TP ICAP Acquires Independent Agency Broker Coex Partners for over £7.1m
- The major inter-dealer broker acquires a fast-growing brokerage focused on listed derivatives and OTC FX.
TP ICAP is announcing a new acquisition deal this morning. The company is taking over independent agency broker firm Coex Partners Limited for at least £7.1 million ($9.5 million). With offices in London, Paris and New York, the company has been growing rapidly since its creation in 2014.
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Focusing on listed derivatives and OTC foreign exchange provision to hedge funds, asset managers, and other buy-side clients, the firm has a team of 55 brokers. Coex Partners Limited is sold by the company’s managers John Ruskin and Alex Gerskowitch. They are the founders of the firm and will continue in their roles to build up the unit.
The acquisition negotiations between TP ICAP and Coex were started 2016 when the brokers started working together. The major inter-dealer broker will integrate Coex into its institutional services division, that is focused on high-value services, including pre-trade information, market intelligence and intermediation to its clients.
Coex Revenues Until June Total £11m
TP ICAP will make an initial payment of £7.1 million. Additional Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are contingent on the performance of the target company over the next 4 years. As part of the initial consideration, TP ICAP will settle the existing shareholder loans of Coex. The additional payments will be transacted in through the issue of new ordinary shares of the inter-dealer broker or via cash, at the discretion of the firm.
Coex reported profits before tax totaling £2.1 million ($2.8 million) for the year that ended on December 31st, 2016. At the end of the period, it had gross assets of £6.5 million. Revenues for the first six months of 2017 totaled £11 million ($14.8 million).
Coex entered into an appointed representative agreement with TP ICAP in June 2016. Since that date, its revenues have been included in the consolidated revenues of the inter-dealer broker.
Coex FX Business
The foreign exchange business of Coex delivers to clients anonymous execution in Spot, forwards and FX options. Focusing on G10 and EM currencies, the company is accessing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term through traditional and non-traditional channels. Trades are cleared through multiple top-tier FX prime broker arrangements.
TP ICAP is announcing a new acquisition deal this morning. The company is taking over independent agency broker firm Coex Partners Limited for at least £7.1 million ($9.5 million). With offices in London, Paris and New York, the company has been growing rapidly since its creation in 2014.
[gptAdvertisement]
Focusing on listed derivatives and OTC foreign exchange provision to hedge funds, asset managers, and other buy-side clients, the firm has a team of 55 brokers. Coex Partners Limited is sold by the company’s managers John Ruskin and Alex Gerskowitch. They are the founders of the firm and will continue in their roles to build up the unit.
The acquisition negotiations between TP ICAP and Coex were started 2016 when the brokers started working together. The major inter-dealer broker will integrate Coex into its institutional services division, that is focused on high-value services, including pre-trade information, market intelligence and intermediation to its clients.
Coex Revenues Until June Total £11m
TP ICAP will make an initial payment of £7.1 million. Additional Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are contingent on the performance of the target company over the next 4 years. As part of the initial consideration, TP ICAP will settle the existing shareholder loans of Coex. The additional payments will be transacted in through the issue of new ordinary shares of the inter-dealer broker or via cash, at the discretion of the firm.
Coex reported profits before tax totaling £2.1 million ($2.8 million) for the year that ended on December 31st, 2016. At the end of the period, it had gross assets of £6.5 million. Revenues for the first six months of 2017 totaled £11 million ($14.8 million).
Coex entered into an appointed representative agreement with TP ICAP in June 2016. Since that date, its revenues have been included in the consolidated revenues of the inter-dealer broker.
Coex FX Business
The foreign exchange business of Coex delivers to clients anonymous execution in Spot, forwards and FX options. Focusing on G10 and EM currencies, the company is accessing Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term through traditional and non-traditional channels. Trades are cleared through multiple top-tier FX prime broker arrangements.