London - Reuters Group, the global information company, today announced that it has acquired the remaining 50 percent stake of ICor Brokerage Limited, its joint venture with ICor JV Holdings LLC. This takes Reuters a step nearer to achieving its aim of becoming the leading provider of electronic broking services for global Treasury markets. The acquisition also extends Reuters product coverage beyond the successful Spot and Forward Foreign Exchange (FX) products to include FX Options.
The consideration for the acquisition will be paid in cash and will be based on future revenues derived from transactions using the ICor products.
Mark Robson, Global Head of Treasury and Fixed Income, said, "The timing for the acquisition of ICor Brokerage is good given the active FX markets over the last year. With the ICor acquisition, Reuters will be able to directly meet our customers' needs for cost-effective brokerage and the straight through processing of FX Options. ICor's customer base includes virtually every significant bank in the world which trades FX Options and all will transact their business from Reuters Dealing 3000 key stations."
ICor Brokerage Limited was a 50/50 joint venture set up by Reuters and ICor JV Holdings LLC, the electronic derivatives broker, to develop electronic brokerage services for the global inter-bank foreign exchange options and interest rate derivatives markets.