BCS Global Markets, one of the largest securities brokers on Moscow Exchange (MOEX), has moved closer towards its acquisition of New York-based broker dealer, Alforma Capital Markets, Inc, per a recent BCS statement.
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Alforma Capital Markets has been pursuing its bid for acquisition by garnering formal approval from the largest independent regulatory group in the US, the Financial Industry Regulatory Authority (FINRA). The recent approval has helped facilitate the takeover, which now has eliminated the last of the requisite hurdles needed to officially close the deal.
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As such, BCS is slated to acquire Alforma by months end, which as a corollary will signal its push into the North American capital market. The move will be key to BCS’ future plans, namely as the size and scope of the North American industry will help provide a growth trajectory for its operations in years to come.
Following the acquisition, Alforma will be renamed to BCS Americas Inc., with the ultimate goal of providing a suite of brokerage and investment services to US-based institutional investors hoping to permeate the Russian securities market. In tandem to this aim, BCS has already cultured interest from a number of local groups and entities that are eyeing exposure to Russian securities in the US – the acquisition will provide a seamless bridge towards this aim.
According to Luis Saenz, Head of Equity & Trading, Alforma Capital Markets, in a recent statement on the deal: “US-based institutions are the leading international investors in both emerging and Russian markets. The launch of BCS Global Markets’ operations in the US is confirmation of the Group’s ambitions to further develop investment from the region, and continue to tap into this exciting market.”
“Amidst a challenging global backdrop, we have been granted regulatory approval from FINRA. This development is testament to how, in the past three years, BCS Global Markets has become one of the leading financial institutions in Russia through strategic investment in market expertise, products and infrastructure. As a result, we are now perfectly suited to bring these operational benefits to the US market,” reiterated Roman Lokhov, Chief Executive Officer (CEO) of Global Markets and Investment Banking at BCS, in an accompanying statement.