Deals
Cantor Agrees to Sell ETF, Retail Stock-Trading Division to GTS
- GTS, a major player at the NYSE, is getting clients to serve
- ETF legend Reggie Browne to move over to GTS as part of deal
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GTS agreed to buy Cantor Fitzgerald LP businesses that handle exchange-traded funds and orders from retail investors, becoming the latest high-frequency trading firm to start directly serving consumers.
Two units will shift to GTS, along with about 35 employees, the company said Friday in a statement that didn’t disclose financial terms. One trades ETFs with customers and on exchanges. The other, a wholesale market-making business, executes stock and ETF trades for retail investors. Bloomberg first reported a month ago that the companies were discussing a deal.