In a move designed to help Russian traders enter the U.S. equity trading markets, BCS Financial announced it was buying a U.S. broker-dealer Alforma Capital Markets.
BCS, the largest player on the Moscow Exchange, said this acquisition was its first move into the North American market with its purchase of Alforma, the wholly-owned New York-based subsidiary of Alfa-Bank.
BCS’ holding company and AO Alfa-Bank have signed an agreement where BCS will acquire 100% shares in the U.S. broker/dealer upon receipt of U.S. regulatory approvals. The company is due to be rebranded as BCS Americas Inc., and current Alfa chief executive, David Denson, will continue in his position. The business will continue to provide brokerage and investment services to U.S.-based institutional clients seeking to access Russian markets.
Both parties are in the process of applying for approval of the transaction from U.S. financial regulators (including SEC and FINRA).
Once approval is granted the transaction will be closed, which is expected to happen by the end of 2015.
