GL TRADE has acquired the Iris Group in the Netherlands. Iris specialises in options market making and has 15 clients. It had a turnover of EUR1.3 million in 2003, with margins in line with those of the GL TRADE Group.
This move comes six months after the acquisition by GL TRADE of Misys’s trading businesses, notably that on SETS and SEAQ in London.
All Iris staff will join GL TRADE once the agreement is finalized. Vincent Burzynski, GL TRADE’s Product Director, says the acquisition confirms the company’s ambitions in market making. “Iris’s derivatives products, which so far have 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,” he says.