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Monday, December 15, 2014

Interdealer broker BGC Partners to purchase RP Martin UK assets, (NASDAQ: BGCP)

U.S. interdealer broker BGC Partners has struck a deal to purchase the UK assets of rival RP Martin, BGC Partners said in a statement on Monday. BGC said it also planned to acquire RP Martin's other businesses based in Sweden and the Netherlands in 2015.No financial details of the deal were disclosed. RP Martin failed to comment on the transaction.BGC said RP Martin, which employs around 170 brokers in offices in Britain, Sweden and the Netherlands, generated unaudited revenues in excess of $50 million in the financial year ending Sept. 30."BGC expects the transaction to be immediately accretive and to boost its European (interest) rates and foreign exchange platforms," BGC said.

BGC Partners, Inc. (BGC) is a global brokerage company primarily servicing the wholesale financial markets, specializing in the brokering of a range of products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commercial real estate, property derivatives, commodities, futures and structured products. Shares of BGCP fell by 3.73% or $-0.33/share to $8.51. In the past year, the shares have traded as low as $5.70 and as high as $9.12. On average, 967075 shares of BGCP exchange hands on a given day and today's volume is recorded at 888505.