23 August 2017
Visit http://response.ncr.com

E*Trade acquires Dempsey; streamlines operations

30 August 2001  |  3537 views  |  0 E*Trade acquires Dempsey; streamlines operations

E*Trade is to acquire Chicago-based specialist and market making firm Dempsey & Co in a cash and stock deal valued at $173.5 million. The online brokerage has also revealed plans to shut down and consolidate data centres in the US and Europe in a bid to streamline operations and pare back expenses.

Dempsey, one of the largest firms on the Chicago Stock Exchange, provides specialist and market-making services in listed and over-the-counter issues. The acqusition will enable E*Trade to leverage its own order flow and enhance profitability on executed trades.

Christos Cotsakos, chairman chief executive officer at E*Trade says: "The acquisition combines the best of the human touch and technology, merging the expertise of Dempsey's professional team of traders with E*Trade's global technology platform."

At the same time, E*Trade has moved to streamline its domestic and international operations in a bid to generate $70 million in annual savings. The move entails the closure of data centres in California, Georgia and Oregon, and the consolidation of facilities in the firm's UK and Nordic operations.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Reuters and E*Trade open gateway for CXTrader

Reuters and E*Trade open gateway for CXTrader

24 August 2001  |  6050 views  |  0 comments
E*Trade's stock rises on share sale

E*Trade's stock rises on share sale

21 August 2001  |  2877 views  |  0 comments
E*Trade mortgages top $2 billion milestone

E*Trade mortgages top $2 billion milestone

30 July 2001  |  3047 views  |  0 comments
E*Trade revamps financial education Web site

E*Trade revamps financial education Web site

23 July 2001  |  3205 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.euvisit www.vasco.com

Top topics

Most viewed Most shared
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
15517 views comments | 39 tweets | 74 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
13066 views comments | 28 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11712 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10906 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10800 views comments | 10 tweets | 8 linkedin