Schneider Trading Associates Ltd. agreed to sell its clearing franchise unit to commodities broker Marex Spectron Group for an undisclosed sum.
The transaction is expected to be completed before the end of May, London-based parent Schneider Group said in a statement today. The combined group will service 1,000 traders transacting more than 200 million contracts per year. Schneider Trading Associates will focus on its brokerage unit following the sale.
Marex, which describes itself as the world’s largest closely held commodities broker, has more than doubled its headcount to about 545 from 210 in January last year. The firm purchased commodity and freight broker Spectron Group Ltd. in March 2011.
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