JPMorgan Sells Bear Wagner to Barclays

JPMorgan Chase (JPM Quote) is selling its Bear Wagner specialist business to Barclays (BCS Quote).

Barclays Capital, the investment banking division of the U.K.-based bank, has agreed to acquire Bear Wagner's portfolio of designated market making stocks, according to a release issued by NYSE Euronext (NYX Quote). JPMorgan acquired Bear Wagner last year when it acquired much of Bear Stearns in March.

The deal price was not disclosed, according to a Barclays spokesman.

Barclays will become the largest NYSE designated market maker with more than 850 exchange-listed stocks and 28% of NYSE's average daily trading volume through the deal. The transition will occur in April, NYSE said.

Following the Barclays acquisition of the Bear Wagner specialists, NYSE so-called designated market makers include: Bank of America (BAC Quote), Kellogg Specialist Group, LaBranche (LAB Quote) and Spear, Leeds & Kellogg Specialists, NYSE said.

A JPMorgan Chase spokesman declined to comment further.