The purchase itself does not entail any transfer of staff, but OES will likely hire more people in Princeton to support the acquisition.Archipelago Holdings (Amex: AX) has agreed to sell its brokerage subsidiary to Order Execution Services Holdings (OES) of Princeton for an unspecified amount. The transaction, which is subject to regulatory approval, is expected to close in the coming weeks.
“As a result of this acquisition, we will maximize our services to become a one-stop venue offering advanced order routing and connectivity on one competitive low-cost platform,” said David M. Scheckel, CEO of OES.
Though the purchase itself does not entail any transfer of personnel, OES will likely hire more people with experience in technical systems, trading and client support at its Princeton base to help build out its new brokerage system, said Mike Barth, senior vice president of exchanges and market centers at OES.
The sale of Archipelago Brokerage Services was part of the requirements set by the SEC for Chicago-based Archipelago to complete its acquisition of the Pacific Exchange this past September. Shares of Archipelago rose $0.77 to $59.26 in afternoon trading.