Broker shake-up continues
BGC Partners, the inter-dealer broker spun off from Cantor Fitzgerald last year, acquired Maxcor Financial Group, the parent of European brokerage firm Eurobroker, in April, in the latest sign that consolidation within the brokerage business is set to continue.
“Clients want competition, but they want it from well-capitalised brokers rather than lots of little ones,” says one broker, adding that electronic broking will drive further consolidation among firms.
BGC raised $250 million in senior
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