JPMorgan Sells Bear Wagner to Barclays

JPMorgan acquired the Bear Wagner specialist firm from Bear Stearns last March.
Publish date:

JPMorgan Chase

(JPM) - Get Report

is selling its Bear Wagner specialist business to


(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


. 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,



and Spear, Leeds & Kellogg Specialists, NYSE said.

A JPMorgan Chase spokesman declined to comment further.