State Street has entered into a definitive agreement to acquire CF Global Trading, a firm specialising in outsourced trading on an agency basis for a variety of asset classes including equities, listed derivatives and fixed income. The transaction is expected to be completed by the end of 2023, subject to customary closing conditions. Financial terms are not being disclosed.
CF Global Trading has expertise across multiple asset classes and will have execution desks in Hong Kong, London, New York and Lisbon (expected to be opened by the time of the close of this acquisition) and this deal will further expand State Street’s current outsourced trading. The combination of the two firms will allow State Street to offer a complete global trading solution as part of the firm’s State Street Alpha front-to back platform.
State Street has provided clients with outsourced trading solutions since 2010, and currently provides outsourced trading to clients in the Americas, APAC and Middle East. CF Global Trading will extend the ability for the firm to provide these services to clients in the UK and the EU. After closing, the new combined State Street footprint for outsourced trading will include trading desks in Boston, New York, Toronto, London, Lisbon, Hong Kong and Sydney.