By Sally Watson, 1 October 1998 16:58
NEWS Reuters has made another acquisition in its bid to create an order handling business. The global information service bought Liberty, a Luxembourg-based securities depository from Cedel International, Liberty is a leading supplier of electronic links for the global securities markets and brings Reuters 150 clients. Reuters has been expanding its electronic transmission of investment business and recently bought a 33.5 per cent stake in GL Trade, a leading financial software developer. The company aims to provide straight through processing to enable clients to fully automate their trading system. No financial details were disclosed but analysts estimate the purchase of Liberty and GL Trade shares will have cost Reuters around $100m.
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