JPMorgan Sells Bear Wagner to Barclays

JPMorgan acquired the Bear Wagner specialist firm from Bear Stearns last March.
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JPMorgan Chase

(JPM) - Get Report

is selling its Bear Wagner specialist business to

Barclays

(BCS) - Get Report

.

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)

. 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) - Get Report

, Kellogg Specialist Group,

LaBranche

(LAB)

and Spear, Leeds & Kellogg Specialists, NYSE said.

A JPMorgan Chase spokesman declined to comment further.