance US investment banking growth strategy
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, Allfunds deal off the table
Euronext says it has withdrawn the offer; Allfunds claims the terms of the proposal were “inadequate”.
Euronext cautious on Allfunds acquisition, deal by no means certain
The group could withdraw its offer rather than enter into a bidding war, sources close to the deal tell The TRADE.
State Street set to acquire outsourced trading firm CF Global
A deal would place the custodian alongside the likes of Northern Trust and UBS, which both also boast strong custody and outsourced trading units and subsequent synergies.
Morgan Stanley IM latest Wall Street name to cement presence in China with fully owned China joint venture
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.
The TRADE’s most read stories of the year part two: Team cuts and tech deals
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.
LSEG expands multi-asset post-trade offering with Acadia acquisition
LSEG has held a minority stake in Acadia, which provides risk management, margining and collateral services for the uncleared derivatives markets, since 2018.