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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Spytrdr who wrote (7568)	7/13/1999 6:11:00 PM
From: Spytrdr	Read Replies (1) \| Respond to of 13953

Tuesday July 13 1:33 PM ET E+Trade To Buy Global Settlement Firm TIR MENLO PARK, Calif. (Reuters) - E+Trade Group Inc. said Tuesday it would buy the Dublin-based clearing firm TIR Holdings Ltd. for about $122 million in stock, in a move by the Internet brokerage to expand its international trade-processing operations. E+Trade, which has entered alliances with many other international online brokers, would further its global push with the purchase of TIR, which is active in markets in more than 35 countries. E+Trade's ultimate aim -- to create a online trading network for retail and institutional investors around the world -- would tap into the surging number of stock trades crossing the Internet each day. ``Building the infrastructure for a global 24-by-7 (24 hours a day, seven days a week) business is central to E+Trade's financial services strategy,' Chairman Christos Cotsakos said in a statement. ``E+Trade plans to deploy a highly automated, cross-border trading network by combining TIR's existing trading network, international expertise and research operations with E+Trade's technology leadership and growing global brand.' E+Trade, which now caters to retail customers, plans to put its technology architecture on top of TIR's network so that, ultimately, institutional investors also could make automated trades on its network. ``Eventually, the opportunity here is to have a global cross-border trading capability that is available both to retail and to institutional customers,' Judy Balint, president and chief operating officer of E+Trade International, said in an interview. E+Trade said the acquisition was expected to add to earnings though it declined to say by how much. It would bring in new revenues from trade execution, clearing and settlement. ``This allows us to jump-start our clearing and settlement capabilities,' Balint said. ``TIR has about $100 million in revenues that will be accretive to our earnings and revenues.' TIR, whose revenues were about $100 million for the 12 months ended April 30, has more than 600 institutional clients and is active in equity, fixed-income and currency markets in more than 35 countries. It holds seats on stock exchanges around the world. The acquisition would be integrated and produce synergies in the next six to 12 months, Balint said. The online broker already has plans to launch its Web sites in the top 20 financial markets worldwide and aims to form a global electronic network that will allow investors to trade across international borders. E+Trade said it expected the first affiliates to begin U.S. inbound cross-border trading during the next 12 months.