One of the biggest US financial services groups E*Trade has established a presence in Dublin's International Financial Services Centre (IFSC) with the purchase of the specialist stock-broking company, TIR Securities.
TIR Securities established its administrative headquarters in the IFSC in 1995 and IDA Ireland is hopeful the acquisition will highlight the attractiveness of the centre for specialist financial e-commerce activities.
Commenting on the deal yesterday, IDA Ireland manager Mr Brendan Logue said it will be working closely with the enlarged entity to ensure Ireland can become a base for specialist e-commerce. The State agency, which is charged with attracting international projects into Ireland, said there has been a growing level of interest among US and European institutions in establishing e-commerce projects here in recent months.
E*Trade is one of the major players in the world in providing online financial services. It's website is one of the most visited by investors globally. The purchase of TIR forms part of E*Trade's plan to become the first cross-border trading network for online investors.
TIR offers global stock trading, settlement and research services to more than 600 institutional investors. It specialises in equity fixed income and currency markets in more than 35 countries and holds seats on a number of stock exchanges around the world. The acquisition values TIR at $125 million (£92 million). E*Trade chairman and chief executive, Mr Christos Cotsakos, said the group plans to create a highly automated cross-border trading network by combining TIR's existing trading network with E*Trade's technology and brand. "The merger will deliver tremendous value to our combined customer base. TIR's existing base of institutional customers will benefit from the speed and cost-efficiencies associated with our planned all-electronic global trading network and we are committed to continue the track record of exceptional service established by TIR over the last decade," Mr Cotsakos stated.
TIR chairman Mr Hans Tiedemann said the company was pleased to add its international expertise to E*Trade. "We see great synergies for our products and services and great benefits to our current institutional client base and the broader market of retail and corporate investors who are constantly seeking increased access to international markets."
E*Trade is planning to introduce branded web-sites in the top 20 financial markets worldwide.
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