GL Trade to snap up Iris

Iris has 15 clients and had a turnover of €1.3 million in 2003. Its margins are in line with those of the acquirer, GL Trade said. All Iris staff will join GL Trade’s office in Amsterdam once the deal is finalised. GL Trade currently has 16 employees in Amsterdam, adding 12 from Iris’s office.

The move comes six months after GL Trade's acquisition of Misys’ trading business.

“Iris’ derivatives products, which have so far been limited to the local Dutch market, will now benefit from the full range of market access and the international sales force offered by the GL Trade Group,” said Vincent Burzynski, GL Trade’s product director.

The deal is expected to be finalised by July 1.

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