Nomura buys US broker Instinet

0 Comments | AFP, November, 2006

NEW YORK (AFP) — Japanese financial services giant Nomura Holdings said Thursday it was buying US institutional broker Instinet Inc. for an undisclosed amount. Nomura said it was paying all cash to acquire Instinet from investment firm Silver Lake Partners. Silver Lake bought the broker last year when the wider Instinet Group, a leader in electronic trading, was acquired by the Nasdaq exchange from British news and financial information group Reuters.

Nomura Securities senior managing director Hiromasa Yamazaki said: "The firms complement each other remarkably well, and we fully expect both of our client bases to benefit greatly." Instinet and Nomura said the deal was expected to be completed in the first quarter of 2007, subject to regulatory approvals. © 2006 AFP